Marketing | 2 Min Read
Predictive Sales Analytics plays a major role in business growth, it helps companies in utilizing their data more effectively. It uses predictive algorithms and patterns in historical data which are gathered from a company's CRM or ERP software to create forecasts, anticipates prospects' behavior such as your consumer's previous actions and behaviors that lead them to buy or brought interest in your offering, and many other key factors.
In essence, Predictive Sales Analytics is a modern sales technique that helps you in sales forecasting and shows you what to expect from your prospects and customers. Now, let's get to know how it drives actionable insights into one's business and boosts the ROI.
Predictive Lead Scoring is one of the most popular, practical applications of predictive analytics in sales, it identifies trends in the customer journey and uses that to predict how far along a lead is in the pipeline. This allows you to streamline, simplify, and enhance workflow by letting sales teams prioritize opportunities based on which leads are most likely to close and for marketing teams to identify leads that need to be nurtured. This can help you in boosting your revenue by helping you in constructing thoughtful, relevant buyer personas and purse your most viable leads.
Predictive Forecasting provides an intelligent estimate of quarterly or yearly sales based on current and historical sales performance. The sales team needs to be persistent and timely in updating their sales data to any database your team is leveraging. It's crucial that your collected data is thorough, clean, and carried out consistently, as sales forecasting relies on the quality of the historical data which are stored in CRM integrations or other avenues that are incorporated by the company into their operations.
Upselling and cross-selling with ICP, predictive sales analytics can be used for effective upselling and cross-selling efforts as it helps in producing an efficient set of ideal customer profiles(ICPs) for different campaigns or products. It gives a valuable perspective on customers' buying intent and preferences also lets you identify target customers for individual offering such that you can promote the right offerings to the right customers at the right time.
Predictive Sales Analytics can streamline and simplify several aspects of sales operations. Its various features can benefit companies in better alignment of their marketing and sales teams, to build strategic lead flow management, identify customer relationship management risk earlier, increase efficiency and productivity of the sales cycle by assisting them in creating accurate forecasting and accounting actionable customer insight without any hassle.