Analyzing Your Sales Data to Improve Performance
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Analyzing your sales data can have a positive impact on your sales outcomes when done correctly.In the past, the analysis of sales data has been limited to measurements of closed sales as compared to the cost of sales resources. But sales is a process. And like any process, it has inputs, an engine, and outcomes. The sales process generates a wide range of data as your salespeople execute activities and achieve milestones with their opportunities. The challenge for the sales executive is to identify the data that matters, and analyze this data in the context of a model that will yield meaningful and actionable improvement. This material will help sales managers and other sales executives understand the context and relationship of key sales process data. Further, this information will guide decision makers in the development of a model for empirically grounding strategic and tactical sales initiatives. Finally, this material will review several best practice metrics and standards for sales process measurements.
AuthorsTim Connor, Connor Resource Group
• If You Don't Know Why You Are Doing (The Sources of Information and Data) What You Are You Can't Successfully Maintain Effective Information Awareness and Understanding
• If You Don't Know Why What Isn't Working Isn't Working, You Can't Fix It, Delete It, Change It, Etc., or If You Don't Know Why It Is Working, You Can't Improve on It
• If the Right People Are Not Involved in the Various Actions or Evaluations in This Approach, It Will Be a Waste of Time, Energy, Effort, and Resources, and Nothing Will Change
• What Stats Do You Need, i.e. Closing Ratio, the Average per Sale Revenue, Sales Cycle Length, Most Common Not Purchase Reasons, Lost Sales Revenue, and Why, Etc.
• What Is the Sales History of Certain Products, Have Some Products/Services Outlived Their Value, What Are the Reasons for Lost Sales, Customers, Lost Market Share Loss/Gain, Competitor Positioning and Your Sales History, Etc.
• What Has Been Your Organization's Traditional Response to Both Sales Gains and Losses and Many of the Negatives or Positives Above, and What Are Your Lost Sales Ratios?
• How Have You Modified Approaches, Pricing, Marketing, Customer Service, Advertising, Etc. Driven by Previous Data or Results Due to the Above What's?
• What Is the Typical Response/Reaction Throughout the Organization to These Changes?
• How Long Do the People Involved in Developing the How's Stay Involved in the Change or Improvement Next Steps or Actions?
• What Is Your Process or Approach for Interpreting Data, Stats, and Outcomes?
• Who Typically Is Involved in This Process?
• How Long Does the Process Take and Why?
The What to Do Next
• Once You Have Evaluated the Why, the What, the How, and the Interpretation - What Is Your Typical Action, Response?
• When These Changes Have Taken Place Do You Typically Assume, They Will Work or Do You Continue to Repeat the Above Steps or Process to Ensure Effective Change or Improvement?
• Are the Above Steps Your Organization's Current or Typical Approach to Overall Information Gathering, Evaluation, and Interpretation or Do You Do a Less Detailed Process?