Examine Profiles, Buying Patterns, and Sales Trends
Identifying your ideal customer.
Gleaning pertinent information of your customer base will determine proper advertising targets and campaigns. Age ranges, income, occupation, income or business size, geography, tendencies all help to visualize your ‘perfect’ customer.
Knowing your customer.
Repeat sales, average sales per purchase, cross-selling opportunities, days from last purchase, play an important part in sales forecasting, or mining for new sales. If you are a subscription based business, it is important to have the tools for estimating lifetime sales expectancy and churn rates.
Not all sales are profitable.
If you are a service based business, do you have clients that should be fired? Who are your best paying customers, and what is their average days to pay? What effect to discounts and specials have on your bottom line?
The metrics of salesmanship.
Commissions are an important tool for many businesses, but the automation of calculating those commissions can be elusive. Variables can include, gross sales, gross profit, gross profit margin, fully paid invoices, while commissions can be based upon item, customer, margin, or any combination thereof.
What may be hidden is real.
Are there help desk, or assistance costs associated with your products and services? Warranties, guarantees?
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Assess the sources of your leads, gauge the metrics associated with each stage of the selling process, and determine your acquisition costs - the first pillar of business analytics.
Identify your ideal customer, construct customer profiles, analyze buying patterns, cross-selling opportunities and churn rates, assess customer profitability, and more.
Review your costs to produce and provide products and services, manage inventory, oversee manufacturing processes, and analyze job and project costs.
Analyze overhead, create compliant financial reports, monitor budgets and forecasts, build accurate cash flow forecast models, audit user activity and sales tax receipts
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