Are you using data to improve sales performance?
How to analyze sales data to increase profits The key to increasing profits from sales is to analyze your sales results to figure out not only what people are buying, but also how and why. This will help you sell the best products at the best prices using the best distribution channels. You also need to remember that increasing your profits doesn’t necessarily mean increasing your sales volumes. You can increase profits by selling fewer items with bigger margins, for example. You can also sell the same amount of units but decrease your cost of goods sold. Of course, increasing sales volumes is also important, and data can help there, too. Here’s how your company can use data from your sales to improve your bottom line. Create data categories The first step to increasing your profits using sales data is to generate the right kind of data. This means having your salespeople and accountant record sales using the following tracking categories: Product units sold...