Why Is Sales Data Important for Long-​Term Success?

BY Jessica Helinski
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Discussions about sales data are getting louder. And more sellers are understanding that it’s not just about transactional data either. A key to success is gathering and monitoring a comprehensive set of data for a well-​rounded strategy.

What is sales data?

According to oneflow’s Ling Koay, “Data from sales refers to the information generated from recording and analyzing sales transactions within a business.“

With these insights, sellers can gain deep insights into their operations and adjust their approaches accordingly.

Components of sales data

Sellers can choose to look at a wide range of data, including buyer-​focused data to support the customer experience. This can include customer preferences, buying habits and demographics.

Sales data also highlights top-​performing products and customer segments, enabling smarter resource allocation.

Specifically, Koay points out that data that focuses on customer information should be a priority for any seller.

Data from sales captures crucial customer information, such as contact details, demographics and purchasing history,” she notes.

MarketingProfs’ Vince Stuntebeck adds that specifically customer-​related sales data can:

  • Track new customers, to understand where the business is growing
  • Identify cross-​selling opportunities
  • Build customer models and segmentation
  • Provide lead lists 
  • Create predictive models that prioritize customers for upgrades and renewals
  • Offer customer lifetime value analysis calculations

And this type of sales data can help generate new business in addition to improving customer service.

For example, sellers can analyze customer data to create and update ideal customer profiles (ICPs). This enables targeted efforts toward similar prospects, increasing the likelihood of successful conversions.

Product performance

Another type of sales data worth tracking is product performance. As Koay explains, this information can help sellers gauge how well a solution is doing and adjust if needed.

By identifying underperforming products, businesses can take steps to improve their marketing strategies, adjust pricing, or even discontinue certain products.”

On the other hand,” she adds, “identifying top-​performing products can help businesses allocate resources effectively and focus on maximizing their revenue streams."

How should sellers capture sales data?

Having the information alone won’t be enough. Sellers must effectively capture and manage the insights they gather. This is where the right digital tools come into play.

As SalesFuel reported, using tools to harness the power of data is one of the biggest trends in sales. There are a variety of tools out there that can assist with any need, including automation, organization and lead generation. Common choices include:

  • Customer relationship management (CRM) tools
  • Sales pipeline management software
  • Sales intelligence platforms
  • Lead generation and prospecting tools
  • Data enrichment services
  • Predictive analytics and forecasting tools

Selecting tools

When determining which tools to use for your sales data, it’s important to consider a few things. Writing for coresignal, Joanne Morris outlines a few factors that sellers should discuss with their teams. She suggests considering the following:

  • Data freshness and coverage: How recent and wide-​ranging is the dataset?
  • Compliance readiness: Does the provider comply with global privacy laws?
  • Integration capabilities: Can it connect with our current tech stack seamlessly?
  • Scalability: Will it support our data needs as your business grows?
  • Support and documentation: Are there onboarding resources, SLAs, or technical support?

And for pro suggestions, consider these tools when looking to add to your digital stack.

Data drives success

To effectively earn, develop and retain business, today’s reps must embrace sales data. While it may seem overwhelming, it’s vital to understand who you should be doing business with, how your solution is used and how to move forward.

Sales data provides insights into buyer and customer behaviors, allowing you to tailor your approach to meet everyone’s needs.

Photo by Lukas on Pexels


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