Business

Sales Analysis Provides Logical Answers to your Question For every organization, the sales function continues to be the most important function as it plays a significant role in building trust between a customer and a business entity. Organizations usually spend enormously in sales-related activities to gain edge over their competitors. However,  sales related business decisions taken on others advice or by own “gut feeling” could be quite risky that too when a large amount of money is at stake. Sales Analysis is the process which is used to understand, identify and predict sales trend. It leverages the historic data to determine the failure/success of the previous sales drive and helps in identifying the area of improvement. With sales analysis organizations no longer need to take decisions based on their gut feelings as it provides logical answers to their sales-related queries. Importance of Sales Analytics: There are several benefits of incorporating Sales Analytics into the Sales function. Let’s take a quick look at some of them. Fill the gaps: By Analyzing their available data, organizations can figure out where they may have missed out on the opportunity of converting a prospect to a customer. This will eventually help organizations fill the gaps in the sales process, as well as the gaps in their products. Organizations should analyze their product and understand what their competitors are doing to remain competitive, what’s not working for you and how can you fill in the gaps. Increase Retention Rate: If organizations can figure out why any deal got closed, then they can keep their customers happy and build a strong relationship with them. It is important to understand the need of the customers so that organizations can upsell and cross-sell other products to the existing customers, which significantly adds to the revenue. In addition, by looking at the purchasing patterns of your existing customers you can recommend what customers can buy next, based on what these customers have bought in the past. Accurate Sales Forecasting One of the most obvious and important feature of Sales Analysis is the ability to predict the future sales based on the available data. Unlike setting up goals based on the “gut feeling”, historic data gives you an accurate, realistic picture of how much your organization should be able to earn within a specified time period. Competitor Sales Analysis In industries like automobiles, sales made by all the organizations are made available on the public platforms. Organizations can use their competitor’s data to see which product of their competitor is selling the most. They can even get the answer to the question like where and why a particular competitor’s product is selling the most. Based on their analysis they can revamp their product lineup, product pricing, introduce new product etc. Future Decision Making Organizations can even make future decisions like whether an organization need to introduce new products or discontinue any existing product. It even help organizations effectively manage inventory, marketing activities, sales offer roll-out time, manufacturing process etc. More efficient Marketing Sales Analysis helps organizations identify market opportunities and trends to support product marketing. If an organization is planning to launch a new product then it is very important to know the answer of below questions When should the product be launched? Q2. Where should the organization launch the product? Q3. How should it be marketed? Q4. Who is the target audience? All the above questions can be answered by using sales analysis. By having answers to all the above question, organizations can launch their product at the right time and can target the right audience, which will help them have a good sales number. Type of Analysis Sales Analysis could be done in many different ways based on the available data with the organization. Common types of Sales Analysis performed are mentioned below: Product-wise Analysis Organizations can use product-wise analysis to identify which product is selling most and during which time of the year. For example, winter clothes are sold most between November – January whereas summer clothes are sold most between May – September. Based on this analysis, organization can manage the new product launch date, inventory etc. Forecast vs Achievement analysis With the help of Forecast Analysis, organizations can see whether they are able to meet their monthly/weekly/quarterly targets or not. They can even identify how much they should be looking for in the month/week/quarter. Based on their analysis they can make required changes in order to meet the desired organizational targets. Periodic Analysis Periodic sales analysis are the ones which help organizations compare two or more different time period sales. Organizations can analyze the data and see which decisions of the organization has helped them in boosting up the sales and which decisions have led to dip in sales. Conclusion To sum up, Sales Analysis is something which will help you identify the gaps not just in the organization’s sales process but even in other areas as well, like gaps in product, release of the product etc. It even provides a logical solution to fill the gaps in order to increase the sales and reduce the losses. It enables organizations to take decision based on the facts rather than on their “gut feeling”. On being leveraged appropriately, Sales Analytics can help organizations deal with all the roadblocks, which they might encounter during their Sales journey. About Girikon As a global provider of end-to-end IT services, Girikon boasts of a team of certified, and experienced Salesforce consultants, administrators and developers who have the knack for catering to the customer requirement in the most efficient way.

A new crisis Covid-19 has hit us suddenly and while it seems that the earth we are living in has stopped spinning and life around us is stuck, there is a ray of light that we are alive and not buckling down. Part of the reason I am saying so, is because you are reading this blog and we are still connected through the internet. We are ALIVE & will OVERCOME the challenges to get back  to normalcy like before. In this ever-evolving business landscape, the need of the hour is to be Agile in order to stay ahead of the competitors. If we fail to adapt ourselves as per the changing dynamics, we face the risk of being left out or await Lady luck to smile on us. Let’s cite the example of a product – the demad for which experiences a constant shift in different circumstances. So, how do businesses keep up with such changing demads?  The best way to deal with the challenge is to change the price of the product according to the demand. Seasonal fluctuation in demand also affect the business.To deal with this situation, we can offer seasonal pricing.Offering seasonal pricing means charging different pricing for the same product in different seasons. This is where Calendarize Pricing functionality comes into picture. What is Calendarize Pricing? Calendarize Pricing is the feature through which we can change the price of the product for a certain interval of time as per the business requirement. It is an automated process in which, once we set(either increase or decrease) the price of the product for a particular time period, it will automatically show the changed effective price for that time period.  Why do we need calendarize pricing? Today’s market is driven by customers and their requirements keep on changing. So, to deal with this changing environment,businesses should have access to solutions that can  scaled to fulfil the changing market requirements. It’s good to have a feature like ‘Calendarize Pricing’ especially for business that have global presence. People across different geographies have different requirement. For instance, a product finding wide acceptance and demand in a particular geographical region might not find equal demand or acceptance in other regions or geography. Calendarize pricing functionality is tailor developed in a way that allows users to set the pricing on different levels basis current market requirement.. Factors influencing the market There are many factors that influence the market and its demand. Listed below are few of the many factors that influence the market and the demand for a particular product: Inflation Recession Competition in the market More demand Different region Market always depends on the economic health of the country. Inflation and Recession are the two reflectors of this economic health.While moderate inflation is good for the economy, recession brings the economy to a standstill. Factors Influencing Pricing Decisions: As we can see in the picture, there are various internal factors like Cost, Company Objectives, Organisational Factors, Marketing Mix and Product Differentiation that influence the product pricing. For example if a company is expanding its business and entering into a new country, it would keep the price of the product low to capture the market. External Factors like Competition, Demand, Suppliers, Economical Conditions, Consumers, Government regulations etc. have a huge impact on deciding the price of a product. For instance, if we have tough competition in the market we will have to reduce the price of the product to gain the market and if the demand is high, we can sell the product at higher price and vice-e-versa. Advantages of Calendarize Pricing: Same product can have a different price for a different time period. Same product can have different price for the same event in different regions. Same price-book can be used for different regions As we don’t need to change the price-book, it saves effort and money. Easy management of price according to demand and supply. Applicable to any sales cycle but not restricted to any event vertical. Conclusion In today’s ever-evolving business landscape, change is the only constant. The only way to remain competitive is to keep evolving as per the changing market conditions. The same applies for a product, the demand of which is dependent on different market conditions. To sustain in a dynamic business environment, pricing of the product should be changed as per the existing market condition, geographical location and product demand.      The Calendarize Pricing functionality can be a handy solution for organizations looking to successfully deal with the current crisis, as well as the post epidemic situation.  About Girikon Girikon – a reputed name in the IT space offers businesses across different industries with wide array of end-to-end Salesforce implementation, Salesforce support and Salesforce consulting services.