Setting Better Sales Goals with Analytics

Sales analytics signifies several things to different sales teams. It can represent hard data, or numerous statistics and data put together through your CRM system. It can also reflect pipeline forecasting, lead scoring and customer information analyses. Businesses can take advantage of sales analytics to set goals, motivate and assess sales performance. The use of marketing and sales analytics is a certain way to ensure business growth. Sales analytics is in fact not only about numbers. It can make your sales team more effective and productive.

What is Data-Driven Sales?
Data-driven sales involves the collection of data and use it during the entire sales process, from the products sold to the time of day they reach out to customers. The best data-driven sales teams closely monitor both the customer journey and the sales process.

By analysing every step of the the customer journey, your team can find out about their needs at every stage. Normally the information you need is: how a customer finds your products and what information they need to complete the purchase with your company.

Assessing the customer journey is the first thing to do. Your sales process needs to be evaluated as well. By getting hold of analytics such as, sales growth, lead conversion rate, sell-through rate and sales-per-rep, your company gets deeper insights that show how well your sales process works.



Why is Data-Driven Sales so Important?
There is no doubt that one of the main benefit of data-driven sales teams is increased profitability. According to a research by McKinsey&Company, companies that use sales analytics are 5-6% more profitable than their competitors are. Sales analytics can help your company:

Find out the real needs of your customers at different touch points
Provide ways to customize the customer journey
Recognize customer pain points
Expose strengths and weaknesses of sales reps
Find areas of improvement within your sales strategy


How can Analytics Improve Your Sales Strategy?
1. Sales Enablement -Powerful statistics derived from sales analytics can lead to sales enablement. This is another prevalent buzzword currently and it involves giving your sales team all the tools required to do their job amazingly well. These are modern, data-collecting tools, that are used in four primary areas, according to McKinsey&Company

2. Identifying the Right KPIs
Many companies struggle with this question: Should they give commissions and bonuses, based on sales figures, profits, or some other metric? It is important to note that a poorly chosen metric can lead to poor results. Big data and analytics can help identify the KPIs that are best aligned with business priorities and can help define granular metrics that can drive desired outcomes.



3. Use Your Sales Analytics Tools to Empower Your Mobile Workforce.
It is a good idea to provide your mobile workforce with real-time access to updated information and performance metrics. In this way, they are not affected by information lapses that might cost them a sale or waste their time on bad visits. Having the information, they need whenever required, they ar more efficient in their jobs.

Organizations should make sure that the metrics they use to reward reps are aligned with their strategic objectives. They need to set individual targets according to past performance and on the potential of each rep’s customer portfolio. Besides, they can encourage reps’ motivation by setting and revising targets aligned to customers’ purchasing cycles while conducting experiments to arrive at the optimal frequency.



4. Lead generation
It is certain that data explains who your best customers are. Knowing who your VIP clients are will allow you to make efforts to find more just like them. As you collect more leads, you might consider keeping a record to see which ones are most likely to convert.



5. Match the people
It is essential to have the right people doing the right jobs to increase productivity. For instance, data can show you which sales reps are performing better, or who has the highest closing rate. With such information, a company can put staff in fitting, more productive roles.



6. Maximize customer lifetime value
Having a 360-degree view of your customers will allow you to maximize their lifetime value. For example, you’ll be able to find more about inactive customers and make efforts to convince for more sales them before they leave.



7. Get the right price
Usually, most deals are lost because of budget, according to Hubspot. Having specific data helps you get insight into customer budgets and can provide flexible possibilities that are more likely to close a deal. For instance, you might offer payment plans, suggest lower or higher tiered services, or increase initial customer support to encourage more sales.



Conclusion
It is certain that sales analytics can help your company get numerous benefits. From getting to know your customers deeply on a more personal level to creating a sales enablement strategy that leverages the best talents of your team, data can become one of your most powerful business allies.

7 Powerful Strategies to Increase Sales and Revenue

Every business owners as well as their employees share one main concern: how to increase sales and boost revenue. From top-level management to bottom, everyone is serious about increasing sales numbers. There is no doubt that sales drive the business. It is what fuel the growth of any company and help to fund the new ventures.

The following strategies can be useful to help you increase sales and revenue:
•Create Clear Revenue Goals
•Focus on customer relationships
•Review Your Pricing Strategies
•Expand Your Distribution Channels
•Diversify Your Offerings to boost sales
•Use Cross Promotions
•Increase Your Marketing
1. Create Clear Revenue Goals
A good way to get started is to combine your given revenue targets with the market strategy you have created based on an assessment of the past and current situation to generate realistic revenue goals for territories and individuals. After that, it is important to find out which support your sales team needs to reach these goals. It is a good idea to get your marketing team, sales team, and product team together to work on a plan.

