Module 5

Lead scoring model

1-determine customer characteristics 2-define characteristics of an idea customer 3-develop a point system 4-score your leads based on point system

Descriptive Analytics

Answers the question 'What happened?' Juggles raw data it looks at historical data. Bottom of big data chain. Valuable for uncovering pattern that offer insight. Helps spot seasonal trends

firmographics

B2B version of demographics Company size Revenue Head count Markets served

Prescriptive Analysis

How can we make it happen? Identify the best actions to achieve the desired outcome.

sales growth

KPI measures the sales units or revenues over a period of time.

Sales target

Managers can track the extent to which performance goals were met.

Average profit margin

The is the average profit(revenue minus costs) across sales categories by sales representative, sales team, product line, and customer type. Sales managers can identify whether costs are too high for the achieved profit margin and take steps to reduce costs, such as providing incentives offered in closing negotiations.

Sales opportunities

The metric identifies under performing accounts with potential for additional sales, and non-customer accounts that are similar to existing customer accounts.

Quote-to-close rate

This KPI measures the average time to close sales deals. This helps the sales manager advise salespeople on whether stages of the selling cycle should be shorter or longer to enhance the closing rate.

Average purchase value

This is the dollar value of purchases. It may be calculated by customer type, product line, and sales representative. Sales managers can identify the most valuable customers and target them with a loyalty and retention program

Predictive Analytics

What will happen? Uses past analysis to help predict the future

Diagnostic Analytics

Why did it happen?

win-loss analysis

a review of how well a salesperson performed given the opportunities he or she faced.

Relationship

actual interactions with the sales force or anyone in the company.

Volume

amount of data available

Fit data

attributes about the customer, demographic data for B2C customers

Customer Acquisition cost

average cost to convert a lead to a paying customer. Managers can determine which customers' profitability does warrant acquisition costs and eliminate similar prospects from sales initiatives.

behavioral data

captures what the customer has done with the company. Intent engagement relationship

sales to date

compares current sales to that of the same time last year.

360 Degree Customer View

incorporates customer data from all sources to provide a customer experience that adds value wherever a customer is in the buyer;s journey.

Engagement

interactions of the customer with the company include website visits and email opt-ins

lead scoring

lets businesses rank and qualify leads by the level of interest the leads show in their interactions with the company

Product performance

managers can track sales by product or product line.

Lead conversion rate and new accounts open

measure the percentage of leads that are converted to customers and may be compared to salesperson, sales tactic, product line, customer category, or other points of comparison.

sell-through rate

measures sales as a percentage of total inventory

Lead response time

measures the amount of time is takes a salesperson to respond or identified qualified lead.

Cannibalization Rate

measures the relationship between sales gain of one product and sales loss of substitute product.

Linear regression model

method that explains the relationship between two or more variables.

activity goals

number of sales calls of each type a representative has to be make in a certain period of time.

velocity

the speed at which data is being sent or collected

variety

various forms of data

Intent

what the customer is doing-conducting web searches, liking posts on social media.