Imagine a world without CRMs and in-time updates where ever you are in the world! Not that long ago, sales organizations had to manually record their data. And imagine trying to collect that data without the Internet! Logical guesses were almost all we had to work with!
Nowadays, we have gone to the other extreme and particularly in sales, we are flooded with data and it has become a difficult task to work our way through it and analyze it. In fact, 57% of sales organizations feel they aren’t effective in the use of advanced analytics.
To avoid data overload you need to teach sales reps to decide on the right metrics to pay attention. You also need to be calculated in the software and systems you have in place.
If you are data-driven it means your activity is pushed (or driven) by the data you have collected. You are strategic and use the information gathered in order to make decisions, rather than rely on your intuition or experience. Your data collection should be used to forecast with more accuracy, increase the effectiveness of your sales reps, speed up growth in revenue and higher funnel conversion rates with the aim of boosting the sales process.
Taking the ‘data’ steering wheel
For some bizarre reason, the information that individuals and departments discover is isolated- we are unable to effectively share our knowledge. When departments and teams don’t share information it is almost impossible to find insights that are for the good of the whole organization.
This attitude has to change in order to improve and it starts with management. Don’t just gather information from each department, make sure you are encouraging teams and departments to share information and knowledge. The whole organization should be aware of and working towards a common goal.
Establish a sales process that is data-driven
The main function of data is to let us know what is working and where we can improve. Each step of the sales process from training the reps to sales performance can be optimized with data. Take a look at the 5 ways you can do this:
1. Nurture a data-driven culture-
Data is just a part of the bigger picture. Action and training will lead to the change needed. Goals should be clearly set by the right sales managers, a clear plan on how to achieve success needs to be outlined and input should be welcomed from all employees.
2. Invest in the correct technology
When choosing technology and software, make sure it is suitable for your business. It must be able to deliver precise data from a very large amount of information and within a short period of time.
The level of technology available to us is immense. Look for something that has automated capabilities as well as predictive. There are even programs that reveal when the best time to make calls or send emails. Sales engagement technology unites the process with the objective so that the team has the necessary equipment for that moment. Using the right dashboard to spot trends and understand rep activity will highlight the best performing reps, this behavior than then be taught to others, driving the sales process.
3. Define your chosen data-driven strategy and process
Your data has been collected and thanks to your tech stack it is now organized in an appropriate and beneficial manner but this doesn’t imply that your sales reps will know how to use it effectively. The team needs to understand the importance of the metrics you are tracking and who this will determine the sales strategy.
Your sales process needs to be clear, including the KPIs that will be measured and how you are going to encourage change in order to improve outcomes. Once you know how the data will be arranged, you can share it with the sales team and any other department who will gain from the information.
4. Include data in your training to advise reps
Training for data-driven sales using technology will enable powerful content, establish materials for maximum effectiveness and even provide recommendations for optimal practices. If used to the highest advantage it can be used to point out the best way to bring forward opportunities.
We aren’t suggesting that you completely abandon traditional methods, but utilizing data will allow the sales process to move forward at a faster pace.
5. Make data-driven decisions
There is little point in working through points 1 to 4 unless you are going to use the information you have collected. The tech stack should be able to help you create a process that can be repeated and improved when necessary.
Decisions nowadays shouldn’t be about educated guesses like in the past, they must be based on the evidence that has been collected and analyzed. What has been shown by KPIs is the formula for comprehending what will have an effect on the successes of sales.
Statistics have proven that companies applying data-driven tactics have higher productivity and increased profits. Leaders have a better understanding of the sales funnel and are able to forecast with more precision. The most relevant data can be used for advantageous processes with transparency.
Use the data that is available to you in order to achieve your objectives, prospecting will be carried out wisely and you will hit your numbers!