How businesses can leverage data-driven sales intelligence? Find out more about the basics of success when using this approach, its benefits, and what data components are most useful for your business.
The basics of a data-driven sales strategy
A data-driven strategy consists of using rich data to help with more personalized sales messages, to understand the customers and their needs better, and to create an overall successful relationship with all prospects.
Now the data that is used for sales intelligence is collected during every sales interaction and transferred to various datasets. Statistics show that 89.9% of companies use two or more contact data sources to meet their sales development needs. With data on your side, there are many new sales niches you can enter and develop your approach overall.
The main benefits of harnessing sales intelligence
Often the benefits of harnessing sales intelligence are underestimated, but the effects of such knowledge can transform your business and customer relationships. It is no surprise that a whopping 77 percent of sales professionals say their company has plans to invest more heavily in sales intelligence tools. Here are just a few of the benefits:
1. Coordinate sales and marketing
Even though the sales and marketing departments have different roles, their jobs coordinate depending on each other’s work. Most importantly the marketing teams rely on the sales departments’ work and lead communication. Meaning, that if the sales strategy is running at its full potential, it can provide quality leads and insights so that marketers can craft highly relevant prospects.
2. Discover deals early
A big benefit of sales intelligence includes discovering deals and prospects early on. Without data that will uncover buyers, you won’t be able to shape their biases about your company. Whereas with intent data, you can discover them right before they start their journey and form their thoughts, meaning you can shape and form sales propositions to their liking.
3. Improve prioritization
The sales manager’s job usually consists of many unnecessary processes, like hunting down the wrong prospects or figuring out which accounts to target with what strategy. By including sales data in their arsenal, they can spend that time actually interacting with interested prospects and building relationships with them. In fact, high-performing sales teams are 2.8x more likely to be very proficient in predictive intelligence.
4. Maximizing customer value
Every sales employee knows that it costs much more to acquire a new customer than it costs to retain a current one. By analyzing your existing customer data behavior changes and monitoring their signals, you can build personalized offers. An existing customer base is more prone to buying your company’s products the second time than it takes to convince a first-time buyer.
What data components will you need for a full potential sales strategy
Sales intelligence data comes from a variety of sources, but certain components are a must for the best insights, such as:
- Firmographics. The basic details and descriptions of an organization or individual, let you get a birds-eye view of them.
- Psychographics. An important factor for sales strategies includes the emotional aspect of your prospect, such as his decision-making style and emotional tendencies.
- Technographics. Discover the technological inquiries of prospects to define which accounts would benefit most from your products and services.
- Intent Data. The truly most important component is intent data, the data includes information about accounts who show interest in your products, what is driving their interest, and predictions on how soon they will make a purchase.
As data continues to grow and more companies take in a data-driven approach, communications will improve for both, the seller and buyer. Accurate data insights can power the strongest sales intelligence strategies and shine a new light on the sales team’s day-to-day success.