The sales process has changed dramatically in the past 5 years and customers now have detailed information on all your products, services, and those of your competitors. Many times, customers won’t engage until they need specific information about how your company can solve their most burning problems.
Ideally marketing efforts turn “seekers” into prospects and sales converts prospects into customers. Unfortunately, this doesn’t always come together the way it’s designed. Though the sales team may get the leads, few insights come along with them which produces low conversion rates. This leaves sales and marketing wondering how they can improve the process. The answer – analytics!
Analytics for B2B organizations uses the available data, across all departments, to understand who the prospect is, what they want, and the amount of effort sales needs to pursue them. Analytics can predict what prospects and customers will do, when they will do it, and how to tip the scales in your favor.
Here are 3 examples of how analytics could help you.
- Predicting Customer Lifetime Value (CLV)
Not all customers are created equal. Putting it as clear as possible: your company (and your sales reps) can make more money from some than from others. So, it makes sense for your time, energy, and budget investments to target customers and prospects with the highest CLV potential. Organizations can develop prediction models by analyzing what is being purchased, margins, frequencies, firmographics, sales interactions, and service costs.
- Attrition Reduction
After working hard to find and win new customers, seeing them spend less or leave altogether is tough to deal with. Knowing who you should be concerned about and developing strategies to keep them satisfied, is key to retaining customers. By integrating data from multiple data sources such as product sales, customer service issues, trends in buying behavior, and more, you can implement trigger strategies and build predictive models to retain at-risk customers.
- Connecting Customers with Products
Nobody likes being sold something they don’t need or want. However, even though we may not want to admit it, having a sales rep offer you a product that you are ready to buy is refreshing (and makes your life easier).
Of course, it’s not easy to read minds and know what people want but using data analytics is close. By integrating data and knowing customers’ behavior, a skilled analyst can build a predictive model identifying which products they are most likely to buy. This enables Sales and Marketing to direct the right product offers to the right people at the right time.
Customers do business with vendors who deliver value. By leveraging analytics throughout sales and marketing, your team brings knowledge and insights to every call that customers appreciate. Cogensia takes a data-driven approach to sales automation that brings together Sales and Marketing while shortening the sales cycle. Learn how we can increase your sales and marketing productivity to shorten the sales cycle and drive higher conversions rates.