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How Businesses Can Reap Profit Using Sales Data
A data-driven sales organization can add value to practically every company function, from marketing and customer service to the product and corporate strategy.
Fremont, CA: A lot of sectors have got revolutionized as a result of Big Data. Many businesses have seen a boost in revenue as a result of the increase in data. Furthermore, it has aided numerous B2B companies in increasing revenue. A data-driven sales organization can add value to practically every company function, from marketing and customer service to the product and corporate strategy. Leaders must realize this gold mine of untapped information and implement sales data and analytics across the firm.
Let's look at how sales data can benefit non-sales employees within a business.
Divide and Prioritize Accounts Based on Customer Metrics
According to HBR, information on which accounts are set for growth, ready for cross-selling, and are likely to churn can assist Sales, Customer Support, Marketing, and Product teams. Churn data, support ticket topics, and product usage patterns, for example, might reveal concerns with product fit and renewal risks. In addition, that knowledge may be helpful in creating marketing campaigns or commercial offers that entice customers to remain or connect with the product in new ways.
Metrics like customer retention rate and lifetime value (LTV) are also helpful in determining how much money Marketing spends on acquisitions, upselling, and cross-selling. Clients might get segmented, and new product options could get marketed to current healthy customers. It might also determine whether consumers have a higher or lower LTV and modify its acquisition efforts appropriately.
Bridge the Data Gap Between sales and Marketing
Because of the data, aligning Marketing and Sales is notoriously tricky. The first hurdle is obtaining the appropriate data sets: four out of five salespeople believe there is a substantial discrepancy between the data utilized by Marketing and Sales. Furthermore, data becomes stale rapidly as stakeholders change organizations and positions, which one out of every five decision-makers does during the procurement process.
Sales input on behavior during the purchase process, on the other hand, may assist Marketing qualify and targeting prospects more successfully. Furthermore, precise and current CRM data may assist Marketing teams in refining their buyer personas by providing a more accurate image of the purchasing committee.
Gain First-Hand Insight from Buyers
Sales reps tend to have close connections with their customers in various businesses. Their interactions may be an excellent source of product knowledge - learning about product gaps, price structure acceptability, and so on. Organizations can analyze massive calls and extract relevant feedback for the product using modern machine learning and speech analytics capabilities. However, using self-service analytics and reporting tools in our software, these indicators may assist the firm in maintaining a solid ROI from the offering.