Identifying and tracking sales patterns optimizes the performance of a sales team and reveals new opportunities for growth. When businesses take the time to accurately track sales data, they are able to see how sales reps perform over a period of time and establish a baseline of where a sales team stands before assigning territories. Sales data patterns uncover other information about sales territories that may help sales teams reach more customers and complete more sales.
The first step of the process involves gathering as much data as possible. This includes geospatial data, such as the location of existing customers and prospects, as well as internally generated data. Market data is also used to look at economic and industry trends that may be used to stay current with potential market factors. Once enough data has been collected, it can then be closely analyzed to identify and track sales data patterns.
Why Your Business Should Identify & Track Sales Data Patterns
Sales territory planning can be a time-consuming and difficult process, especially when it is performed manually. Fortunately, sales mapping software makes it easier to plan sales territories that contain valuable sales data. Sales mapping tools allow sales managers to quickly input all data sources into a single place to create an interactive map. When sales data is imported to a visual map, sales teams are able to better identify patterns to be tracked over time.
Here is a look at some top reasons why a business should identify and track sales data patterns:
Seeing Where You Are Selling the Most
One of the most effective strategies for creating sales territories is by gathering demographics about the target audience. Demographics may include a customer’s or prospect’s age, ethnicity, race, gender, income, marital status, education or employment. A territorial map will showcase these demographics, as well as areas of the map where the business is most successful with sales.
Using this information, sales teams will be able to determine the best places to look for new customers. For example, if a sales team discovers that their product is most appealing to middle-aged women who make more than $100,000 per year, they are able to search for data locations for this targeted demographic.
Identifying Underserved Areas
Identifying and tracking sales data is also an excellent way to discover areas that may be underserved. Without a concise sales territory map, some areas may be overlooked, resulting in lost revenue potential. With the use of sales mapping software, sales teams can create maps that show which areas are being underserved which highlights a lucrative opportunity for businesses.
When attempting to identify underserved areas, it is important to consider which industries have gaps in coverage and which consumers require the products and services the business offers, but does not currently have access to them.
Identifying Overserved Areas
Similar to a sales territory map which shows underserved areas, sales mapping software also shows areas that may be overserved. Without careful planning, too many sales reps may be sent to cover the same area. This not only results in overlapping of coverage, but can reduce productivity and make it difficult for individual team members to meet their quotas. When these overserved areas are properly identified, sales managers are able to develop a new plan allowing for a more balanced distribution of customers and prospects. In turn, sales teams are able to generate more business and reps are able to close more sales.
Tracking the Progress of Individual Sales Personnel
Modern sales mapping software comes equipped with a variety of tools and functions. In the past, sales managers would have to manually create sales maps which were highly time-consuming and complex. With the introduction of innovative sales territory maps, sales teams have access to live territory maps that are easily modified and shared.
Sales mapping software also allows for the tracking of each individual sales personnel’s progress. Using this information, sales managers can determine which reps are performing the best and which may need to be moved to a different territory based on results.
Why Consider Acquiring Sales Mapping Software
Businesses in all industries will benefit from the use of sales mapping software. A data-driven sales map clearly displays the territory of each sales rep to eliminate duplicate work and overlaps, keeping everyone on the same page. Sales mapping software drives higher sales by balancing workloads and creating opportunities for re-optimization.
Sales mapping has been found to be beneficial in increasing sales, reducing costs, optimizing daily tasks, improving morale and measuring performance over time. For more information about the benefits of identifying and tracking sales data or to obtain sales territory mapping software, contact the experts at Geographic Enterprises today.