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D099 Module 5
Sales Analytics
| Question | Answer |
|---|---|
| Predictive analytics | Examines past behavior and patterns to predict the future |
| Descriptive analytics | Used to understand what happened |
| Diagnostic analytics | Used to understand why something happened |
| Prescriptive analytics | Used to answer specific questions |
| Behavioral data | Tracks how a consumer has interacted with a company, which includes website visits, social media engagement, and email opt-ins |
| Fit data | Includes attributes about a customer, such as age, income levels, education, and race |
| Firmographic data | Includes information related to organizations, such as industry type, revenue, and the number of employees a company has |
| Upselling | Occurs when a business sells a customer a more expensive item or an additional product |
| Forecasting | Occurs when the performance is predicted |
| Planning | A detailed proposal for doing or achieving something |
| Budgeting | A forecast of expected income and expenses |
| Conversion ratio | A measurement of how many customers move from one stage of the sales funnel to the next |
| Activity goal | The number of sales calls a sales representative needs to make over a defined amount of time |
| Sales growth | Measures the increase in the number of units sold or revenue earned |
| Sales target | The goal that management sets for measurements such as revenue, units sold, and number of accounts |
| Average purchase value | The average amount spent on a purchase |
| Average profit margin | The average profits for a given category |
| Volume | Associated with the amount of data available that includes anything from customer transactions to scientific data |
| Velocity | The speed at which data are being sent and collected |
| Variety | The various data forms |
| Structured data | Any data that reside in a fixed field within a record or file, including data contained in relational databases and spreadsheets |
| Unstructured data | Information that either does not have a predefined data model or is not organized in a predefined manner. Unstructured information is typically text-heavy but may contain data such as dates, numbers, and facts |
| Collection | The business objective (what you want to measure, what question you want to answer, or what methods will be used to collect the data) is determined and the actual data collection using the prescribed methods performed |
| Processing | Data is sorted and organized for analysis |
| Analysis | Data is organized into charts and graphs to facilitate visualization and analysis |
| Interpretation | Data is used to guide business decisions, to provide information as to the next steps, or to inform a best course of action |
| Open-sourced frameworks | A software in which the source code is available to the general public for use and/or modification from its original design free of charge |
| Personnel factors | Variations in the number and dynamics of the sales team can significantly impact sales results |
| Economic conditions | Essential factor to consider when forecasting |
| Competitor changes | Unforeseen changes in the competing market can significantly impact a sales forecast |
| Product changes | Changes in products translate to more sales because of improved product features, more attractive pricing, or other benefits |
| Lead scoring | A numerical calculation used to rank the prospects of a perceived value to the organization |
Created by:
kim.miller