Sales and marketing are the two important pillars of any company. If these two teams get the facility of working on interactive dashboards that can help them track the sales and marketing strategies, then they can utilize it to fine tune these strategies to increase the profit margin.
The following factors can help you understand how an effective business intelligence tool can increase the revenues of your company.
Identify the consistent customers placing good-sized orders
Oscar Wilde has very well said, “Consistency is the hallmark of the unimaginative.”
It is very important to focus on customers who are constantly more dependable and place orders on regular basis rather than the ones who comes ones or twice with big orders.
With some statistics and a good Business Intelligence (BI) tool, you can easily identify or keep track of customers who are more frequent. These tools should also be able to evaluate the value of the placed orders, which will further help you to determine the best customers.
Based on this information, it becomes easy for you to build a precise profile in terms of customers that can come to you on regular basis. And, you can define your marketing strategies and target similar types of clientele in the future.
A smart BI tool along with a strong consultation (like BI consulting services or Tableau consultants) can help in ranking the current customers according to their power value. Later, other parameters like payment frequency, number of returns, number of complaints, etc. can also be taken into consideration to do a detailed study.
How does the BI tool and consultation firms work?
The consultation firms (like Tableau consultants) provide advanced analytics and visualization technology to help you see and understand your data.
Improve and increase the sales accuracy
To increase the revenue of your organizations, you should be able to get the accurate answers for the following questions – what you are going to sell, who will be the customer, and when you are going to sell it.
If you use a good BI tool, the marketing and sales teams both can improve their forecasting analysis in terms of when to produce what, how to promote the product, etc.
If you have improved forecast accuracy, then you definitely have high Return On Investment (ROI). Below-mentioned are the parameters you should pursue to improve the sales forecast.
- Review your sales forecast periodically and frequently
- Track the right data to keep sales performance on track
These tools can easily plan, monitor and assess the status of various promotional activities to keep an eye on how the customers are reacting. This way the marketing budget can also be adjusted as per the need basis.
If you use good consulting services (like Tableau consultants) for sales and marketing, then it becomes easier to retain your existing customers, add more customers to your client list, generate higher revenues. Because, we all know and agree that a satisfied customer means higher profit margins.