2. Focus on customer relationships
As per marketing metrics, increasing customer retention by five percent can increase profits between 25 and 95 percent. It is certain that offering a remarkable customer service creates long-term and loyal customers. This is a good strategy to grow your business. Upselling or cross-selling current customers is significantly more effective and cost-efficient than securing new clients.

3. Review Your Pricing Strategies
Take into account your pricing strategies if your product or service is price sensitive. Get to know what your competition is charging and raise or lower your prices based on your goals. For instance, lowering your prices can increase revenues to make up for lower margins while raising your prices can create a higher perceived value in the minds of consumers and increase your margins while raising your prices can also increase your revenues without increasing sales.

4. Expand Your Distribution Channels
Sometimes, altering where you sell your product can considerably increase your sales and revenues without needing any modifications to your marketing or pricing. Analyze carefully the effects of using online selling, direct mail, wholesalers, retailers, distributors and outside sales reps. Find out how each method can affect your sales volumes, profit margins and total profits. Keep in mind that in some cases, new distribution channels require marketing support.

5. Diversify Your Offerings to boost sales
If your company exists for several years, it might be time to add new products and services to create exponential growth. It might happen that you have saturated the marketplace. The next step is to determine the products your target customers buy that you are not selling and that you think you can make and market profitably. For instance, you might need to replace old products with new ones. As a result, it can lead to a decrease in sales, but higher revenues if the replacement product has a higher price.

6. Use Cross Promotions
It is obvious that the more people you have to promote your product or service, the more sales and revenues you’ll have. One way is to look for businesses that don’t compete with you but which have the same target customer and develop cross promotions. For instance, if you sell sports shoes, sponsor athletes to wear and promote your line. Another way to do more promotions is to collaborate with charities to get them to promote you to their supporters. Not to forget that social media is also a significant tool to build a following generated by satisfied customers.

7. Increase Your Marketing
There is no doubt that to boost your marketing in order to increase sales. Keep in mind that quantity doesn’t necessarily mean quality, hence careful planning, test-marketing and monitoring your results can greatly help to maximize your sales. Go for marketplace research to find out which messages speak to your target audience. Make sure to run ads and promotions in limited locations and check the results before spending your entire budget. Include some way to control marketing communications, such as using coupons, electronic codes or website traffic statistics.

Conclusion
It is essential that your sales team have clear priorities, clear outcomes everyone can measure, clear guidelines everyone can follow and clear goals towards which everyone can work. However, implementing strategies to increase sales and revenue requires not only the effort of your sales team but also the organization as a whole. The key lies in knowing how to reduce risks and exploit opportunities.

The Turn-Around

God can write a story like no other can. His sovereign ability to reach into a person’s future and erect a monument of victory is incomparable. He literally delights in crowning the lowly as prince, and in using the stumbling blocks that have been placed in our paths by others as stepping stones to a throne of His making. 

It’s amazing how he could pull a life from the pit and transform it in such a way that it becomes unrecognizable to the enemy. Such was the life of Joseph, the eleventh son of Jacob. From the pit, to the prison, to the palace, Joseph meandered his way to destiny despite the roadblocks he encountered.
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God glorifies His great name in the time of opposition because He specializes in the principle of resurrection. The concept of a thing living again after it had been presumed dead is a wonderful reality in the mind of God. In other words, “It’s not over until God says it’s over.” Certainly, the very life of Christ upon the earth testifies and confirms that there is no opposition – whether it be in the form of a pit or in the form of a grave – that can stop God from reaching down and lifting a life to the place that He has destined for it.

You see, God takes great pleasure in moving a person from the depths of seeming defeat and ushering them to the pinnacle of success. He delights in bringing life out of death and in making “the stone which the builders rejected” into the chief cornerstone (Ps. 118:22). Yes, it is His utmost delight to move beyond your circumstances and do the impossible on your behalf. As a matter of fact, He will ‘flip the script’ until your enemies become your footstool (Ps.110:1) and those who fought against you turn and pray for you to bless them (Ex. 12:32). Indeed, resurrection, restoration, metamorphosis of status, and newness of life are prominent spheres of His mighty dominion.

For this reason, we see Joseph, though severely mistreated in his youth, rising to great power in the very place he was sent to die. He became governor in the land of his captivity and ruled over those to whom he was sold as a slave. Without doubt, Joseph must have understood that though he was ‘persecuted’, he was not ‘abandoned’; and though he was ‘struck down’, he was ‘not destroyed’ (2 Cor. 4:9). Thus, he remained faithful to God and to his vision, and was buoyed by both as God worked behind-the-scenes of his life. In the end, Joseph, the Hebrew slave of the Egyptians, died as Joseph, the Hebrew ruler of the Egyptians.

God finds great pleasure in turning the tables in your favor. His joy is contained in ensuring that you end well. And so now may the God of the ‘turn around’ bring restoration and increase to every area of your life; and may your tomorrow be exceedingly greater than your yesterday. 

