Improving Data Visibility
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Business leaders are relying on data more than ever to identify new growth opportunities, forecast more accurately, and adjust sales strategies. Unfortunately, B2B companies lack a single, simple resource that provides clean, on-demand data to support strategic decision-making. Many B2B sales reps are also reluctant to keep CRM systems up to date, viewing data entry as a poor use of their time. As a result, business leaders must be resourceful and find ways to capture relevant and accurate data. They also need to leverage partnerships and technology to increase data visibility and promote transparency, thereby improving decision-making for the organization.
Cleaning out the attic
Forward-thinking companies start by outlining the types of data they need for decision-making, then conduct an internal audit to document the useful information they already have. Many businesses are surprised at the amount of useful information they already have stored in various systems. Once analyzed, that data will highlight inefficiencies and reveal new growth opportunities.
Data should reveal a clear path for your strategic growth
- Where am I winning and losing? Why?
- Which customers value my offering the most?
- What are my customer’s bigged pain points
- Where does the sales process stall?
Valuable insights about customers can be found in internal systems, such as the CRM database, as well as in external data sources. Point-of-sale data analytics, for example, provide visibility into buying patterns by revealing geographic, industry, and product hot spots, as well as areas with consistent losses. Unstructured data from sources such as product reviews on Google, Amazon, and social media platforms is rich with information that can drive innovation, provide sales testimonials, and refine product sales direction. Ideal customer attributes can be identified through digital marketing tools by reviewing web and social media analytics. Combining data from multiple sources can reveal new opportunities and insights that guide your sales team to focus on bigger, more profitable opportunities.
The key is to bring all of the information together to paint a full picture of your marketplace and uncover growth opportunities in a sustainable way over time. This is where many companies drop the ball. They are clear about their business goals and how to apply data-driven insights, but they are unsure how to operationalize analytics to achieve them.1
Fostering a culture of data accountability
Setting expectations and fostering a discipline of capturing data is critical if you plan to use analytics to generate insight for your organization, but creating a culture of data accountability is easier said than done. Most organizations struggle with holding staff accountable for timely and accurate data capture. To make accurate data capture part of organizational behavior, consider these three vital areas:
- Leverage technology
Make sure your sales team has the right tools to work when and where they need to. For example, many spend time in their cars between appointments or working remotely. Make sure they have mobile access to sales tools and remote access to internal systems for documenting.
- Time management
Teach reps to be disciplined in carving out time to pre-call plan and post-call document. Remember that investing this time improves their chances for future sales and sets up the rest of the organization to sell more effectively
- Pay for performance
Most of us associate this term with sales growth goals; however, some of the most successful companies tie sales bonuses and incentive pay to data capture behavior. A commitment to documenting customer interaction can be a driving factor in sales growth.
Filling in data gaps
Once you organize the data already available and establish a sustainable data-capture process, you will most likely find that you still have critical knowledge gaps. The next step is to consider different options for acquiring the additional information you need. In some cases, you can access secondary “published” data (for free or for a fee) from associations, market research firms, and industry organizations. For primary research tailored to your brand and offering, you can leverage external partnerships that offer research expertise. The key is to know what to look for based on your informational needs. Remember that continuously scrubbing data is a core discipline that will provide large payoffs.
Data is the new currency. It is what will enable speed to market, deliver more value for less, and build agility into sales teams. Knowing how to deploy resources based on market intelligence is what separates good companies from great ones.
Resources
1 https://www.cio.com/article/191108/maximizing-the-impact-of-data-analytics.html