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4 Benefits of Sales Data that Shape Business Prospects
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.
Fremont, CA: Big data has transformed the way many industries operate. There are more data now, which has helped organizations increase sales, primarily B2B businesses. From marketing and customer support to product and corporate strategy, a data-based sales organization can create value for almost all business function,
Here are four benefits of sales data can increase the potentials across an organization
Customer metrics like retention rate, customer lifetime value (LTV) are useful in reporting how marketing invests in upselling, cross-selling, or acquisitions. A company could divide its customers and invest in marketing more product offering to exist healthy customers. It can also understand from the types of customers that usually have higher or lower LTV and modify acquisition efforts as required.
Bridge the Data Gap between Marketing and Sales
Bringing together marketing and sales can be a major issue because of the data. Getting the right set of data is an obstacle as many salespeople have found a considerable gap between data used by marketing and sales. Additionally, data becomes old quickly as stakeholders move companies and roles throughout the buying process.
The response from sales on behavior during the buying process can help the marketing team qualify, and target leads effectively. AN accurate and updated CRM data can enable marketing teams to enhance buyer personas by exhibiting a higher loyalty image of the buying committee.
Growth Opportunities from Momentum Signals
Insights gathered from sales data can help businesses form their growth strategies and focus on new segments of a market or move away from non-profitable areas. Business momentum signals like opening new offices, hiring, and raising capital can provide information on the total addressable market (TAM).
Organizations today refer to CRM data like contract size to understand potential account growth. However, current spending may only give limited views. Therefore, analyzing data from different angles can help identify momentum signals.
Gain Insights from Buyers
Sales representatives generally have strong relationships with customers in most organizations, and the interactions can offer significant insights on product gaps, pricing structure, and much more. By utilizing machine learning and speech analytics tools, businesses can examine a vast amount of calls and derive useful evaluation on the products. Implementing these approaches can help organizations maintain a good ROI from products through self-service analytics and analyze the potentials in the products.
See Also: Machine Learning vendors