Scripture Of The Day: "For I know the thoughts that I think toward you, says the Lord, thoughts of peace and not of evil, to give you a future and a hope." - Jeremiah 29:11

Stop Avoiding Office Politics

"I won't do it," he said. "I don't care who they are; I won't buddy up to people I don't like and respect just because I want something from them."

This came from a senior manager at a Fortune 500 company. It was a theme we hear over and over from managers at all levels. They're reluctant to take part in what they call "political games." They consider organizational conflict and competition mostly ego-driven, adolescent games. They want disputes settled through data, analysis, and logic, by what's "right" — not by who knows whom, who owes whom, or who plays golf with whom. To build relationships simply because they want something from other people is, to them, blatant manipulation.

So they withdraw from much organizational give-and-take....click here to READ MORE

How to Accomplish More by Doing Less

Two people of equal skill work in the same office. For the sake of comparison, let's say both arrive at work at 9 am each day, and leave at 7 pm.

Bill works essentially without stopping, juggling tasks at his desk and running between meetings all day long. He even eats lunch at his desk. Sound familiar?

Nick, by contrast, works intensely for approximately 90 minutes at a stretch, and then takes a 15 minute break before resuming work. At 12:15, he goes out for lunch for 45 minutes, or works out in a nearby gym. At 3 pm, he closes his eyes at his desk and takes a rest. Sometimes it turns into a 15 or 20 minute nap. Finally, between 4:30 and 5, Nick takes a 15 minute walk outside.

Bill spends 10 hours on the job. He begins work at about 80 percent of his capacity, instinctively pacing himself rather than pushing all out, because he knows he's got a long day ahead.

By 1 pm, Bill is feeling some fatigue. He's dropped to 60 percent of his capacity and he's inexorably losing steam. Between 4 and 7 pm, he's averaging about 40 percent of his capacity.

It's called the law of diminishing returns. Bill's average over 10 hours is 60 percent of his capacity, which means he effectively delivers 6 hours of work.

Nick puts in the same 10 hours. He feels comfortable working at 90 percent of his capacity, because he knows he's going to have a break before too long. He slows a little as the day wears on, but after a midday lunch or workout, and a midafternoon rest, he's still at 70 percent during the last three hours of the day.

Nick takes off a total of two hours during his 10 at work, so he only puts in 8 hours. During that time, he's working at an average of 80 percent of his capacity, so he's delivering just under 6 ½ hours of work — a half hour more than Bill.

Because Nick is more focused and alert than Bill, he also makes fewer mistakes, and when he returns home at night, he has more energy left for his family.

It's not just the number of hours we sit at a desk in that determines the value we generate. It's the energy we bring to the hours we work. Human beings are designed to pulse rhythmically between spending and renewing energy. That's how we operate at our best. Maintaining a steady reservoir of energy — physically, mentally, emotionally and even spiritually — requires refueling it intermittently.

Work the way Nick does, and you'll get more done, in less time, at a higher level of quality, more sustainably.

Create a workplace that truly values a balanced relationship between intense work and real renewal, and you'll not only get greater productivity from employees, but also higher engagement and job satisfaction.

There's plenty of evidence that increased rest and renewal serve performance.

Consider a study conducted by NASA, in collaboration with the Federal Aviation Administration, of pilots on long haul flights. One group of pilots was given an opportunity to take 40 minute naps mid-flight, and ended up getting an average of 26 minutes of actual sleep. Their median reaction time improved by 16 percent following their naps.

Non-napping pilots, tested at a similar halfway point in the flight, experienced a 34 percent deterioration in reaction time. They also experienced 22 micro sleeps of 2-10 seconds during the last 30 minutes of the flight. The pilots who took naps experienced none.

Or consider the study that performance expert Anders Ericcson did of violinists at the Berlin Academy of Music. The best of the violinists practiced in sessions no longer than 90 minutes, and took a break in between each one. They almost never practiced more than 4 ½ hours over a day. What they instinctively understood was the law of diminishing returns.

The top violinists also got an average of more than 8 hours of sleep a night, and took a 20-30 minute nap every afternoon. Over a week, they slept 16 hours more than the average American does.

During my 30s and 40s, I wrote three books. I sat at my desk each day from 7 am to 7 pm, struggling to stay focused. Each book took me at least a year to write. For my most recent books, I wrote in a schedule that matched the great violinists — three 90 minute sessions with a renewal break in between each one.

I wrote both those books in six months — investing less than half the number of hours I had for each of my first three books. When I was working, I was truly working. When I was recharging — whether by getting something to eat, or meditating, or taking a run — I was truly refueling.

Stress isn't the enemy in the workplace. Indeed, stress is the only means by which we can expand capacity. Just think about weightlifting. By stressing your muscles, and then recovering, you gradually build strength. Our real enemy is the absence of intermittent renewal.read more...

