Want to improve your bottom line? Looking for ways to generate quality sales leads? Worried about your conversion rate? Well, you should then definitely apply Business Intelligence (BI) methods to optimize your sales funnel so that you get quality leads which result in a higher conversion rate.
Pertinent questions in the field of sales like – Whom to sell? What to sell? How to sell? Etc. can be answered accurately by means of BI methods and tools. Here are a few ways in which Business Intelligence can help you enhance your existing sales engine for your business.
Enhance customer loyalty & retention
Business Intelligence can help you with predictive analytics methods and Big Data. These techniques will help you arrive at information of future customer behavior like-
- What kind of products they prefer?
- What are the added benefits they look for in a product?
For example, if you have customers who regularly purchase toys from you then BI methods can help you with information about what kind of toys they will purchase in future as their child grows.
In this way, you can give your customer what they intend to look for at the nick of the time and retain him for long.
Generate accurate sales forecast
BI tools can help you gain adequate sales forecast by means of the advanced forecasting models. For instance, Business Intelligence can help you achieve a line of sight of the increase in demand during festivals, end of sale season etc.
Arrive at adequate pricing strategies
You can arrive at high yielding sales techniques and adequate pricing strategies with the help of the BI tools.
For instance, if you want to price a laptop, the BI tools will help you with insights like-
- What is the price range of laptops with a particular configuration that is available in the market?
- How is your competition pricing their products?
- How much the customers are willing to spend for a particular configuration etc.
Therefore, you can now put a correct price point to your product without over quoting a price of devaluing your product.
Fathom the future behavior of your customers
Maintain adequate inventory
Dwight DeVera, senior vice president at Arcplan, a BI expert quoted- “Your BI software investment can pay for itself over and over by helping decision-makers identify areas for cost savings,”
- Having a high inventory is equivalent to locking up a lot of money without any returns. For instance, having a huge stock of goods like Fast Moving Consumer Goods can lead to wastage on account of the deterioration of the quality of the goods with time.
- Therefore, you should apply Business Intelligence methods to know about the exact amount of inventory to stock in accordance with the demand that is generated for your goods. Demand mapping is easy with BI methods.
So, apply business intelligence methods and achieve greater success with your sales techniques and efforts.