PRAIDICT USE CASE
SALES FUNNEL OPTIMISATION WITH PRAIDICT
THE CHALLENGE
SALES STARTS WITH THE CUSTOMER
The sales departments of companies face a variety of challenges. Clear positioning and unique differentiation are necessary in order to attract customers in a highly competitive environment. Building enduring relationships is challenging due to customers’ expectations of customised solutions and outstanding service.
Which sales channels should be used? What are the most effective platforms and retailers for sales? Who are your competitors and partners in the digital realm?
Addressing these questions necessitates tight-knit collaboration amongst sales, marketing, and other departments. To overcome these challenges, there’s a need for strategic planning, flexibility, and the capability to spot opportunities in a constantly evolving digital landscape. This is where PRAIDICT comes into play
PRODUCT DEVELOPMENT
COMMON PROBLEMS
- Assessment of sales channels
- Great competition
- Evolving customer demands
ARE YOU READY TO TAKE IT TO THE NEXT LEVEL?
DATA-DRIVEN, MARKET-ORIENTED SALES OPTIMISATION WITH PRIDICT
FEATURES
PRAIDICT PROVIDES ANSWERS
Sales optimisation with PRAIDICT answers numerous questions that entrepreneurs ask themselves:
- Which products are experiencing the highest demand and why?
- When is a market depleted?
- Which platforms do people use to search and discover products?
- Which are the profitable partners and marketplaces?
- How is demand expected to evolve over the next 24 months?
BENEFITS
PRAIDICT SOLVES PROBLEMS
What benefits arise form an optimised sales strategy?
- Boost your sales with targeted sales and distribution strategies.
- Deeper insight into the customer’s journey
- Boost the efficiency of your sales funnels
- Improved utilization of sales budgets
- Fewer losses in dispersion through distribution activities.
- In a nutshell: Higher turnover, greater profi
STEP 1
UNDERSTANDING THE CLIENT
WHAT IS THE DEMAND?
PRAIDICT identifies people’s actual demand. What questions, what wishes, what problems do they have? And specifically for sales: How high is the demand? What are the highest achievable sales figures?
The example provided on the right shows that the extraction systems market garners an approximate digital demand of 160,000 per year. This indicates that selling approximately 1,000 – 3,000 units is sufficient to meet the demand in Germany.
WHAT USE IS THIS KNOWLEDGE TO ME?
This method provides entreppreneurs with an instant analysis of the potential sales possibilities for their products. Particularly in the B2B sector, it can be challenging to accurately estimate such numbers.
Furthermore, the image reveals that the highest demand is mostly driven by diverse purposes and functions alongside basic needs.
ANSWERS TO:
- Are people showing a high demand for my product?
- What level of sales is realistically achievable?
- What are the most popular products?
Extraction systems market overview
STEP 2
ACCURATELY PLAN YOUR FUNNEL
Regional Demand for Extraction Systems
WHERE IS THE DEMAND?
Especially in B2B business, personal interaction frequently plays a pivotal role. While initial interactions are online-based, the involvement of a sales representative or advisor is often crucial for finalizing the deal. The lingering question is: where should I place my sales team? While your headquarters may be a reasonable location, to cut down on costs, it would be beneficial to target areas where your products are popular.
PRAIDICT utilizes Regionality Analysis to detect hotspots in Germany In this instance, Hesse and Saxony stand out as states with robust demand. Accordingly, it makes sense to deploy our extraction system’s field staff in places like Thuringia to minimize distances and conserve resources.
ANSWERS TO:
- Where are products in demand?
- Which area is crucial for boosting my sales?
- How to cut down on sales-related expenses and time?
WHEN IS THE DEMAND?
Utilizing advanced predictive statistical machine learning models, PRAIDICT effectively evaluates demand from the previous 48 months and uses this to generate reliable forecasts for the next 24 months. Which seasonalities can be derived from this? How has demand developed and how will it do so in the future?
The example of extraction systems illustrates that there is a high degree of seasonality in this market. Demand rises steadily towards the end of the year and peaks in January of the new year. Afterwards it drops significantly to a low point in summer.
