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Sales Analytics

  • June 24, 2023
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Meet the Author : Mr. Bharani Kumar

Bharani Kumar Depuru is a well known IT personality from Hyderabad. He is the Founder and Director of Innodatatics Pvt Ltd and 360DigiTMG. Bharani Kumar is an IIT and ISB alumni with more than 18+ years of experience, he held prominent positions in the IT elites like HSBC, ITC Infotech, Infosys, and Deloitte. He is a prevalent IT consultant specializing in Industrial Revolution 4.0 implementation, Data Analytics practice setup, Artificial Intelligence, Big Data Analytics, Industrial IoT, Business Intelligence and Business Management. Bharani Kumar is also the chief trainer at 360DigiTMG with more than Ten years of experience and has been making the IT transition journey easy for his students. 360DigiTMG is at the forefront of delivering quality education, thereby bridging the gap between academia and industry.

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Introduction

Sales analysis is a method or procedure that may be used to recognise, understand, or forecast a company's sales trend. Identifying sales patterns and long-term as well as short-term sales forecasts are very helpful. Sales analysis ultimately facilitates the process of raising profits in any firm. Predictive analysis is comparable to these sales analytics.

We can undertake data analytics with the aid of some sales metrics. Any organisation will benefit from the salesperson's evaluation. Every salesman must meet the firm's sales goals, the company must ensure. The region is another parameter we might take into account. We can determine which goods will do best in each location with the use of this statistic.

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Some of the key factors mentioned below

Lead Generation

Lead generation factor which will help to identify the appropriate customer is any business though the product is good. So it is mandatory to identify the right potential customer at the right time. Nowadays most organizations spend more energy and time on customer identification and some tracking techniques. So by following the right customer, the company can have a better lead conversion rate.

Customer sentiment analysis:

One of the inevitable components of sales analysis is customer sentiment analysis. This mostly aids in our comprehension of the sentiment that customers have towards a specific item or service. This may be assessed by looking at consumers' favourable or negative reviews of a certain item or service. The NLP notion refers to this as polarity.

Sales forecasting

Sales forecasting is another important process to increase the profit of organizations. This will help to estimate or predict future sales and by this, we will be able to take a decision. This process is projecting the amount of revenue and expenditures within a particular period. So based on that, the company will devise a strategy to improve its output.

Upselling and Cross selling

We must concentrate on upselling and cross-selling in the sales analysis. Upselling is a strategy used to persuade potential consumers to purchase the more expensive version of goods or services they are already interested in. Another successful tactic is cross-selling, which encourages customers to purchase additional goods that complement the one in which they have expressed interest.

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