The traditional sales funnel is a stage-based approach to convert prospects into customers. Implementing a sales funnel can help sales leaders understand their sales cycle better. it also helps sales leaders make quick and better decisions on how to go to market. It can help sales managers know if the prospects are qualified enough to engage with in the first place. A sales funnel can empower managers to identify and implement effective strategies.
Yet, most businesses fail to clearly identify the sales funnel and measure success. Lack of a proper roadmap to engage prospects and generate leads makes it impossible to understand what turns these prospects into actual paying customers. For most sales teams, the biggest hurdle in implementing a sales funnel is data management.
Your sales team needs a lot of contact and company data to start prospecting. Are the activities and outreach efforts being tracked and measured for effectiveness? No matter how valuable the sales funnel is, it only does justice when it is paired with actionable data. In this blog post, we delve into data-driven sales strategies that can support each stage of the sales funnel.
What is Data-Driven Sales?
Data-driven sales is a technique of using data in the form of company and contact information, prospect behavior insights, and analytics to make smarter decisions. Using data in sales, companies and salespeople understand what to focus on when and with what kind of messaging to use. Data-driven sales is derived from data instead of intuition or gut-feel, just like most other sales processes. By utilizing contact databases, CRMs, and marketing automation tools, sales, and marketing leaders can get actionable intelligence on which prospects they should focus on.
Types of data sales teams can use
Like we mentioned earlier, there are many types of data that sales managers can use to boost revenue. Let’s go through each one of them one by one.
This constitutes data from your CRM like sales cycle length, contact numbers, number of opportunities, opportunities won or list, deal sizes, etc. This is your daily operational day-to-day data that your sales teams collect by simply logging all activities and results. It is a great way to understand how well your team has been performing and which metrics can be improved, and what can be worked upon. If you don’t use a CRM yet, you can also create a spreadsheet and track operational data.
Traffic and visitor activity
It is the visitor behavior data from your website, social media, and other online channels. It tracks what your visitors do when they visit your website or social media page and where do they spend most of their time. It also gives you a good idea about whether a visitor is just evaluating options or actually serious about making a purchase. There are many tools that you can use to identify and capture visitor data, email addresses, and so on. You can further use enrichment tools like SMARTe Enrich to make the most of this unique sales opportunity.
Competitive and Market Data
Tracking competitive and market data helps you set the right price points and target greater volume. You will most certainly benefit from having an eye on other deals being made in your market. This will indirectly lead to increased customer satisfaction as they will be happy with the value they are enjoying at the most competitive prices.
Contact and company information
This data will tell you which companies to target first, who are the key decision-makers in your target accounts, and how to reach out to them. It offers useful data points like designation, company size, revenue, verified mobile numbers, and email addresses, and more. It gives you more insights into the industry, recent company changes, mergers and acquisitions, and more. SMARTe Discover is a 360 prospector offering update B2B company and contact data to help your sales team achieve their targets.
It refers to information that states the use of technology solutions, brands, their adoption rates, and the potential challenges they present for organizations. It shows you what hardware, software, and networking technologies are being used in an organization. This information significantly improves conversion as it allows you to run targeted marketing and sales campaigns.
What you should watch out for
For a successful implementation of a data-driven sales strategy, there are some things that you should watch out for.
Inaccurate, irrelevant, and inconsistent data
Reports say that in just a year, 30% of your databases can become useless. Databases can have all sorts of inconsistencies: duplicate records, incomplete data, messy data, or irrelevant, old information. If you are facing problems due to dirty data, you may want to cleanse and enrich your data regularly. With a 90-day refresh of your entire master database, SMARTe Enrich is one of the best real-time data enrichment and health analysis tools out there.
Inability to put data into good use
You have great data and insights, but if you are not able to put them into practice, it’s not of any use to anyone. The best teams have regular monthly and weekly meetings to share success stories, set standards, and expectations, and study trends to plan their next steps.
Sales and marketing teams are not aligned
When sales and marketing teams are delightfully aligned and working in tandem, you automatically see a drastic improvement in marketing return on investment (ROI) and sales productivity. If these departments are not able to work together, it can get frustrating for everyone involved, including other departments that usually work with them.
Reach out to us
Gather and utilizing data is very critical for a successful data-driven strategy. Incorporating data in your sales strategies can help you improve your sales productivity. To know more about how we can help you execute a successful data-driven sales strategy, simply click here or email us at email@example.com.