Does Your Team Need Predictive Sales Software?
Predictive analysis can be used to comb through mountains of data to uncover trends and insights, and subsequently improve business processes. When applied to the sales department, it is used to eliminate as much ambiguity and human error as possible to accurately predict future income streams. In this article, we’re going to take a look at what you can expect if you employ predictive sales software in your company.
Quantitative and Qualitative Analysis
Good predictive sales software will use both quantitative and qualitative analysis to make predictions and provide insights.
Quantitative analysis can be used to apply mathematical models to human/animal behavior, and conceptualize a set of environment-behavior-consequence patterns. The practice has application in everything from psychology, to zoology, to philosophy. It also serves as a basis for topics such as neural networks, behavioral momentum, errorless learning, and hyperbolic discounting, among others.
The output of quantitative analysis is numerical, and it serves as a foundation for the next step of the process: qualitative analysis. The output of qualitative analysis is non-numerical, and it can consist of definitions, descriptions, characteristics, metaphors, or symbols. It is a scientific method that is predominantly used in social and natural sciences. It is also used in market research, business, and journalism.
In other words, quantitative analysis will yield answers to questions such as: “How much?” or “How many?”, while qualitative analysis focuses more on “Why?” and “How?”. When combined, the two methods yield powerful sets of data for a sales department, and, depending on the software, direct advice on how to improve the mechanisms of a business to maximize profit and sales.
The Benefits of Predictive Sales Software
So, what can you expect if you invest in predictive sales software? Here are some of the benefits you will notice right away:
1. Critical Insights
Quantitative data analysis can take a while, especially if you have to gather and study the data manually. Predictive sales productivity software gathers data automatically, either from existing software, or from your current records. It then analyzes it and provides insights in a short period of time. On top of that, new information can be analyzed and accessed instantly so new trends will be identified. This is especially important when you are trying to determine whether a sales person on your team has the skills necessary to be successful in your industry and company.
2. Increased Sales
Whenever dealing with a large number of clients and sales people, it can be hard to identify precisely why you perform a certain way in some markets, and which factors influence the sales process the most. With predictive sales software, you are able to identify pipeline insights, leading indicators of sales success, critical performance ratios, and more. On top of that, it can help uncover the qualitative behaviors and attributes that are most critical to sales rep success.
3. Team Improvement
The software will also allow you to track sales metrics and measures across different team members, and hone your team through fact-based discussions. Your sales team meetings will be centered around the best activities and behaviors that yield the best outcomes and performance. You will be able to standardize best practices across your team, and predict the performance of different individuals and markets with a much higher degree of confidence, precision, and accuracy.
Are You Interested in Predictive Sales Software?
If you want to see predictive sales software in action, we recommend getting our demo of Funnelocity. All you have to do is contact our team, and we will be able to help you better understand all the benefits associated with predictive sales software. Contact us today!