Use Business Intelligence to Boost Sales and Productivity
As a sales manager, you are always looking for ways to sell more and to a larger audience. Generation leads via marketing campaigns is one way to attract more business, or you could also ask your existing customers for referrals. Cold-calling is also an option.
What you might not realize is that you can actually use the data you have on hand to make a more meaningful connection that will help close a deal. Business intelligence (BI) tools help you appropriate and analyze what the data you have so that you can make smarter decisions. Here are some of the metrics you need to capture in order to make better decisions with business intelligence tools:
Meetings & Outcomes: Understanding what happened in a meeting gives you a better idea of where to go and what to do next. Your sales team is constantly meeting and interacting with prospects. Have them make a note of:
- How many calls/meeting were conducted (per rep, per prospect, per industry)?
- How many calls were made at each stage of the pipeline?
- What messages resonated positively during calls meetings?
Answering these questions can help you use BI tools to provide a benchmark for what it takes to close a deal for a specific prospect or industry.
Response and Objection Patterns: Have a look at response and objection patterns. Is there a particular sales rep who seems to be driving away high-quality leads? Or is there a lead who seems to be stuck in the same place, unwilling to move forward? Is there a certain stage in the pipeline where leads drop off or a particular point where they engage better and convert quickly? Even the smallest details, like the time of day or day of the week when a sales call is made, can make a difference in conversions. Use tools to track these metrics and you can see patterns related to prospect and sales rep behavior. If one sales rep is performing poorly, step in and make the changes necessary to close the deal. If a prospect responds better to a certain trigger, work that into your strategy.
Campaign effectiveness: Your marketing team is spending time and effort crafting messages, which help bring in more leads. How many of those leads turn into paying customers? Have a look at the number of emails opened, click-through rates, website activity and more. If a campaign is feeding more duds into the pipeline than prospects, then your team may need to change their approach or the message altogether.
Salesvue is an all-in-one business intelligence and sales tracking tool. At a glance, you can see how your team is performing. Our reports capture information as interactions happen, so you can manage improvements on the fly. Sales reps log each and every call they make with Salesvue’s one-click call logging application, so there is a record of when the conversation took place, how it was conducted and the outcome of the interaction. Request a 30-day trial today to see Salesvue in action.