How to Use Data Analytics to Increase Your Small Business ROI
Every business wants to maximize profits, but if you’re not using data analytics as a means of helping to boost your ROI, you should be.
Business leaders throughout the globe agree that sales teams need to evolve if they want to remain competitive. And while managers agree that investing money in things like sales training and technology are important, because they understand the importance of responding to artificial intelligence and automation, they may not realize that they should also be evaluating existing data sets.
The bottom line is simple- when data analytics aren’t being looked at (or understood), your company could be missing out on tens of thousands, if not hundreds of thousands of dollars in additional revenue.
When you take a closer look at your data, you’ll be able to use that information in a meaningful way that can potentially increase your revenue between 5 and 10 percent within a few short months.
The reasons are simple- data analytics provides valuable insight to your sales team. It also helps sellers enable what matters- because if your sales team is able to see what their top opportunities are each day, they’ll be better able to prioritize both their actions and their time.
Managers can benefit as well, because when the management team uses data analytics to help identify the skills and traits of their best performers, the company will be able to better understand where their employee’s gaps are. This information can then be used to help develop sales coaching and training programs.
Lastly, when you use data analytics, it will help your sales team communicate more effectively with your clients. When you delve into the use of advanced analytics, sales managers can better set granular targets. Not only that, but they can begin to personalize these targets to individual sellers, managers and regions.
If you’re interested in learning more about how data analytics can help your team be more successful and profitable, we can help.
At Pathways International we’re committed to helping our clients harness data in meaningful ways. Data can be messy, but when you work with our company we can help you understand how to use it.