Business intelligence blog

    Are you measuring lost sales opportunities?

    Businesses spend, on average, five times more money to acquire new customers, than they do to retain the ones they have. Therefore, it is critical that managers make certain they are meeting their customers’ needs. With detailed insight into customers’ buying habits, your sales team has the knowledge necessary to solve your customers’ problems and generate the most sales opportunities. Measuring lost sales enables your sales team to identify when and where they are falling short, so they are able quickly remedy any issues to the customer’s satisfaction.

    Do you know what you are missing?

    When a new company has only a handful of customers, it’s easy to monitor each of their buying habits. But once the company has reached the mid-size level with a customer base in the hundreds, this becomes much more challenging. However, the long-term success of a company largely depends on how well they know their existing and potential customers, and how well they can react to fluctuating customer needs. Pinpointing customer buying patterns is essential when it comes to recommending the right product mixes and identifying the best customers for new product introductions. This will empower your sales team to detect missed sales and focus their efforts in the right direction.

    With business intelligence (BI), you are able to identify when your customers stop buying from you. Most often your customer will not stop buying all at once, but slowly decline as they test more and more products from a competitor. In BI it is easy to track which customers are showing declining purchasing behavior, so that your sales reps can visit the customer and strike a deal before it is too late. With access to this information, your sales team can be certain they’re delivering the value your customers seek.

    Measure missed opportunities to find new opportunities

    Identifying missed sales means you have simultaneously discovered the potential for increasing revenue. The key is complete visibility into your customers’ buying habits. Without this visibility, identifying new cross-selling opportunities is nearly impossible. BI such as Phocas gives the user the ability to drill down into your underlying customer data to identify the gaps between what they need and what they are actually buying. A manager may feel they have a solid understanding of what’s happening in their business. However, many of our customers are surprised by how much they learn once they’ve implemented Phocas. Phocas enables your sales team to uncover the gaps and generate new sales.

    Sell more with business intelligence

    With BI there is no guesswork, so uncovering sales opportunities is as easy as the click of a button. Phocas is designed to be used by everyone. So even those sales reps with no technical experience have instant access to actionable insights. With mobile access, your sales team can prepare for sales meetings from their tablet or smartphone. Access restrictions allow managers to only share data with reps that is relevant to their job role, protecting more sensitive business data.

    To learn more about measuring lost sales with data analytics , click here or on the button below. 

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    Written by Phocas Software
    Successful Business Intelligence - Phocas Software
    Successful Business Intelligence - Phocas Software

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