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| Name | Types of Sales Analysis | KnowledgeCity |
| Video Uploader | Video From KnowledgeCity |
| Upload Date | This Video Uploaded At 11-12-2023 18:23:52 |
| Video Discription | This video is from the Sales Analytics online training course. Click here to view full course: https://www.knowledgecity.com/en/library/L373324831/sales-analytics. Sales analysis refers to the technology methods and processes used to collect sales data, examine it and identify the factors that can influence sales volume and growth. Management uses the metrics gathered from this analysis to evaluate sales performance. Set goals. Establish targets, Improve internal processes, and forecast future sales revenue. We can look at sales in different ways. Descriptive analysis tracks historical sales data and compares it to current sales activity to better understand the factors influencing sales revenue. Descriptive analysis is the most basic and straightforward approach to use. It establishes a historical base for the sales data and sets the benchmark for future growth. It's recommended that you perform at least this level of analysis. Ideally, businesses can use all types of sales analysis to better understand sales performance. Diagnostic analysis examines sales data and asks why sales volumes were up or down in a certain period. Searching for factors that influence historical sales activity is an important step in accurately forecasting future sales volumes. Reasons for fluctuations in sales levels can be numerous. If you noticed, a decrease in sales. It's possible this could be tied to a recent price increase or a competitor offering a discount on products similar to yours. On the other hand, sales increases may be tied to an effective marketing campaign or a price drop. Predictive analysis identifies patterns and trends in the sales data and uses this information to predict future sales volumes. It's often useful to employ additional statistical analyzes at this stage to see if there's a correlation between certain economic indicators like gross domestic product or GDP and the Producer Price Index or PPE. Various sources can provide forecasts of a large variety of economic indicators. So if one is found to correlate with a target variable, it can be used to inform long term forecasting. Finally, prescriptive analysis uses all this information to recommend courses of action for the future. These actions are often related to sales and revenue, but they may also be useful for improving internal processes, providing additional employee training, creating more focused and customized customer messaging, and developing more effective marketing strategies. Most businesses have some level of seasonality in their sales company's manufacturing bicycles or running shoes will see an upswing in their sales during the summer months. Other businesses, such as ski and snowmobile manufacturers, will do better in winter months. It's important to consider seasonality in any type of sales analysis. For example, imagine you're a product manager for a popular line of ski jackets and you've been asked to develop a sales forecast for the next six months starting in March. It makes sense to look at sales for the previous year to see where sales started to decline and adjust your sales forecasts accordingly. Using data visualization of historical sales figures can be helpful in recognizing how seasonality affects sales volumes. Likewise, regional differences can occur between sales in different parts of the country, which can be depicted using a pie chart. This can be especially useful for planning inventory in various parts of the country. It's also useful to look at sales in terms of categories. For example, can you categorize your customers by type? Perhaps you manufacture office furniture and sell it to many organizations such as retailers, private businesses, hospitals, educational institutions and the government. You will likely develop different marketing strategies and messaging for each customer group. Monitoring them individually helps gain insight into how they can be managed. Sales analysis isn't a one size fits all formula. While many companies may use the same types of analyzes, they'll likely apply them in ways that best fit the nature of their organization. Remember, the nature of sales analysis stems from the ability to understand your customers, and these tools are the mechanisms to do so. Congratulations. You've now completed Knowledge Cities course on sales analytics. In this course, we introduced sales analytics and detailed the most important types of analyzes. We also discussed how to implement these analyzes in the most effective manner. https://www.knowledgecity.com | Online Employee Training Platform. KnowledgeCity offers 30,000+ online video tutorials in Business, Technology, Safety, Compliance, and Finance. Subscribe to our YouTube Channel: http://bit.ly/2gcNXRH Check our Blog https://goo.gl/q47XKK Connect with KnowledgeCity! https://goo.gl/wToC6s https://goo.gl/3eMEq9 https://goo.gl/vg1aXt |
| Category | Education |
| Tags | KnowledgeCity | Knowledgecity learning solutions | employee training | business courses | Sales training | Sales Analytics | Types of Sales Analysis | Sales analysis definition and benefits | Sales data collection and analysis methods | Sales performance evaluation | Sales analysis for business success | How to perform effective sales analysis | Using sales analysis to improve performance | Sales management | Competitive analysis in sales | Sales process optimization | Improve sales strategies |
