The overview of sales data analysis, how you can use it for your business, the different types of data and how it supports your mission, benefits to businesses from using the process.
Sales data analysis is a process of collecting, extracting and analyzing sales information from different sources and using it to make decisions about the company's business.
It is important to analyze how your sales are changing over time, at what point in time did your competitors increase their prices, how much can you save by switching suppliers etc.
The use of sales data can help businesses make important decisions, improve their operations and ultimately increase their profits.
The different sources of sales data that you may need to analyze include:
- Accounting records
- Customer surveys
- Purchase orders
- Point-of-Sale (POS) data
- Marketing research reports
Sales Data Analysis has many benefits for the business, and the most important one is the ability to make informed decisions.
Sales Data Analysis doesn't replace other sources of information like your gut feeling, but it can help you evaluate which decision is better.
Here are some of the other benefits:
- Improved decision making
- Increased efficiency
- Reduced costs
Sales data analysis is a very important part of the sales process. It helps in determining which stage your customers are at and whether or not they are willing to buy your product. This article includes a detailed overview of the Sales Data Analysis Approach and its importance in the marketing industry.
There are five types of sales data analysis you can do:
1. Sales Stage Analysis
2. Product Mix and Pricing Analysis
3. Market Positioning Analysis
4. Channel Development analysis and
5. Competitor Activity Analysis.
Sales Stage Analysis:
This type of analysis is used to determine the sales stage of your customers. It helps in determining their buying behaviour, and what needs they have that you can address with your product.
Product Mix and Pricing Analysis:
This type of analysis help you find out which products are selling well, and how much should you charge for them. It also helps in finding new markets or expanding into existing ones.
Market Positioning Analysis:
This type of analysis helps you determine where your product fits into the market, and whether or not there is room for you in that market. It also helps in finding new customers and generating leads.
Channel Development Analysis and Competitor Activity Analyses:
These analyses help you find out which channels are working best for your business, as well as what your competitors are up to.
There are many data analysis tools available today. But what should you choose? To make your decision easier, here is a list of the best tools available in 2018.
1. Excel:
Excel is the most popular data analysis tool on the market, and it’s not hard to see why. It’s affordable, versatile, and can be used by just about anyone.
2. Tableau:
Tableau is a great way to visualize your data in an easy-to-understand format. It also has some powerful marketing tools built into it, such as channel development analysis and competitor activity analyses.
3. Google Sheets:
Google Sheets is a great option if you want an easy way to manage your data, and it comes free with most online accounts.
4. SAS:
SAS can be used for all sorts of data analysis tasks, from simple pie charts to more complex statistical models.
Now, as you have seen and learned in this article, sales data is an essential tool for your business. You cannot afford to ignore it.
That's all for now! See you later with a different topic! Till that keep the conversation going in the comment section below.
