‘Data-driven’ is a term in frequent circulation these days, relating to the type of data collected, how it’s collected and its use in guiding decision-making.
It’s a concept which has evolved from being revenue-based to becoming a more integrated approach, providing greater insight into the business. Armed with the right sales enablement tools, a data-driven sales strategy allows more accurate forecasting, predict possible prospect conversions, recognise opportunities, and ultimately, faster revenue growth and more effective sales reps.
We look at how you can grow your business and increase sales using the following principles:
Data is meaningless unless it used as part of a strategy; knowing how you will use the data collected and be confident in making changes in response. Metrics and measurements are key to sales team performance and goal achievement. Relevant data such as call rates, win rates, average deal size, response time and sales cycle length all provide valuable insights which can be applied and converted into actionable changes.
The sales team is better able to determine what factors improve performance and influence success. For instance, data analysis can provide ideas on why a particular sales rep is outshining the rest of the team. It may be the case that they pick up all the hot leads before their colleagues or that they are making effective and efficient use of sales enablement technologies.
Sales enablement tools
Choosing the right sales tools is just as important as choosing the right people. The right sales technologies will allow your sales reps to do their job effectively and efficiently. By gathering and analysing the relevant data, the tools bring to light areas for improvement and encourage more informed decision making.
It’s important to know at the outset what you will need and why. Considerations will include:
- Ease of use
- Predictive analysis
- Graphical interpretation of data
- Tools offering bespoke training courses
Offer continuous training / coaching
Formal training sessions provide guidance and coaching to sales reps dependant on them to sell effectively. Keeping up with the growth of data-driven sales requires continuous training going beyond more traditional methods.
Individual performance data and guidance using technology help identify the most effective training materials and define best practice procedure. Software programs implemented by the business can help drive engagement and collaboration between sales reps, encourage content sharing for new starters and evaluate improvements.
Develop winning content
Content is often overlooked but it is essential to customers and clients.
Businesses need to look at their content library and assess its value to customers and prospects, in terms of the subject matter being viewed, downloaded items and engaging content. A review of current content, metrics and establishing deficient areas will help determine which pieces of content are effective in extending your communications reach and subsequently closing deals successfully.
With the knowledge of any gaps in the content library and what works, the marketing team can focus and better direct its efforts. In combination with internal parameters such as audience segmentation, you can build a more personalised selling strategy. Therein lies the importance of sales and marketing supporting each other and sharing knowledge.
Establish shared company goals
Sales teams manage quotas and set and work towards goals. However, with leadership instilling a shared common vision throughout the organisation ensures that everyone is aware of and understands what the company is trying to achieve and how they can help achieve these goals. Consequently, management is reinforcing a common vision, ensuring organisation-wide commitment.
In the right hands data can propel change. It’s important to understand what you are measuring and why and its impact on strategy and sales processes and have an insight of how data can help predict and optimise business outcomes.
The above approaches are necessary to understand how data is used to guide you towards data-driven sales success. This mindset can impact your organisation, increasing profitability and productivity.
You can’t win every sale – but these tips should help you to maximise your success rate.
How can we help!
At LS Consultancy, we offer a complete solution with a range of cost effective, regulatory compliance and marketing products/solutions including Bespoke Copy Advice which is uniquely suited to supporting firms.