You may not realise it but you hold the key to better sales simply by knowing your own business better than you do right now. You are more than likely sitting on more data than you realise and could be collecting even more still with a little guidance from us, which, once professionally analysed, could lead to high profits and more sales.
Business data these days is so much harder to analyse and understand than before in large part because of the explosive growth of the internet. It becomes harder and less clear to understand and measure how much of a sale comes from the marketing message on your website, from personal referrals, your social media messaging and presence, and as a result, so much harder to know where to focus your attention, on whom and with how much money, in order to get the quickest highest value sales at the lowest possible cost. And to get to know the above, you need to map all data sources together. This data could come from your sales monitoring software (Customer Relationship Management or CRM package such as Salesforce or Insightly), your accountancy software (such as Sage or Quickbooks) and social media accounts (such Facebook, Twitter and LinkedIn).
All data from the above is inter-related, and yes, it takes take a mathematician to figure it out.
Just some of the data sets you need to be considering:
Sales and Customer Profiling –
- How are you acquiring your customers? What are your lead sources?
- Are you becoming too dependant on one or a set of companies
- What type of client is your most valuable?
- How long does it typically take to acquire the above?
- What is your rate of client retention?
- Is your rate of retention going up or down?
- How much is it costing you to acquire them?
- Do you know what your customers look like?
- In the B2B (business to business) world, your customers, other businesses, do you know what kind of companies they are? i.e are they small businesses employing between 10 – 20 customers or larger companies with 50+ employees?
- In the B2C (business to consumer) world – what are the trends in your customers that you need to be noticing? Are your customers are getting older? Spending less with you? Spending money with you less frequently?
Social Media – a new world of data
In this increasingly data driven business world it can be very easy to overlook a new but increasingly important data source such as a Facebook account, or a Twitter feed. One knows what the sales were last month from the accountancy department but does one know how many of them were attributable to a Facebook post? If that Facebook post had been posted an hour later, with a slightly different message, to a slightly different age group, would it have had a higher sale conversion at a lower cost?
These are just some of the questions we can help you answer.
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