When determining the most appropriate sales strategy for their teams, B2B companies often use customer sales records. This approach collects data, analyzes it, and then uses it to maintain accurate customer databases.
Tracking this data can help you to monitor your company’s performance among specific demographics and target users. You can then use this information to tailor a sales strategy that optimizes resources and fosters growth for your business.
Why is sales data important?
Sales data is any information your sales team can gather and measure during the sales process, which can help your sales and marketing teams to analyze the performance of your company. It then allows your sales manager to create a more accurate sales strategy. Using sales data can help your team:
Identify ideal customers
Analyzing sales data can help your team create an accurate customer profile. During the process, your sales and marketing teams may discover that a specific platform is responsible for a majority of your sales. Using an ideal customer profile can then help direct more resources to said platform.
Improve prospecting strategies
Prospecting allows your team to identify a sales strategy that maximizes sales. Using customer sales data can help your team improve prospecting strategies. This process involves directing resources to areas that are most likely to maximize lead generation.
Enhance the sales process
Carefully analyzing sales data is often the first step toward improving the sales process. Accurate insight into customer sales records can also help your team streamline interactions. This can then help your company highlight areas that deserve more investment based on their potential to generate revenue.
Types of customer data to pay attention to
Depending on their needs, your teams can leverage different aspects of sales data for their operations. Every department involved in the sales and marketing efforts can study a specific data set from your customer sales records. These key metrics include:
A customer’s purchase frequency is equivalent to the number of times they buy products from a company. Your field sales team can analyze purchase frequency to determine the right areas to target with promotions or other product placement strategies. Your marketing department can use the same insights to help the production team create products and services that maximize customer satisfaction.
Purchase value (aka average order value)
The average order value (AOV) is the mean amount of money spent by a client every time they place an order through a mobile app or website. Your advertising department can use purchase value information to customize ads and determine the most profitable platforms. They can also use this information to establish messaging that best resonates with frequent clients.
Customer Lifetime Value (CLV)
Customer Lifetime Value refers to the total profit that your business accumulates throughout the entire relationship with a customer. Your field sales teams can use customer lifetime value to create long-term sales strategies. Breaking down sales data into detailed categories can help your team target high-value clients.
Using customer sales data to boost your business
Your sales and marketing departments can use customer sales data to boost business by increasing volume, lowering costs, and maximizing customer satisfaction. Using this data can also help to:
Sales and marketing teams can use customer sales data to generate sales and increase revenue. For example, your team may decide to ensure that the most valuable customers are prioritized despite shortages or other shortcomings.
Improve marketing strategy
Your sales team can use the data to improve their marketing strategy. They can achieve this goal by concentrating the company’s resources on the most reliable customers. Doing so will also improve the customer experience without spreading available resources too thinly.
Reduce customer acquisition cost
Customer acquisition can be expensive since some sales programs flop and never pay off. Analyzing customer sales data can help your sales manager to narrow the department’s focus to avenues that are most likely to generate new customers, minimizing client acquisition costs.
Enhance customer experience
Your sales team can leverage customer sales data to create a responsive sales strategy that improves the customer experience and maximizes company revenue. A department that understands the needs of its customers can easily tailor its products and services to maximize such desires.
Simplifying sales data acquisition and reporting
While data collection may seem easy, most sales teams struggle to find the right tools to help them interpret data. Despite having a resilient sales strategy, they have a hard time deriving accurate insights from their customers. Sales data collection should be simple enough that your team can extract necessary information from your records without a second thought.
Skynamo is an all-in-one data collection platform that gives sales managers the tools they need to extract customer information from transactional records. Book a demo with us today to learn more about how Skynamo can automate your data collection and reporting strategies.