Every business would have silos of business data in its marketing/sales department. This data has hidden treasures. It contains information that can help target right audience more effectively, bring in more efficiency in the sales process and also forecast the future of business. To generate these insights from the large unorganized databases we use business analytics. These are some of the top applications of analytics in Marketing/Sales:
Analytics on Consumer Behavior
Analyzing consumer behavior would help us understand when, why, how, and where people do or do not buy a product. By understanding this we can bring in changes to our product and marketing strategy helping us attract more consumers.
Marketing Mix Analytics
Analyzing returns on marketing expenditure across various channels would help us evaluate the effectiveness of each of the marketing activities. These insights will help us to reallocate resources from a less effective to a more effective channel.
Sales Force Analytics
Analyzing sales process and team will help us diagnose the barriers to sales force performance. It will enable us bring more efficiency in sales force by providing us insights on issues like optimum sales territory size, optimum product bag size, the quality of leads and monthly target forecasts.
Sales Pipeline Analytics
Analyzing the flow of sale through several stages would help us find any loopholes in the sales cycle. It will help us evaluate an optimal time period for each stage to occur so that you can make sure your customers experience a quick and efficient transaction. It also helps determine the capacity of your sales process.
Analytics on Communication Content
Analyzing consumer behavior on the communication content helps us observe how consumers react to our marketing material. This gives us insights on how to draw consumer’s attention towards our products and will enable us convey our message clearly.
Web analytics helps us understand user behavior on the web and consequently generate more leads and sales. It will provide insights to enhance the look and layout of your website and make it more user-friendly. With these insights we can also asses and strategize the effectiveness of marketing campaigns in order to get more valuable customers.
Hope this gave you a brief idea on how analytics is applied in marketing and sales. In the next few posts I will write about the above applications in detail. See you soon! 🙂