Visual analytics can be a powerful tool to keep your sales team motivated and productive. With the right visual analytics solution, everyone in your organization can tap into relevant data and quickly create and share their own data visualizations based on real-time information. In addition, a visual analytics solution allows everyone to work from the same dataset. You have one single source of truth, so the sales team can concentrate on closing more deals, not reconciling various data sources. And when everyone has access to the same data, each team member can pull his or her own sales statistics and see how those numbers stack up against the rest of the team.
Several crucial data visualizations have been proven to increase sales performance.
Look to the Past for Insight into the Future
A monthly sales trend data visualization shows sales spikes and dips over time. You can use this information to quickly identify your customers’ seasonal spending patterns. If sales consistently drop in the second quarter, for instance, you may decide to increase special offers around that time.
On the other hand, if you see a regular spike in sales in the first quarter of each year, you can use that data to set new goals for your team and encourage them to drive sales even higher.
A data visualization showing opportunities won vs. opportunities lost by month can also provide helpful insight and can help you uncover trends—both positive and negative. If, for example, you’re showing significantly more lost opportunities over the past few months, it may indicate that your sales team could use a refresher course on how to close the deal.
Assess Pipeline Trends
By creating a data visualization of your sales pipeline, you can clearly see how many opportunities are headed your way. If the pipeline isn’t full, that’s a sign that it’s time for your sales team to spend more time focused on prospecting.
And when you compare this year’s sales pipeline status to last year’s, you can uncover trends and make predictions. Let’s say that last year, your team qualified 10,000 prospects and closed 4,000 sales. But this year, you’ve already qualified 12,000 prospects. Chances are good that you’re on track to close more sales.
Manage Your Sales Team Effectively
With a robust visual analytics solution, you can parse your sales team’s performance in multiple ways. A visual representation of the top performers by deal size can be a powerful motivational tool, especially when incentives are attached. If one sales rep trails another only slightly, he or she can see exactly how much more to sell in order to take the top spot.
Data visualizations also let you take a look at just how productive your sales team is. Perhaps your top representative is resting on his laurels a bit, while another rep hasn’t sold quite as much but is out there hustling every day. A data visualization focused on productivity can show you how your sales reps are spending their days. You can then pinpoint who is putting in 110 percent—and who is just coasting along.
Best Practices for Sales Departments
The right visual analytics solution puts all the relevant data at your fingertips, so you—and everyone in your organization—can get an up-close look at the numbers and develop data visualizations without burdening your IT department.
At iCharts, we’ve developed pre-built interactive dashboards that have been proven to improve overall revenue and assist in managing the performance of your sales team. Our iCharts | Cloud Enterprise customers can access these dashboards as a standalone product or as an integration within NetSuite or Salesforce.