What Does Sales Analytics Mean?
Sales analytics is the process used to identify, model, understand and predict sales trends and sales results while helping in the understanding of these trends and finding improvement points. It is used to determine the success of a previous sales drive and forecast as well as determine how future ones will fare.
Data from different pipelines and sources such as application transactions, surveys and internal applications are taken and analyzed in order to find relationships and opportunities that may be used by the organization. Relevant data is mined and then analyzed in order to forecast future sales.
Techopedia Explains Sales Analytics
Sales analytics involves just about any type of business transactions, including those that do not seem to directly lead to turnovers, like the number of customers who went to the mall on a certain day. But for market and sales analysts, this number can be further analyzed to measure the number of people who may have visited the organization’s campaign booths or have seen its various advertisements, which, in turn, can help with determining brand recognition and with predicting futures sales.
Organizations now use not only a sales and marketing group, but also have realized the importance of a group dedicated to data mining and analysis. The data mining group can look for hidden relationships and trends within the data that may be used to assist the sales and marketing department to provide a more accurate forecast of consumer wants and needs as well as to find new opportunities and to have enough information to act on them quickly.
Web analytics and Google analytics are good examples of common sales analytics tools that are specifically designed to track consumer activity on the Internet. In this case, data is collected regarding all website visitors through either log files or cookies, and then the information is later analyzed to determine the number of visitors, the number of pages within the site visited and whether they have made a purchase or not. Even the sources of these visitors may be analyzed in order to find out the best source of visitors and to help determine whether an ad or a social campaign is successful or not.