Data gathered over a range of verticals such as consumer buying patterns or employee behavior can be used to improve the marketing efforts for a business. Firms that focus on building a sales database and data analysis techniques can make their marketing function more efficient with the help of sales intelligence tools.
In this blog, we go over three steps you can take to increase your sales volume by making effective use of data for your business.
Use Data to Boost Employee Performance
You can use a sales intelligence platform to create key performance indicators for your sales team. The KPIs should focus on measures that your team members can control and improve. KPIs should be used to reward team member behaviors that drive your sales and discourage actions that cause a reduction in sales.
Determine 3 or 4 behaviors that your sales reps need to be doing on a daily basis to hit their targets. For example, your sales team members may need to make 10 or 20 cold calls every day to potential customers, or get in touch with existing clients to improve customer relationship and keep them on. You can create a recording system that keeps track of whether your team members are meeting their targets or not.
You can also use the database to set up a leader board or ranking table for your sales team. This is a great way to improve visibility on how the team is performing on their key sales metrics. It allows greater transparency and makes the employee reward system balanced and fair.
Targeted Customer Marketing
A comprehensive sales intelligence tool makes it easier for a business to identify market segments that are generating most of its sales. Businesses can collect customer data to build different portfolios. These can be based on customer location, price sensitivity, size of the market, industry or product line. Narrow customer segmentation makes it easier to offer specialized products based on customer preferences.
Another benefit of data-based marketing is that it allows businesses to focus on smaller customers. It is easier for sales teams to identify and focus on main customers that make bulk purchases from the company. However, small purchase customers can get neglected with this approach.
Sales intelligence platforms allow sales teams to understand why customers don’t spend more to buy the company’s products and helps them create convincing strategies to cater to low spending customers.
Improved Products and Pipeline Management
Data models and analysis can also be used to review product weaknesses. Products features, packaging, pricing and distribution methods can be reviewed, changed and analyzed. This allows businesses to understand customer reception better and improve their products to make them more appealing in the market.
A business may also use data analysis to improve their pipeline management. Inventory turnover times or production cycles can be significantly shortened by identifying bottlenecks that cause delays. Reviewing historical CRM systems can help businesses understand how sales reps spent their time and which methods produced better results.