There is a strong relationship between data and sales. For a long time, sales were seen to rely on the salesperson’s intuition or gut feeling on whether a prospect is an ideal customer.
Sales data and CRM technology have changed so much that we no longer need to rely on intuition. Data-driven sales is an approach where you use specific metrics to make better sales decisions, from lead prospecting to pricing.
Not every bit of data is going to be of value to you. Your sales data should be in line with your business objectives and what you want your sales team to achieve. For example, you might want to focus on your most profitable lead source.
Some questions that might arise for that objective are:
• Where are my leads coming from?
• The percentage of leads are won from each channel?
• What channels have the highest and the lowest conversion rate?
• How long is the sales cycle for each channel?
• Which channel do we want to focus on?
• How would this impact our total revenue?
• What do we need to do to use this channel more?
Using data in sales can help your sales team improve productivity and generate more genuine opportunities for your business. Not only does it create more opportunities, but it can also make your business more profitable, as you are focusing on the opportunities that are most likely to convert in a short sales cycle. In other words, a cheaper win.
Implementing this approach isn’t easy. It takes time and effort. Your whole sales and marketing team need to be on board. The overall objective needs to be aligned with everything, and it needs to feed into their day to day goals.
Data-driven sales teams use a customer relationship management (CRM) tool to manage their sales from lead to conversion. A useful CRM tool will have a dashboard that tracks your prospect and customer activities, follow-ups, tasks and contact details. It also keeps your sales team on the same page, fully aligned and working together.
A sales team that shares data on prospects will know what works and what doesn’t work.
It gives you invaluable insight into who is buying or not buying your product, where they came from, why they did or didn’t buy. This information allows for better prospect targeting and better marketing.
So, if you are looking to get your sales team working together like a fine-tuned machine, it’s time to start working with data. A data-driven sales team will save your business time, energy and money. Sales data can align your team and streamline your sales processes so that you’re working on the best opportunities, maximising resources and reducing your cost of sale.
We understand the demand for quality leads and the need for your team to meet those demands. We are here to help and add value by finding tangible, highly qualified leads where we have secured a date and a time for an appointment. These individuals are in your target audience, at the right decision-making level and have an interest in your solution. Taking away this pressure from your Sales team allows them to focus their time on closing deals and generating revenue.