Companies that place it at the center of their sales strategies see tremendous results. Most notably, a 5-6% boost in productivity rates and profitability.
But using it effectively is an ongoing challenge for executives and sales leaders. They often can’t agree on what to measure.
This leaves sales operations teams scrambling and sidetracked with ad-hoc requests. And that diverts attention from strategy development.
It doesn’t have to be this way. You can harness the power of big data to make smarter decisions. And you can do it without disrupting your organization.
Most importantly, you can use big data to develop smarter sales strategies. Here’s how.Data alone means nothing. Your data should produce insight into the business.
Why Big Data is Important to Sales Leaders:
Big data enables you to predict customer behavior by tracking risk factors. This can help you turn key customers around before they leave.
Big data enables better market and customer intelligence. You can learn how customers are buying. What devices they are using to make purchases and communicate with Sales.
How they are consuming content:
Big data can determine the probability of individual deals closing. Using this insight can improve the sales process.
And this might be the most important point. Big data helps you discern if you’re going to make the number this year.
Decide What Data You Actually Need:
There are really only a few things you need to keep tabs on. Drill down into the dynamics of your business, and answer these questions:
- What are your business drivers?
- How does your enterprise make money?
- What KPIs indicate if the business is on track or not?
Not all data is created equal. And data alone means nothing. Your data should produce insight into the business.
When choosing what data to track, ask the question, “So what?” If you can answer it, the data might be worth keeping. If you can’t, don’t waste your time or sales-operation’s time with it.
Put the Right Systems in Place:
Your CRM system might not cut it if it’s not tracking the right data.
Do your current systems support your data requirements? Is the data clean in your current systems? If the answer to either one of those questions is no, take action.
Every sales activity is measurable. Make sure the right activities are getting measured. This might mean:
- Win/loss data
- Call logs
- Buyer behavior
The data coming from your CRM should help your organization sell intelligently. It should enable you to close more business by doing less
Use this insight to create a more intelligent sales strategy.
With big data in hand, you know the right move to make. And you know the right time to make it. Don’t leave it out of your sales strategy for 2016. A data-driven approach will net you better results from quarter to quarter.
If you don’t harness the power of Big Data, your competitors will out-sell you. Learn more about how to apply this to your organization. Register for the How to Make Your Number in 2016 workshop. An SBI strategist will come to your office for this 90-minute training.