- 18 March 2020
- Written by: Supply Chain
- Category: Digital Learning
Research has shown that Companies that use data in their sales processes are up to 6% more profitable than their competitors. It has also been found that the most successful sales teams are three times more likely to use analytics than under-performing teams. A data-driven sales approach is more than ever essential in the evolving corporate world.
With such approach, sales team collects data and uses this to make strategic decisions. This usaully results into sales growth. The data can include information on which products sell best, which day and time they get the most pick-ups when they reach out to prospects, and even which sales material performs best.
However, business owners need to keep in mind that sales people cannot do wonders if data is thrown at them all of a sudden. Building a data-driven sales team represent a challenge for many. There are various factors to take into account before going for a data-driven approach.
Here are some necessary steps needed to build a data-driven sales team:
Bring your sales team on the same page
It is important to answer the following questions, together with your sales team:
- What are your overall company goals?
- How does your sales team help you achieve those goals?
- What are some KPIs that will show you’re on the right track?
Being on the same page means allowing your team to be part of the goals conversation. This will make them feel more involved as they know that their opinions and suggestions matter to the company and that they are contributing to its success. In this way, they will be more invested in the overall process and each one of them will feel on the same level. Once you’re on the same page with your goals, you can identify the types of data you’ll need to collect in order to succeed. This is the solid foundation of a data-driven sales team.
Take a look at your sales process
Now is the time to work out on the weaknesses of your sales process. The key is to prioritize sales goals and streamline your processes to match. It is important that changes are implemented slowly and monitored closely. While your team monitors your KPIs, be ready to making changes if something isn’t working. This will make it more clear. However, the lines of communication need to be kept open. This will lead to a more strong and successful sales process in no time.
Consider your existing data
Getting started with data-driven sales can seem a tough job at the beginning. The trick is to check for existing data which will amaze you as you can discover a lot of information. Give your employees and sales team the responsibility to define what data assets they have as they compare to the buyer’s journey. This might lead to the discovery of important data that you can already put into practice. For instance: A Harley Davidson dealership mined their existing data and increased their sales leads by 3,000%. All they did was to look into what they already had.
Consider the quality of your data
Keep in mind that not all data will be good data or even the right data. Some data might lack integrity or contain mistakes. This can damage your sales team’s progress. A good practice is to start by finding out how many data records you have, when the records were last updated, any email bounce rates or missing phone numbers and the actual lead quality of the data. The key lies in having clean data.
There is no doubt that it’s a great advantage for sales teams to automate certain tasks. Some of these tasks are data entry and other small tasks that require sales team to focus rather than selling your product or service. It is essential to use the right tools to automate your sales process by considering your CRM tool and what could be useful to implement there.
After setting up everything, you will be able to track your progress and analyze your conversion rates. This is when you start to watch as you progress gradually and make changes to excel. This will allow you to find the weak zones in your sales team and hence reaching out to more skilled individuals to fill the gap.
What Technology is Available for Data-Driven Sales Teams?
Numerous types of technology are being used globally by sales temas to up their data game. Predictive analytics can be used to identify potential sales leads CRM data and customer insights can also be used to identify loyal customers before they even call. To take advantage of these tools, sales teams need to focus on quality data and growth.