Week 5: Sales

Question 1

Explain where contact, lead, account, opportunity and order lies in the funnel.

Answer 1

• Contact lies between “Epiphany” and “Awareness”
• Lead lies between “Awareness” and “Consideration”
• Account lies between “Consideration” and “Intent”
• Opportunity lies between “Intent” and “Decision”
• Order lies at “Purchase”.
• Sales is from “Intent” to “Purchase”, Marketing is from “Epiphany” to “Consideration”.

Question 2

What are some of the pitfalls of Account management?

Answer 2

• Naming is not understood by everyone in the organisation
• Various accounts across various countries without standardisation

Therefore, SOP is needed to keep accounts tidy.

Question 3

What is the difference between contact, lead, account, opportunity and order?

Answer 3

• Contact: A contact is a basic record of an individual or organization in a CRM system (consists of basic information of the individual or organisation)
• Lead: A lead is a potential customer or organization that has shown interest in a product or service
• An account represents a company, organization, or business that has a relationship with your company
• Opportunity: An opportunity is a qualified lead that has a higher likelihood of converting into a sale. It’s a potential deal or sale that is in progress or at a certain stage of the sales pipeline.
• Order: An order represents a confirmed sale or transaction where a customer has committed to purchasing a product or service. It signifies a completed or finalized sale.

Question 4

What is the objective of Augment in the DATA process?

Answer 4

• To add value to the dataset using categorization, labelling, bookmarks and other tools to help solve the analytical questions.

Question 5

What kind of analysis would fall under Augment?

Answer 5

• Predictive modelling: what will happen next?
• Forecast: What if these trends continue?
• Statistical analysis: Why is this happening?

Question 6

What is the forecast by analytic type?

Answer 6

What: Descriptive
Why: Diagnostic
When: Predictive
Tell: Prescriptive
Act: Embedded

This framework represents a logical progression in leveraging data for decision-making and action, moving from understanding the past (descriptive) to explaining it (diagnostic), predicting future outcomes (predictive), providing actionable advice (prescriptive), and ultimately taking immediate action (embedded).

Question 7

What is a forecast loop?

Answer 7

Build forecast > Deploy forecast > Acquire results > Improve process

Build and deploy happens BEFORE the event

Acquire and Improve happens AFTER the event

Question 8

Forecast models: What is a time series data?

Answer 8

• A series of values obtained at successive times, often with similar intervals between them
• A collection of data points that are recorded in chronological order , usually at regular intervals
• A sequence of observations on a variable that is measured at equally spaced time points. The observations are ordered and indexed by time, and the measurement process generates a series of random values.

Question 9

Forecast models: Simple Linear Regression

Answer 9

yt = a + bxt + et
- The intercept a represents the predicted value of y when x = 0
- The slope b represents the average predicted change in y when you increase one unit in x
- The error e is deviation from the straight line model

Question 10

Forecast method: Moving average

Answer 10

• Moving averages are a smoothing technique that looks at the underlying pattern of a time series to estimate future values.
• Purpose: Make it easier to identify trends, patterns, or changes in the data over time.