Big data is perhaps the biggest game-changer in business since the advent of Web 2.0, and it will continue to be your business’ biggest asset. However, you might have relevant data, but how do you make it work for you? Businesses today have a staggering amount of data in their systems, along with highly competitive industry landscapes and consumer behaviors and preferences that are always in flux. How can you manage that data in a way that will provide you with the insight you need to know?
This is where sales business intelligence (SBI) tools come into play. SBI tools can help you organize that data, put it to good use and keep each department up to date with the most recent customer data. Here’s what sales business intelligence means for sales and marketing, specifically:
In the sales organization, it’s important that you have data that will lead to predictive forecasting and a optimized approach to selling. To boost sales, you need to approach your data in a very specific way:
- Gather data that indicates signs of conversions, opportunities, appointments and connection rate
- Gather data that provides insights on where you stand as a sales organization in regards to targets and goals on an individual and collective basis
When it comes to unlocking more sales, you need a tool that can help you collect individual sales rep data and data for the entire organization. This means using the data to figure out a potential customer’s habits and personal preferences, as well as looking at their interactions with the company to use for using patterns in predictive forecasting. This data needs to be shared with your sales reps, call center or marketing team so they can use that information to flag those indicators as potential opportunities. By providing your sales organization a better and clearer view into prospect behavior, they will be able to sell more and be more efficient.
Apart from acquisition, you also need a strong focus on what is going on at present. Forecasting alone will not cut it. Constant monitoring of targets, goals and individual performance will help sales managers understand where regions, teams and reps stand when it comes to achieving targets. You need accountability to understand what is working and how you can improve the situation. When team members have an understanding of results and current performance, as gathered by the SBI solution, it is easier to analyze and adapt processes to meet targets.
Marketers need to mine data to understand how effective their campaigns, methods and messages are. Two metrics to track are incremental sales and conversions by campaign. Incremental sales indicate how many of your campaigns actually lead to sales, and which channels have proved most effective, and conversions by campaign will show you which campaigns have captured the highest number of leads and sales.
With this data on hand, you can replicate the campaigns which bring in the most success, which ones are costing you more than necessary and which ones are not bringing in any results at all. Furthermore, there is more alignment between sales and marketing, which leads to more effective communication and brand collateral.
Salesvue, with the added power of Salesforce, gives you all the information you need at your fingertips. No spreadsheets, no asking the back-end IT guys to dig up data. The interactions and activities of each sales rep and campaign are recorded in real-time in the system. At any given time, you can see how many leads are in the pipeline, which ones are nearing a close (and why), which leads need prompting and how to better customize your message. You can use this data to create a prospecting cadence. And when you know the steps required to achieve success, repeat it for increased sales and profitability.
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