Sales software is a technology that can help you make data-driven decisions about your sales operations and better serve your customers. It’s a tool that provides real-time analytics and reporting, allowing leaders and their teams to grow a deep understanding of customer behavior, sales trends, revenue projections, and performance.
Sales analysis software, frequently referred to as a sales intelligence platform or hub, analyzes your business’ sales journey and customer pipeline data. It provides valuable insights into sales performance and trends, so you can make better decisions and optimize your sales process and all its touchpoints.
You can use sales analysis software to collect and segment data from multiple sources, such as sales reports, customer relationship data, and market trends. Sales insight software is AI and machine-learning-powered, using predictive algorithms to interpret the data and make projections. It can also generate detailed reports and summarize actionable insights.
Some of the heavy-lifting done by sales analysis software includes identifying patterns and trends in sales data, such as:
Most profitable customers
Most effective sales channels
By deeply analyzing this data, you can refine and focus your sales strategy. For instance, it can help you decide which products to feature or the best marketing channels to invest in.
Identifying and predicting
Another essential aspect of sales analysis software is forecasting—using historical sales data and market trends to predict future sales performance. Having a sales insight hub gives teams a dashboard where the can identify, analyze, and predict:
Sales and recurring revenue
Potential sales opportunities
Sales trends and cycles
Customer acquisition costs
Modernizing and automating sales analysis
Spreadsheets seem like rudimentary tools compared to sales analysis software. Some of the most sought-after benefits people gain by using analysis software include the ability to:
Track real-time sales performance
Generate and customize detailed reports
Unify and filter data in a centralized hub
One of the best things about having specialized software to analyze sales data is that you can collect information from many different sources at once. For instance, instead of pulling together reports from different departments or waiting for a team member to update a spreadsheet, you can reveal patterns in customer behavior and sales performance instantly. In addition, automation of these repeat tasks leads to fewer errors and more reliable accuracy.
The ability to get real-time insights can invigorate any sales team’s performance, especially if your industry moves at a rapid pace and demands timely decision-making.
In today’s data-driven world, sales analysis software is essential for any business looking to be competitive and improve sales performance. Automating recurring tasks (like generating a quarterly report) is considerably more efficient than manual reporting, which can free up time for all sorts of things, including strategizing and innovating.
Dovetail is a powerful tool you can rely on to analyze your sales performance.Here are some of the ways you can use it to drive results:
In Dovetail, you can collect and analyze data from sources such as CRM systems, sales team feedback, customer surveys, and website analytics. To begin converging this data and uncovering themes and areas for improvement, choose who or what you’ll be analyzing. For instance, you could decide to analyze customer satisfaction metrics, like App Store Ratings, or maybe your Net Promoter Score.
After you’ve chosen your focus area, select your performance indicators.
Conversion rates at each stage of the sales funnel
Common reasons for converting/losing a sale
Most and least successful sales channels
Average time to close a sale
Patterns in sales data revealing potential revenue opportunities
Next; from the information gathered, you can highlight and tag relevant data points to access them immediately when needed. For example, you can label data related to specific sales funnel stages, reasons for lost deals, sales channels, or the speed at which a prospect moves through your company's sales pipeline.
With your data neatly tagged and indexed, you can then begin to identify interesting trends and patterns. Does a certain sales channel have a higher conversion rate than others? Is there a common reason behind most lost sales? What is your win/loss ratio? Dovetail is designed precisely for these types of analyses.
When it's time to communicate your findings, Dovetail’s data visualization puts sales analysis into easy-to-understand, shareable charts and graphs for all team members and stakeholders. And, if your CEO wants a snapshot of quarterly results, but your sales team wants to know how they’re tracking towards a weekly goal, it’s easy to tailor visualization and insight reporting accordingly.
You can store and manage shareable access to findings in Dovetail's insight hub, giving your sales data a searchable home that’s viewable anytime, anywhere.
With all your sales data organized and analyzed, you can start making data-driven decisions to improve your sales process and grow your revenue.
For example, if you identify that a specific sales channel has the highest conversion rate, you can decide whether or not you’d like to divert resources to that channel. You can also pinpoint reasons for lost deals and get data-informed recommendations for solving those issues.
Dovetail is a customer insights platform that enables businesses to gather, analyze, and collaborate on customer feedback and research data. Dovetail also provides a centralized location to store and analyze information from various sources for easy reference and security.
If you want to gain valuable insights into your sales process and results, sign up for a free trial today. With Dovetail's analytics tools and data visualization capabilities, you can improve the sales process and grow your revenue.