HOW DOES THIS INFORMATION BENEFIT YOU?
Two crucial aspects emerge for sales planning. The market was on an upward trajectory until 2021, but it has been consistently diminishing since that time. According to the forecast, it’s unlikely that the level will experience a rise again. Therefore, the struggle to secure potential customers in sales is growing more challenging.
The importance of identifying the right months for securing deals and initiating sales activities for extraction systems cannot be overstated.
ANSWERS TO:
- How has the market developed?
- How will the market develop?
- When should I start sales activities?
Extraction systems in the course of time
Extraction systems in the funnel
WHAT DOES THE FUNNEL LOOK LIKE?
Determining which potential customers are at what stage in their decision-making process for purchase or conclusion at any given time is particularly challenging. Which interested parties just want to get information? And where do they do that? Who is already in search of an opportunity to close a sale? What questions do they have?
PRAIDICT assists in answeting these exact questions through Funnel Analysis. he well-recognized AIDA model’s funnel depiction illustrates the allocation of market demand to different funnel sections. This approach allows entrepreneurs to directly engage with interested parties at their stage.
The example of extraction systems demonstrates that nearly 90% of digital demand is during the awareness stage. Interestingly though, the second largest part is not made up of the interest phase but rather the desire phase. It’s evident that our target audience is more focused on contrasting various suppliers rather than understanding the advantages and functionalities of an extraction system.
WHEN DO I NEED TO ACT?
Knowing which phase to focus on is already valuable. The listing of the funnel phases over time is really exciting. PRAIDICT not only illustrates the spread of the funnel phases but also identifies their peak times.
The pattern of extraction systems exemplifies that the maximum awareness phase occurs in November, diminishes significantly in December, and then rebounds in January. It is mainly in January that we see the phases of desire and action. This means: This is when sales deals are made!
ANSWERS TO:
- In which funnel phase are my customers?
- When are they in this phase?
- When and how should I start addressing them?
WHO IS A COMPETITOR, WHO IS A PARTNER?
Digital competition is possibly the most crucial factor to take into account for distribution. This needs to be divided into two sections.
- True contenders like opposing manufacturing companies
- Retailers and marketplaces that may well be partners
PRAIDICT highlights which players have how large a market share on which topic. This in turn helps in two different ways:
- What strategies are my competitors implementing and how effective are they?
- What comparable products they currently have in their portfolio
The extraction systems market is primarily ruled by major marketplaces like Amazon and eBay, yet the manufacturer ESTA holds the largest market share. This manufacturer holds a significant 13.68% of the market, outperforming the combined market shares of Amazon and eBay. This highlights the fact that developing one’s own digital footprint holds more significance than immediate and effortless promotion on renowned platforms.
ANSWERS TO:
- What is my competition doing?
- Where should I place my products?
- Who can be a partner for my market?
Competitors in the extraction systems market
STEP 3
THE CONNECTION WITH PRAIDICT ANALYTICS
HOW DO I BENEFIT FROM INTERNAL DATA?
The market observation is particularly interesting as it represents the real demand of the target group. Nevertheless, each company has its own individual characteristics that are essential for a well-founded consideration.
The PRAIDICT ANALYTICS platform enables the application of intricate statistical models to establish reliable analyses of internal metrics related to your sales activities.
- What are the preferences of potential clients?
- What type of purchasing patterns do they demonstrate?
- What are the key factors relevant for closing the sale?
Comparison of different model approaches
Correlation analysis with PRAIDICT
HOW DO I BENEFIT FROM INTERNAL DATA?
The market observation is particularly interesting as it represents the real demand of the target group. Nevertheless, each company has its own individual characteristics that are essential for a well-founded consideration. PRAIDICT ANALYTICS helps to identify correlations between past sales and market movements.
The PRAIDICT ANALYTICS platform enables the computation of reliable correlations between internal sales metrics and external enquiries on various topics through intricate statistical models.
ANSWERS TO:
- How did market demand impact my sales?
- How are the two related in the future?
- How intensely should I react to changes in the market?
