HubSpot Sales Analytics Features and How to Use It

Nexa Lab Blog -How do you properly track and optimize your sales if you are an owner of a service industry business?

Other methods you could employ include sales analytics.

Sales analytics refers to the process of gathering, analysing, and interpreting data regarding the sales performance of a business. This contains metrics and insights that offer meaningful data about certain facets of the sales process.

But which tools or software can help you actually conduct sales analytics techniques?

If you’re already using HubSpot, you might wonder, Does HubSpot have sales analytics tools that will let you measure and improve your sales performance?

Today, we are going to take a deeper look at the features and how you can use them in regard to the HubSpot Sales Analytics tool.

Let’s get to it

What is HubSpot Sales Analytics?

HubSpot sales analytics is a comprehensive suite of tools designed to help businesses track, analyse, and optimise their sales performance.

But what does that really mean for you as a service provider?

Imagine having a crystal ball that shows you exactly where your sales efforts are succeeding and where they’re falling short.

That’s essentially what HubSpot sales analytics offers.

It provides real-time insights into your sales pipeline, customer behaviour, and team performance.

This data-driven approach allows you to make informed decisions, allocate resources more effectively, and ultimately, boost your bottom line.

But it’s more than just a collection of numbers and graphs.

HubSpot sales analytics is a dynamic tool that evolves with your business, offering increasingly valuable insights as you grow.

It’s like having a seasoned sales strategist on your team, constantly analysing your performance and suggesting improvements.

Whether you’re a small startup or an established enterprise, these insights can be game-changing.

More on Nexalab’s blog: What is Predictive Sales Analytics? Definition, Technique, and Best Practices

What Analytics does HubSpot provide?

HubSpot’s sales analytics covers a wide range of metrics and KPIs crucial for service-based businesses.

Let’s break down some of the key areas:

1. Pipeline Analytics: This gives you a bird’s-eye view of your sales funnel, showing you where deals are getting stuck and which stages need improvement.
2. Deal Forecasting: Predict future sales based on historical data and the current pipeline, helping you plan resources and set realistic targets.
3. Sales Activity Metrics: Track emails sent, calls made, and meetings booked to understand your team’s productivity and engagement levels.
4. Revenue Analytics: Get a clear picture of your revenue trends, including recurring revenue for subscription-based services.
5. Customer Lifecycle Analytics: Understand how customers move through different stages, from prospect to loyal client.
6. Team Performance Metrics: Compare individual and team performance to identify top performers and areas for coaching.

But it’s not just about collecting data.

HubSpot’s analytics tools help you interpret this information, turning raw numbers into actionable insights.

For instance, you might discover that deals tend to stall at a particular stage of your sales process.

Armed with this knowledge, you can investigate why and implement targeted improvements.

Or you might find that certain team members excel at closing high-value deals.

You could then leverage this insight to pair them with your most promising leads.

The possibilities are virtually endless, limited only by your creativity in applying the data to your unique business challenges.

Setting Up HubSpot Sales Analytics

Now that we’ve covered the ‘what’, let’s talk about the ‘how’.

Setting up HubSpot sales analytics might seem daunting at first, but it’s actually quite straightforward.

Here’s a quick overview of the process:

1. Step 1, Connect Your Data Sources: Integrate HubSpot with your CRM, email, and other business tools to centralise your data.
2. Step 2, Define Your Sales Stages: Customise your sales pipeline to reflect your unique business process.
3. Step 3, Set Up Goals and Quotas: Establish targets for your team to track progress against.
4. Step 4, Configure Dashboards: Create custom dashboards that display the metrics most relevant to your business.
5. Step 5, Train Your Team: Ensure everyone understands how to use and interpret the analytics.

Remember, the key to success is consistency.

Regularly update your data and review your analytics to get the most value from the platform.

It’s also worth noting that HubSpot offers extensive resources to help you get started.

