How Techknomatic Helped a Large B2B Training Company in Tracking and Analysing Sales Data for Better Decision-Making
Analyse generated revenue, sales pipeline, close rate, sales cycle length, upsell & cross-sell rate, customer retention rate, win/loss ratio, average deal size, and sales per salesperson to measure the sales team performance
Industry
IT Training
Business Functions
Sales
Solution Delivered
Data Analytics, Dashboard Designing & Development
Technologies
Angular JS
Geography
India
About The Customer
This customer is one of the biggest IT corporate training providers in India with more than 10,000 trainings delivered per year. The customer implemented sales analytics processes to collect, analyze, and interpret data to gain insights into sales performance and customer behavior.
The Major Challenge Our Client Faced
Without Sales analytics, the customer was facing several challenges, including:
- Difficulty in measuring the effectiveness of marketing campaigns
- Difficulty identifying high-value customers
- Difficulty identifying sales opportunities
- Difficulty identifying sales weaknesses
- Difficulty improving decision-making
- Sales strategies and tactics
- Inefficient sales processes
- Lack of customer insights
- Poor forecasting
The client wanted to gain visibility into Improved forecasting, better customer insights, increased sales, identifying sales opportunities, and weaknesses and ultimately improve the overall quality of sales processes.
Techknomatic’s Primary Objective for This Project
The main objective of the sales analytics project is to use data and analytics to gain visibility into the following verticals:
Identifying Trends and Patterns in Sales Data
This can help the client to understand how the sales are performing over time, and identify areas that need improvement.
Improving Forecasting Accuracy
By analyzing historical sales data, the client can create more accurate sales forecasts, plan for future demand, and avoid stockouts or overstocking.
Identifying Inefficiencies in the Sales Process
Sales analytics can help the client to identify bottlenecks and inefficiencies in the sales process, and optimize performance by focusing on the most promising opportunities.
Identifying High-Value Customers
A client can use sales analytics to identify high-value customers and then tailor their marketing and sales efforts accordingly.
Identifying Sales Opportunities
The use of sales analytics can help a client identify untapped markets and sales channels, expanding their customer base and increasing sales.
Identifying Sales Weaknesses
In order to improve sales performance, clients can use sales analytics to identify weaknesses in the sales process, such as poor conversion rates or high sales costs.
Improving Marketing Strategies
Sales analytics can be used to understand customer behavior and preferences, allowing the organization to develop more effective marketing campaigns, improve customer service, and increase customer loyalty.
Techknomatic’s Solution — Sales Analytics Dashboards
Techknomatic’s team used the Angular JS stack and created a CRM to capture sales activities, leads, and daily operations data. Analytics dashboards were created using Angular JS charts for seamless integration.
The areas covered in the delivered solution were:
Revenue: Total Revenue Generated by the Training Company’s Sales Efforts
This is one of the most important KPIs for a training company as it directly measures the success of its sales efforts.
Sales Pipeline: Number of Leads and Prospects in the Company’s Sales Pipeline
This KPI helps to measure the effectiveness of the company’s sales processes and can be used to identify potential bottlenecks or areas for improvement.
Close Rate: Percentage of Leads and Prospects That Are Converted into Paying Customers
This KPI helps to measure the effectiveness of the company’s sales strategies and tactics and can be used to identify areas for improvement.
Sales Cycle Length: Average Time It Takes to Close a Sale from Initial Contact to Final Purchase
This KPI is a valuable tool for gauging the company’s sales process efficiency and can help pinpoint areas that could be improved.
Upsell and Cross-sell Rate: Percentage of Customers Who Purchase Additional Products or Services After Their Initial Purchase
This KPI helps to measure the effectiveness of the company’s upselling and cross-selling efforts and can be used to identify areas for improvement.
Customer Retention Rate: Percentage of Customers Who Continue to Purchase Products or Services from the Company Over Time
This KPI helps to measure the effectiveness of the company’s customer service and support efforts and can be used to identify areas for improvement.
Win/loss ratio: Ratio of Won Deals to Lost Deals
This KPI helps to understand the success rate of the sales team and can be used to identify areas for improvement.
Average Deal Size: Average Value of a Deal that is Closed
This KPI helps to understand the size of the deals the company is closing and can be used to identify areas for improvement.
Sales per Salesperson: Number of Sales Generated Per Salesperson
This KPI helps to understand the productivity of the sales team and can be used to identify areas for improvement.
How Our Client Benefited Through Our Sales Analytics Solution
The client acquired the following benefits with the help of our comprehensive solution:
Improved Forecasting
The client successfully analyzed historical sales data and identified patterns and trends through our intuitive dashboards. This resulted in the creation of more accurate sales forecasts.
Increased Efficiency
By understanding which sales strategies and tactics are most effective, the client was able to focus their resources on the most promising opportunities and improve sales efficiency.
Better Customer Insights
The dashboards helped the client gain a deeper understanding of customer behavior and preferences. As a result, they were able to develop more effective marketing campaigns, improve customer service, and increase customer loyalty.
Increased Sales
The client effectively identified opportunities and optimize sales performance and increased their sales and revenue.
Identifying High-Value Customers
Our solution enabled the client to tailor their sales and marketing efforts to these high-value segments.
Identifying Sales Trends
By identifying trends in sales and customer behavior, our dashboards allowed the client to anticipate changes in demand and adjust their sales strategies accordingly.
Identifying Sales Opportunities
The interactive BI dashboards provided detailed information about the untapped markets or sales channels, allowing the client to expand their customer base and increase their sales.
Identifying Sales Weaknesses
With all the data in a centralized platform, the client was able to identify weaknesses in the sales process, such as poor conversion rates or high sales costs, allowing them to take corrective action and improve their sales performance.