Using order history to analyze marketing trends can help you to understand what products need to be pushed to generate more profits. Collecting data on orders from the field can paint a clear picture of what items are being ordered in bulk so you can better understand the demands of the market. Your sales reps can log orders into a cloud-based system that can help you spot trends.
Analyzing sales history can help you determine the performance of products and make changes if necessary. CloudApper is a low-code platform with mobile apps] that help run your business from a phone. CloudApper SalesQ is a field sales monitoring app that can help collect order history and track sales activities. The mobile app is an extremely efficient way for your reps to report from the field so they can increase the time they invest in selling.
Why Use Sales History to Analyze Market Trends?
Sales data should be used to understand the market and customer demands which can help with product and procurement decisions, as well as product customization for better sales:
Insight into Operations
Periodic analysis of sales history can give you insight into sales performance and help you make adjustments to increase sales. To take advantage of this opportunity, you must have a system in place like SalesQ that allows you to capture and visualize data in real-time for better insight into profit generation activities. SalesQ captures the order size, frequency, contact person, and customer information which helps you to spot trends.
Understanding the performance of various product lines can help you tweak prices to make sure your product remains competitive. Products that are underperforming can be produced offshore to reduce prices or discontinued to make way for newer products that can help capture the market. Making the right procurement and pricing decisions ensure sales operations are working properly to reach company objectives.
CloudApper SalesQ for Field Sales Monitoring
SalesQ allows you to capture order data and sales activities from the field ensuring that reps perform at their best, and order data is captured digitally to increase sales:
Real-time Data Capture
In order to use sales order history to understand the market, a system needs to be in place that can capture data on the go. SalesQ allows you to capture activities of sales reps like target completion from the field, and order details through their phones. This lets reps report seamlessly and allows you to do a periodic analysis of recorded orders. Freeing up time for reps can also help them invest more time in prospecting.
Access from Anywhere
To be able to make swift and profitable decisions, data on orders has to be analyzed and drilled down from anywhere, be it in meetings through laptops, phones, or tablets. SalesQ allows you to analyze and visualize data through its web app or through the mobile app to dynamically make decisions from anywhere and at any time. Making managerial decisions will be faster if sales order history can be pulled up from anywhere.
Benefits of Accessing Sales History to Find Market Trends
The benefits of using order history to understand market trends are numerous. Past orders and how they have changed over time can help understand how customer behavior is changing:
Track Revenue Generation
By tracking and analyzing orders, you can make sure that your products and reps are performing well or make adjustments if necessary. This can help you meet and exceed company quotas, increasing profits. The performance of your company can also be benchmarked against previous periods to increase sales. Performance for the next quarter can be set based on previous performance to ensure you generate more revenue.
Make Accurate Decisions
If you want to increase the budget for producing a well-performing product or getting rid of a product line that is not profitable, you can use SalesQ to show that customers are either purchasing the product in bulk or not ordering at all. Data-based insight can help you make correct decisions and increase sales. By allowing reps to digitally capture data, you will have concrete evidence on how fast or slow individual product lines are moving from shelves.
Knowing how to use sales order history for analyzing market trends can help you stay ahead of the competition by making educated business decisions. CloudApper SalesQ is a field sales monitoring app that can help you track the activities of sales reps as well as orders. Contact us now and try out a plethora of apps by CloudApper.