Why Predictive Sales Analytics in B2B Sales?
B2B sales organisations have always been under pressure to hit sales targets, uncover new opportunities, and maximise productivity. But nowadays, in an increasingly competitive, ever-changing and globalised market, it is essential for sales leaders to make optimal use of limited sales resources.
Predictive Sales Analytics play a critical to improve sales productivity in B2B. It reduces the time sales managers and sales teams spent in unproductive non-customer-facing activities. Furthermore, they also provide a decisive competitive advantage in highly competitive industries.
Sales leaders should first define what their business goal is. Once the purpose of a predictive model is defined, sales managers should gather sales data. Sales leaders should evaluate expected costs and benefits, to assess the ROI of the solution.
Finally, B2B organisations should instruct its sales forces to modify their behaviour based on the predictive analytics model. Companies also need to re-think the sales KPIs they are measuring. In other words, thanks to the implementation of predictive analytics, managers must define new sales KPI and sales controlling processes.
The method is, in spirit, the same. Sales reps ought to focus on a limited number of accounts with higher chances of closing deals, churning, buying from cross-selling or paying more.
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Never underestimate the importance of pricing. By far, the most effective lever for earnings improvement is strength in the development and implementation of pricing strategies.
With Qymatix Pricing Software, sales managers and key account managers can now easily compare pricing strategies and consistently execute a company’s pricing policy. They quickly identify non-optimal prices and prevent different pricing strategies from conflicting in the long term.
Using an advanced predictive analytics function, Qymatix can point you to the customers with a higher probability of not buying again in the following period. This mathematical function called ‘churn risk’ (or customer attrition risk) is useful for starting to dig deeper into the client’s relationship.
The most fundamental activity to reduce customer attrition in B2B is to classify and prioritise customers according to their churn risk. In Qymatix, this “churn risk” represents the likelihood that a buying customer will not buy again and is analyse using our proprietary customer churn prediction models.
Qymatix Cross-Selling analysis is performed using an advanced arithmetical ad-hoc clustering function combined with a market-basket analysis. With the result of this algorithm, you can quickly understand which customers can buy more, or have more cross- and up-selling buying potential.
In the first visualization of the cross-selling view, you can analyse your customers based on their relative margin, the total revenue and the cross- and up-selling potential. You can zoom and click in each customer for more details.
Performance Management & Reporting
Performance management is probably one of the most important tasks of a sales leader. A crucial metric to measure the effectiveness of your sales team is to assess the value each customer, region and Key Account Manager provides to your business.
By analysing sales data in this view, a sales leader can understand the effectiveness and efficiency of his team’s actions and sales plans. The Sales Performance Management page has three views: total, per country and per Key Account Manager.
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Free eBook for download: How To Get Started With Predictive Sales Analytics – Methods, data and practical ideas
Predictive analytics is the technology that enables a look into the future. What data do you need? How do you get started with predictive analytics? What methods can you use?
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