Sales KPI

KPIs in Sales: Correlation does not equal causality

Watch your step! Many sales managers or managing directors in B2B mix up correlation and causality when it comes to data analysis.

Data-based decisions in sales are not always ad-hoc better than intuition. The reason for this is the frequent confusion between the terms causality and correlation.

How nice it would be if managing directors or sales executives regularly knew why something happened. Why individual customers churn; why one product does not sell well or sells more than others; why in the end a promising sales lead does not become a customer, regardless of how good our salespeople are.

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Why KPI’s Are Important to Your Sales Growth

Business success is usually measured in Key Performance Indicators (KPI): quantifiable evidence used to determine how well the sales goals are being met or will be met in the future.

Selecting the right set of key performance indicators is critical to the success of any sales organisation, in particular, those organisations aiming at future sales growth.

However, two main risks arise in the assessment of how well a B2B sales team is performing. First, B2B sales organisations tend to risk overloading their teams with too many KPIs, dashboards, and non-actionable data. Measuring an excess of performance indicators reduces the impact of each KPI, leads to confusion and lack of focus.
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The Most Important KPIs in Distribution and the Influence of AI

Key Performance Indicators (KPIs) are also used to manage companies in the retail and wholesale sectors.

AI in the form of predictive analytics can establish correlations between individual KPIs and thus provide recommendations for action.

Numerical parameters are necessary to understand the current situation of a business. Key Performance Indicators (KPIs) are indicators that can be used to measure and determine the performance or degree of fulfilment of pre-defined objectives within a company.

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Predictive analytics – how much data do you really need?

 
How Much Data Do You Need For Predictive Analytics?

Predictive analytics is one of the technologies with the highest financial impact in B2B sales. Several popular applications of predictive analytics are becoming “must-have” nowadays.

Sales leaders rely on lead scoring, customer attrition modelling, cross-selling analytics and pricing analytics to prioritise their sales activities and increase their customer lifetime value.

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Sales reporting: Measure the right KPIs and report them on a regular basis

Regular sales reporting is an important tool for sales planning, controlling and monitoring. In this regard, it is essential to reduce the effort of sales reporting to a minimum, while still reporting meaningful Key Performance Indicators (KPI) for the sales team and management.

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