When it comes to sales, intuition is not enough. Data is necessary. Not only will it help identify targets and find weaknesses in the sales pipeline. It can also help increase the chances of closing deals.
Data-driven sales refer to the use of certain metrics to come up with well-informed sales decisions. These include churn reduction, product pricing, and lead prospecting. Sales teams and representatives also use data to improve their productivity.
But did you know that using data provides other benefits?
Here are three secondary ways data empowers sales teams:
The success of a sales team does not only rely on the actions of the sales representatives. Management and leadership also play a crucial role. Managers should have the time and the right tools necessary to support the team in a meaningful way.
Analyzing data can provide an insight into how sales managers and team members should spend their time. It allows them to see what areas need improvement. For example, data like email subject lines, meeting recurrences, meeting durations, and attendee lists can help categorize activities into low- and high-value. Because of this, you can see whether you spend more time on low-value activities than high-value activities.
You can use a data management platform to further make it easier to analyze data. A software can help you sort out data. The platform identifies assigned keywords and classifies activities to help you prioritize. Thus, reducing the time you spend on both data entry and meetings.
Data analysis can help promote collaboration between departments. In turn, teams become more efficient and productive.
Organizations may face silos that prevent them from achieving their overall objectives and goals. Addressing these can be challenging, especially if there are multiple teams involved.
Gathering data from different departments and making them accessible to all relevant teams can help create more interdepartmental cooperation. You can do this with the help of a data analytics platform wherein departments can share and access information. Doing this will also reduce work redundancy and repetition while maximizing interdepartmental communication.
Micro-management is not something that sales teams favor. While it is important to monitor the progress of all sales representatives, it is also vital to provide them independence. Sometimes, managers and team leaders forget this. They end up getting involved and taking over projects when a sales representative fails to reach the company’s expected results.
Data analytics can prevent this. It can help identify deviations. It can also determine if there is a need for Management by Exception (MBE). MBE refers to a business management style focusing on the identification and handling of cases deviating from the norm.
A data-driven sales team can help a company save energy, money, resources, and time. Data will help sales teams align and streamline the sales process to maximize business impact and revenue.
don’t miss any of our top articles