Revenue analytics is a valuable tool that can be used across industries. It only makes sense because the modern era of sales and marketing deals with a multitude of data daily. A modern marketer, therefore, should have not only the desire for data but also identify the methods to make effective interpretations and recommendations.
As more industries recognize the importance of effectively capturing and analyzing data, revenue analytics tools were introduced. While they offer a convenient approach to dealing with big data, it becomes a bit of a challenge to choose which tools to use, specifically to boost business growth.
Take a deeper look into how revenue analytics works, and know what to look for in revenue analytics tools in this article.
What Is Revenue Analytics?
Simply put, revenue analytics is an intelligent method of tracking revenue to prove how different channels, campaigns, and marketing content hit the target. It pays special attention to uncovering how leads become sales and gathering information to attribute and improve marketing strategies.
It works by capturing, gathering, and managing data from multiple sources. Most revenue analysis apps run using artificial intelligence. It automatically unifies data and makes crucial insights based on the gathered information.
While it may sound simple, the whole process is complex. Thanks to the introduction of social media and other platforms, marketing became a circus for most industries. Touchpoints can be as many as a hundred and it is crucial to study each one to better understand where revenue is coming from.
Another challenge in trying to understand revenue data is that it tends to add another layer of responsibility to the marketing and sales team. Manual data collection can be a horror plus there’s also the pressure of making accurate forecasts. Human errors during manual data entry and poor forecast accuracy can cause blind spots in the sales pipeline. It can lead to disastrous effects like poor conversion rate optimization, inappropriate attribution, and misalignment to the ROI goals.
What Should You Look For in a Revenue Analytics Tool?
One thing to expect from revenue analysis is that proving the ROI is not easy. Having a vague grasp of the ROI data makes a marketer blind hence the need for revenue analytics tools. But do remember that not all of these tools are made the same. Narrow down your options by identifying the best features that will help boost ROI optimization strategies:
1. Automatic Data Capture.
The primary reason for using analytics is to gather relevant data. Using a tool eliminates the need to manually scour through all activities and pinpoint which data to keep and let go of. Aside from collecting from the usual data sources, like CRMs, it must also be able to find data from unconventional sources such as emails, phone calls, comments, and other engagement activities. This ensures that the collected data will be useful and actionable later on.
2. Advanced Analytics.
Data gathering is only the first step in this tedious journey of analyzing the ROI. Using the available data, revenue analytics software must also be able to provide valuable insights. Its analytics prowess should guide the team to make informed decisions to improve ROI performance.
3. Customization Capabilities.
Although they share the common goal of increasing the ROI, not all businesses work in the same way. This is why when it comes to choosing analytics tools, a program that can match your needs is always the best. Dreamdata.io, for example, has a segmentation feature. If you are in the sales industry, it will break down the data into segments so that it will be easier to make plans, target customers, and make forecasts.
What to Expect from Revenue Analytics Tools
When you use a revenue analytics tool to process revenue data, you will:
1. Spend less time on manual data entry.
Aside from it being time-consuming, manual data entry is prone to errors. An automatic process to collect data not only frees more time but also allows the team to focus on more important tasks like fine-tuning the sales funnel or creating killer marketing content.
2. React faster to warning signs.
The beauty of AI-powered tools is that they can almost instantaneously identify red flags from the gathered data. This is a huge advantage because you can promptly change the course of your campaigns and save most of your resources.
3. Have real-time updates.
Time is of the essence when it comes to digital marketing. Up-to-date tracking and insights are your advantages so that you can better plan your campaigns to address possible hiccups in your strategies.
4. Data-driven forecasts.
Instead of relying on gut feelings, forecasts are based on factual data. Your team will be confident to optimize your efforts because you are backed with information that guarantees that your business is moving forward.
5. Integrated data benefits all teams.
Improving the ROI is not a lone responsibility of the sales team. Everyone from marketing, customer relations, and support has to work hand in hand to make every campaign a success. An integrated set of data makes it possible since everyone can use the relevant data to do their tasks better.
More Tips to Pick the Best Tool
Before adopting revenue analytics in your company, make sure to:
1. Discuss it with your team. Shifting to new strategies and methodologies can be overwhelming. It is a must that you prepare the team so that you are on the same page as you embrace the new platform. Reiterate the importance of using modern tools in understanding the whole customer journey. Make them see the beauty of gaining an in-depth insight into how every sale happens. Allow them to realize how it would lighten their workload with automation features.
2. Take the time to study the features. Most revenue analytics tools offer free trials. You may use this as an opportunity to learn how a possible tool works. Find out if the features are suited to your needs. Some tools may have a lot of features that you can’t even use for your business.
3. Do not be afraid to ask for custom solutions. A common problem among teams that are about to indulge in revenue analytics is that they often get overwhelmed with all the features. One trick to overcome this is to ask for customized solutions instead of the usual offers. While this can be a bit pricey compared to regular plans, you will be able to save time from aimlessly navigating through the program. It also saves a lot of money in the long run because you are paying only for the features that you can use and give you the most advantage.
Top Revenue Analytics Tools You Need to Check Out
Understanding where revenue is coming from can be easy when you have Dreamdata on your team. Its revenue analytics features are unmatched as it gives unparalleled views of relevant metrics across the pipeline. As earlier mentioned, it has a segmentation feature to break down key segments for better forecasting. What makes it extra cool is that it uses powerful visuals and custom filters in presenting key metrics. This allows you to see your revenue performance at a glance and get an instant snapshot of how near you are to your goals.
Smarter revenue predictions can be the key to closing more sales. Revenue.io gives real-time multi-channel sales data for more accurate predictive insights. It allows you to diagnose and manage the sales funnel more effectively and see which touchpoints need intervention. With its guidance, you can take the best actions that will drive the ROI up.
Actionable insights are what drive sales growth. Ebsta is an effective tool to spot risks, improve sales performance, and make accurate forecasts in your ROI. This tool will reveal if your sales activities are effective or not by showing the inner workings of every touchpoint.
Revenue data reveals the truth about whether your marketing efforts are paying off. Klearly gives you an overview of the whole revenue ecosystem so that you can improve your strategies to drive growth. With its real-time guidance, Klearly makes the marketing, sales, and customer relations teams feel empowered at making data-driven decisions.
One way to beat targets is through accurate forecasting. Kluster is one of the leading revenue analytics and forecasting platforms that help teams get greater pipeline visibility, create reliable forecasts, and elevate decision-making skills to the next level. It uses a community approach by making sure that every team member can effectively do their roles in the revenue-generating function.
No one can deny how revenue analytics can be a valuable addition to the marketing and sales teams of any business. Taking the guesswork out of revenue forecasting is truly advantageous as it improves the way you engage with customers and allows you to make informed decisions that are geared towards fast-tracking business growth. With these tools, you can stay focused on meaningful metrics and make strategic actions that deliver long-term revenue results.