Data Analytics
Selling is an art backed by science!
What science, you ask? Data Science. For small and medium businesses, if your sales team isn’t capturing and utilizing CRM data effectively, they’ll struggle to meet sales targets, limiting the results you, as the business owner, want to see. Data science and analytics help harness the wealth of information within CRM systems to drive growth, optimize sales efforts, and make informed decisions.
Example: Let’s say you run a business generating 10 Cr and aim to grow to 12 Cr by the end of next year. You invest in a CRM system to gain visibility into potential customers, sales team activities, and more. But after setting up the system, what’s the next best step? You’ll need to ensure that all potential leads and deals are logged in the CRM.
In the Leads Module, capturing details like lead profile, company information, lead source, and areas of interest is crucial. This provides visibility into the pipeline and helps you assess whether you have enough potential conversions to meet your target. Over time, analyzing this data can reveal if your sales team has the resources needed for growth, whether territories are properly covered, and if team members are assigned to the right regions.
As leads turn into active Deals, having your team consistently record meeting updates, conversation details, timeline expectations, and status notes within the CRM helps you gain a clear understanding of where each deal stands. With this information at your fingertips, you can track progress toward your sales targets and anticipate whether you’re on track to hit your growth goals.
The longer you maintain a structured CRM approach, the more valuable insights emerge. For instance, over time, you’ll start identifying your average conversion cycle—the typical time it takes to turn a lead into a closed deal. Lost deals can also offer important insights; tracking reasons for loss may reveal recurring challenges, whether it’s price, product fit, or market trends.
Furthermore, CRM data empowers you to assess your sales team’s performance beyond just revenue numbers. With visibility into lead quality, deal closure rates, time-to-close metrics, and other factors, you can offer targeted support to your sales team, adjust incentives, and set more realistic, data-backed targets.
Ultimately, capturing and analyzing CRM data provides a roadmap for smarter, more strategic growth. It helps you uncover opportunities for improvement, set accurate sales goals, and keep your business on a steady path to success.