How do you chart the growth curve for your company? It requires some assessment as you can not rely only on your gut-feeling. Some data, some brainstorming, and a close study of the performance of yesteryear can boost the process. But these can be time-consuming. If you want something quick and impacting, then analytics is the right choice.
Sales analytics provide in-depth analysis with backing from real-time feeds. In times of quick decisions, these feeds initiate better responses. In fact, 79% of sales teams prefer using sales analytics tools to improve performance.
But before we dig deep into the types, a quick detour to know what is it will bring more clarity.
What is Sales Analytics?
Sales analytics solutions are tools to identify, create models, understand, and predict various outcomes. It creates scope to gauge various trends using which improving sales results will become easier. The tool also studies the success rates of previous models and predicts the outcome of the future ones.
- It fetches data from various pipelines and sources
- These sources are transactions, surveys, and other internal procedures
- Sales analytics then used to read connections and find opportunities
- It studies relevant data to forecast future sales
Top 6 Sales Analytics
This depends on the specific needs of the company. On its basis, management can implement diverse equations to predict trends and outcomes. The biggest advantage is its customization.
It stands for stock-keeping units and it uses colors to make a proper segmentation. In the sales analysis standard, it is basic, but its impact is immense. It segments the products by geography, brand, price, color, etc.
- Eases the reading of trend in sales covering years in different states
- It helps in identifying best sellers
- Creates scopes for an in-depth search for the product
- This also forms the basis of the analytical database
- Distribution Channel
If you are selling a product using diverse mediums, then knowing them like the back of your hand is essential. Why? Obviously, you will invest more in the one bearing the maximum fruit. But you will also try to understand where the others are lagging.
- It segments sellers by type
- It also tracks individual records
- The record keeps a thorough tracking of time and space
- The analysis becomes very specific and helps in improving the outcome
- Sales and Margin
A proper analysis of sales and margins can boost your market. You should look into it regularly to get a hold of what is going on with your business.
- Mid-market organizations find it difficult to assess gross margins
- If you do not have real-time data, then your business can expect blows
- Proper margin analytics uses diverse supply chain data and analyze them by fetching real-time data
- Competent ones are a blend of interactive dashboards and reports, leading industry metrics and Key Performance Indicators (KPIs)
- 66% of sales teams prefer tracking customer satisfaction and they consider it as the best KPI method
- Per Capita
Sometimes going for a microscopic view brings out some vital changes. Sales results always speak volumes for itself but changing perspectives reveal different insights. 76% of sales professionals claimed that analytic tools had improved their performances. This relays how important such small tools have become in delivering better results.
- It helps in digging deep into the market
- Breaking down sales to individual level can reveal trends
- It also reveals sales trends with sales data analysis
- Brand Development Index
To make companies sustain, building a brand is essential. Brand development index (BDI) provides a look into this matter and helps in improving performance. Brand consistency can boost your sales by 23%.
- Helps in allocation of advertising and promotional budget
- Shares a close connection with per capita sales
- Multivariate Analysis
Sometimes a closer look into factors requires cross-verification across platforms. The multivariate analysis creates that scope and improves performance.
- Creates opportunities for simultaneous reading of multiple variables
- Involves scientific econometric analysis
- Checks for causes and effects to impact
Data, if not pertinent to the context, is boring. Sales analytics tools establish that connection between the various departments and fetched data to tell them why it is necessary. It uses various sales management analytics to keep people engaged in real-time feeds and help them plan for higher profit margins.
Articles You May Read
A simple guide in choosing the right color for your logo
There are so many things to consider before you choose to design color for your logo and your brand. After finalizing it, the next step for you is choosing the best colors for it. Picking the right colors is a significant task, as it is what will deliver the meaning and cause to impact from the various led neon signs for your business, as per your needs and requirements.
Hence, choosing the right designs and colors is essential. Embracing the colors won’t be much of a task after you get through this article. So let us learn about the meaning of different colors used in the logo.
Optimism, clarity, and warmth are what define this color in a logo. It is a color that is easily detectable even on the busiest streets of the town.
Being an attention seeker, the businesses adopting this color wish to grab attention from the individuals and want to make them feel comfortable glimpsing it.
The color used by many restaurants and cafes helps to evoke warm emotions from their customers and stimulate their clientele.
Being yet another color to grab an individual’s attention, it successfully draws the eyes of many people and causes them to action.
Companies like Harley Davidson, Fanta, and Nickelodeon has successfully attracted its target customers by using orange in their logo.
The appealing color represents passion, urgency, and excitement. The visually stimulating color is designed to raise the pulse rates of the viewers.
The color is used by Pinterest and coca-cola to create urgency and excitement on seeing the label. It has also used by retail companies like Puma and RayBan to attract customers.
Royalty and trust is the denotation of the velvety color.
It prompts the imagination, as well as images of enthusiasm, grandeur, and opulence.
Giving a feeling for everything possible, it grants you a free feel with a majestic appeal.
It is the reason why beauty brands like Younique make use of this color to attract their customers.
Strength paired with calmness is what the color symbolizes. Using it in the logo, it helps to bring the charm of tranquility, potential, and dependability. Moreover, it indicates a level of pride, exhibits professionalism, and dependability.
Used by computer manufacturing brands such as Dell and Intel, its features also make it use by the health care providers.
Representing growth and money, the fresh, green color, is a pick by the money-related brands.
It is also a choice of the companies involved in environmental space and also of the food products.
The non-governmental environmental organization Greenpeace has used green to influence its logo.
Black & White
Being the color of elegance, class, and sophistication, the said colors black and white are fill-in logos representing power.
Sports brands like Nike, Adidas, and Puma use these colors to show the above-said properties.
If the brand wants to cater to the audience to feel mysterious, black is the best choice for you. It is also an exceptional color implying simplicity.
How many colors to use?
Filling your logo with the colors produce a multitude of effects for your audiences, supporting you build the existing niche.
It is upon you how many colors do you wish to use on your logo.
Again, this depends on what direction your company or business is taking.
You must consider the following things before you select the number of colors for your logo design:
- Do not use many shades in the same logo as it may sometimes present a shoddy appearance. At times, brands use two to three colors for the logo, which is acceptable.
- Never choose a group of colors because they are appealing to your company.
- Make use of contrasting colors to create a visually appealing appearance.
- There is no limitation for the colors used to a specific industry, so do not hesitate to adopt the colors you feel right for your brand logo.
Whatever design or colors you choose for your brand logo, make sure that they are smart enough to create its identity in the market as well as stand different from the LED channel letter, ornamenting the streets of the city.