From step-by-step guides to video tutorials, you’ll find plenty of support to help you navigate the setup process.

And don’t be afraid to experiment.

The beauty of HubSpot’s analytics is its flexibility.

You can always adjust your setup as you learn more about what works best for your business.

Features of HubSpot Sales Analytics

HubSpot sales analytics comes packed with features designed to give you a competitive edge.

Red Pandas blog post is one of the good examples. They show you how powerful HubSpot is to create marketing or sales reports. It can create basic reports like email performance reports to customer behavioural event reports.

Let’s explore some of the standout capabilities:

1. Custom Report Builder: Create bespoke reports tailored to your specific business needs.
2. Real-Time Dashboard: Get up-to-the-minute insights on your sales performance.
3. Sales Forecasting: Use AI-powered predictions to anticipate future sales trends.
4. Deal Tracking: Monitor the progress of individual deals through your sales pipeline.
5. Email Tracking: See who’s opening your emails and when, allowing for more targeted follow-ups.
6. Productivity Tools: Automate routine tasks to free up your team’s time for high-value activities.

These features work together to provide a comprehensive view of your sales operations, enabling you to make data-driven decisions with confidence.

But the real power of these features lies in how you use them.

For example, the custom report builder isn’t just about creating pretty charts.

It’s about crafting narratives from your data that inform strategy and drive action. You might use it to create a weekly report that highlights your most promising leads, helping your team prioritise their efforts. Or you could set up a monthly review of your sales cycle, identifying bottlenecks and opportunities for improvement.

The real-time dashboard, meanwhile, keeps you always in the loop.

No more waiting for end-of-month reports to know how your team is performing. You can spot trends as they emerge and react quickly to changes in your market. And with features like email tracking, you can fine-tune your communication strategy.

Knowing when prospects are engaging with your messages allows you to time your follow-ups for maximum impact.

Advanced Analytics with HubSpot

For those ready to take their sales analytics to the next level, HubSpot offers advanced capabilities that can truly transform your business.

Here are some advanced features to consider:

1. Predictive Lead Scoring: Use AI to identify your most promising leads.
2. Attribution Reporting: Understand which marketing efforts are driving the most sales.
3. Cohort Analysis: Track how different groups of customers behave over time.
4. Custom Objects: Create unique data models to track metrics specific to your business.
5. Advanced Forecasting: Use machine learning to generate more accurate sales predictions.

These advanced features can provide deeper insights and more accurate forecasts, helping you stay ahead of the curve in your industry.

Predictive lead scoring, for instance, can revolutionise how you prioritise your sales efforts. It can determine the qualities of leads most likely to convert by analysing trends in your past data.

This allows you to focus your resources where they’re most likely to yield results.

Attribution reporting, on the other hand, helps you understand the full customer journey. You can see which touchpoints are most influential in driving sales, allowing you to optimize your marketing spend.

And with cohort analysis, you can gain insights into customer retention and lifetime value. This can be particularly valuable for service-based businesses looking to build long-term relationships with their clients.

Custom objects offer perhaps the most flexible sales analytics features in HubSpot. They allow you to track data that’s unique to your business model. For a managed service provider, this might mean creating objects to track specific types of service contracts or SLA compliance.

More on Nexalab’s blog: What Are Sales Analytics Tools? Definition and Categories

Conclusion

Nowadays, when businesses are becoming more and more competitive, a data-driven approach can be the difference between stagnation and explosive growth. By harnessing the power of sales analytics, you can gain a deeper understanding of your business, make more informed decisions, and ultimately drive better results.

Ready to unlock insights from your sales data?

Introducing Nexalab’s MSP Sales Analytics, an integration solution for your professional services automation software and business intelligence platform.

It creates custom sales analytics dashboards that provide real-time insights into your sales performance, allowing you to make data-driven decisions and optimise your sales processes. Contact Nexalab today to learn more. Discover how we can help you leverage the power of predictive sales analytics.