Where Are You?

An important key to letting go of the past and reaching your full potential is putting yourself in an environment where the seed of your dreams can grow. I know people who are extremely talented. They have incredible potential. But they insist on hanging around the wrong sorts of people.

If you are close friends with people who are lazy and undisciplined, people who don’t have great dreams, people who are negative and critical, they will rub off on you. Moreover, that environment in which you place yourself will prevent you from rising any higher. You cannot hang out with negative people and expect to live a positive life. If all your friends are depressed and defeated and have given up on their dreams, make some changes. Let’s be honest: You’re probably not going to pull them up; more likely, if you continue to spend too much time in their presence, they will pull you down.

Certainly, you love your friends; you can pray for them and try to encourage them to make positive changes in their lives, but sometimes the best thing you can do is break away from negative people and put yourself in a healthy positive, faith-filled environment. This is extremely critical, because it doesn’t matter how great the potential in the seed, if you don’t put it in good soil, it will not take root and grow.

I’ve had people tell me, “Joel, I don’t know why I’m drawn to abusive people. I get out of one bad relationship and into another one that’s twice as bad. I know it’s not good for me. But I just can’t leave. I’d feel guilty.”

I usually answer, “No, you have a responsibility to keep yourself healthy and whole. God has entrusted you with His talents, with His dreams. And it may be painful, but the best thing you can do is get away from somebody who is a constant drag on your spirit. Don’t allow somebody to treat you that way. You are extremely valuable. You are made in the image of Almighty God.”

“Joel, if I take a stand and set some boundaries, that person may leave, may walk away.” In truth, that would be the best thing that could ever happen. I heard somebody say there’s something called “the gift of good-bye.” That means when somebody who is pulling you down chooses to leave, you may not realize it, but that person just did you a great favor. Don’t look back; instead keep looking forward. Get ready for the new thing God wants to do in your life.

Five Things You Should Stop Doing in 2012

1. Responding Like a Trained Monkey. Every productivity expert in the world will tell you to check email at periodic intervals — say, every 90 minutes — rather than clicking "refresh" like a Pavlovian mutt. Of course, almost no one listens, because studies have shown email's "variable interval reinforcement schedule" is basically a slot machine for your brain. But spending a month away — and only checking email weekly — showed me how little really requires immediate response. In fact, nothing. A 90 minute wait won't kill anyone, and will allow you to accomplish something substantive during your workday.
2. Mindless Traditions. I recently invited a friend to a prime networking event. "Can I play it by ear?" she asked. "This is my last weekend to get holiday cards out and I haven't mailed a single one. It is causing stress!" In the moment, not fulfilling an "obligation" (like sending holiday cards) can make you feel guilty. But if you're in search of professional advancement, is a holiday card (buried among the deluge) going to make a difference? If you want to connect, do something unusual — get in touch at a different time of year, or give your contacts a personal call, or even better, meet up face-to-face. You have to ask if your business traditions are generating the results you want.
3. Reading Annoying Things. I have nearly a dozen newspaper and magazine subscriptions, the result of alluring specials ($10 for an entire year!) and the compulsion not to miss out on crucial information. But after detoxing for a month, I was able to reflect on which publications actually refreshed me — and which felt like a duty. The New Yorker , even though it's not a business publication, broadens my perspective and is a genuine pleasure to read. The pretentious tech publication with crazy layouts and too-small print? Not so much. I'm weeding out and paring down to literary essentials. What subscriptions can you get rid of?
4. Work That's Not Worth It. Early in my career, I was thrilled to win a five-year, quarter-million dollar contract. That is, until the reality set in that it was a government contract, filled with ridiculous reporting mechanisms, low reimbursement rates and administrative complexities that sucked the joy and profit out of the work. When budget cuts rolled around and my contract got whacked, it turned out to be a blessing. These days, I'm eschewing any engagement, public or private, that looks like more trouble than it's worth.
5. Making Things More Complicated Than They Should Be. A while back, a colleague approached me with an idea. She wanted me to be a part of a professional development event she was organizing in her city, featuring several speakers and consultants. She recommended biweekly check-in calls for the next eight months, leading up to the event. "Have you organized an event like this before?" I asked. "Can you actually get the participants? Why don't you test the demand first?" When none materialized, I realized I'd saved myself nearly half a week's work — in futile conference calls — by insisting the event had to be "real" before we invested in it. As Eric Ries points out in his new book The Lean Startup , developing the best code or building the best product in the world is meaningless if your customers don't end up wanting it. Instead, test early and often to ensure you're not wasting your time. What ideas should you test before you've gone too far?

Eliminating these five activities is likely to save me hundreds of hours next year — time I can spend expanding my business and doing things that matter. What are you going to stop doing? And how are you going to leverage all that extra time?