It’s no secret that technology has upended B2B sales, and in our current environment the use of technology and data is more critical than ever. A data-driven sales organization can create value for nearly every business function, from marketing and customer support to product and corporate strategy. Leaders need to recognize this trove of untapped insights — and take steps to put sales data and analytics into action across the organization. Here’s how:
— CLOSE THE DATA GAP BETWEEN MARKETING AND SALES: Aligning Marketing and Sales is notoriously challenging precisely because of the data. The first challenge is to get the right data sets: Feedback from Sales on behavior throughout the buying process can help Marketing more effectively qualify and target leads.
— GAIN FIRSTHAND INSIGHT FROM BUYERS: Sales conversations tend to be a source of rich insights about gaps in the product and objections to pricing structures, among others. With today’s machine learning and speech analytics tools, it’s possible to analyze large volumes of calls, then funnel feedback to the Product and Pricing teams.
— SEGMENT AND PRIORITIZE ACCOUNTS BASED ON CUSTOMER METRICS: Sales, Customer Support, Marketing and Product teams can all benefit from insight into which accounts are poised for growth, which are ready for cross-selling, and which are likely to churn. This insight can drive marketing campaigns or commercial offers that compel customers to stay or engage differently with the product.
— IDENTIFY GROWTH OPPORTUNITIES THROUGH MOMENTUM SIGNALS: At a macro level, insights gleaned from sales data can help businesses shape their growth strategies, focusing on entirely new segments of a market or moving away from unprofitable areas. Within specific accounts, business momentum signals — like hiring, raising capital or opening new offices — can shed light on an increase in the total addressable market.
LOOKING FORWARD
In the months and years to come, companies will need to focus even more on solving their customers’ biggest business problems and proving their value over the long term. It is time for leaders to guide their organizations down a data-driven path that starts with sales and extends throughout the business.
Alyssa Merwin is vice president of sales solutions at LinkedIn
