The Power of Data Analytics 3
This series of briefings looks at how advanced Data Analytics applies to the past, the present, and the future.
Prior briefings already looked at Hindsight and Foresight. Now we will look at Insight.
A Sales Manager’s mantra is often: “Forecasting would be easy if it didn’t deal with the future”
Now there’s help. That’s where Insight comes into play.
Insight – is predicting what will happen in the future.
It’s determining how to achieve the best possible outcome. Consider solving these situations:
– Prescribe a recommendation for a specific action that will result in the best outcome.
– Determine the best customers to include in a specific marketing program to realize maximum profitability.
– Given the set of options, resources, and business constraints, calculate an optimal result that recommends the best action to take.
Here are examples of insight:
– Determine the best target customers to include in a new marketing program to optimize the revenue results of the campaign.
– Categorize the customers with the highest propensity to buy, enabling sales teams to achieve their quotas.
– For a customer who is shopping online, recommend the best product that will help reach your goals for market share, revenue, and profitability.
Advanced Data Analytics can deliver powerful analysis tools to sales teams… and it doesn’t take a huge investment to get started. Start small, apply data analytics to solve some simple or moderately difficult problems, and then expand into more capabilities.
I’m DJ Sebastian, for more info on how AI will transform the sales profession, check out my book at my website thetechseller.com.