big data for sales

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  1. 1. BigDataforSalesAn Introductionto AchievingSales Growth
  2. 2. ContentsIntroduction PAGE 3What Is Big Data? PAGE 5Why Is Big Data Important? PAGE 6The Potential of Big DataPAGE 7Top Challenges in Sales Organizationsand the Solutions PAGE 9Top Productivity Tips from ExpertsPAGE 16How Big Data Improves Sales PAGE 202ssss
  3. 3. Rich Analytics: The Pot ofGold at the End of the RainbowCustomers and sales reps are at loggerheads. Sales people want to engage customersclearly to sellmore. Customers dont want to deal with sales reps, but at the same time, customers are crying for insightand ideas about their businesses. Are there opportunities to improve? How do we grow? How do we ad-dress new markets? How do we better serve our customers?Dave Brock,Partners in EXCELLENCETheres a lot of data that shows that sales reps who provide these insights and ideas perform significantlybetter than those who dont. So selling has changed. Its all about a new engagement model. Its aboutproviding customers with insight, ideas and solutions. Its about nurturing the customer over time to helpthem understand, implement and execute.But where do sales reps get these insights and ideas? Sure, there are general insights or ideas, butto me these are the modern equivalent of Dear Occupant or Current Resident. What customers want areinsight, ideas and data that are directly relevant to them.Big Data and rich analytics provide sales and customers this capability. Today, sales makesguesses: is this the right customer, is this the right time, and will this resonate with them. They may bewild guesses in the case of prospects, they may be informed guesses based on past experience with them,but they are guesses. 3 s s s s
  4. 4. Imagine a new world, where the sale rep can intercept the right customer, at the right time, in the rightplace, with the right information, and the right offer. Imagine a world where we can identify the customerthat wants and needs to buy now, and we know what they want to buy and why.This is not just the promise of rich analytics. This is what many leading edge organizations are doingnow! For example, a client of mine, a major Financial Services company has increased their hit rates andconversions and they now consider their analytic capabilities their competitive advantage. Being able toidentify the right customer, at the right time with the right offer increases the quality of customer engage-ment so much, that this process is the key to their differentiation.Big Data and rich analytics, leveraged effectively, change all the rulesand all the results!Dave Brock,Partners in EXCELLENCE4ssssAll charts and statistics referenced in this ebook are based on the CSO Insights Report: Impact of Big Data on Sales Performance.
  5. 5. What is Big Data?Big Data is defined by 4 VsVolume. The terabytes of datathat most large companies acquireBig Data seems to be the new buzzword in the tech circle today. But what is it exactly? And whatregularly are too large to processdoes it mean for sales and marketing teams? According to Google Executive Chairman Eric Schmidt,with conventional means. Asevery two days the world produces the amount of data equivalent to all the data from the beginning of technology penetrates more aspectscivilization up to 2003, or almost five exabytes. of society, the information generatedfrom and about those devices isThis vast ocean of data contains the valuable insights that sales reps need to close sales. There rapidly expanding.are numerous details about customers, businesses and prospects available to sales teams, but they must sift Velocity. Modern businesses maythrough the useless data in order to find them, and that is where Big Data comes more importance on the timecharacteristic of Big Data than anyBig Data refers to the extremely large data sets, typically in the terabytes to petabytes range, that other dimension. Acquisition oforganizations acquire and the applications used to analyze and evaluate them. Big Data is the continuous, timely data is critical to many timeexponential growth in internal and external data gathered from and about customers and prospects that sensitive operations and provides aexceed the ability of conventional database management tools to collect, store, search or analyze. Some competitive advantage.of the most tangible examples include the terabytes of user data that Facebook acquires or that Walmartcollects about the millions of transactions it conducts hourly. Variety. This information maybe collected in a number of formsincluding text, audio, video, statisticaldata or sensor information.Value. The real impact of BigData stems from the insight that isgleaned from the raw data. Its allabout value. 5 s sss
  6. 6. Why is Big Data Important?Management of large amounts of information about partner companies, their sales staff, How frequently does an event you werentcompetitors and market conditions continues to tax even the largest of businesses. To moreaware of occur in a prospect organizationeffectively analyze and process this burgeoning pool of data, new tools, methodologies and analytics arederail or delay your sale? (e.g., merger, lawsuit,required. It is no longer enough to collect volumes of information; it is increasingly important for competitive reduction in force, spending freeze)businesses to analyze this information quickly, isolate key facts pertinent to business operations and distributeconclusions and data packets to critical business personnel.The majority of companies feel that their sales teams are failing to take advantage of salesopportunities because of a lack of information. Almost 54.6% of respondents to the CSO Insightsstudy felt their sales teams were sometimes missing some opportunities due to a lack of external or so-cial information, while almost 9.6% believed they were letting many opportunities for sales pass by veryfrequently due to ignorance of external events. With the right Big Data tools, sales personnel could be31.2% Infrequentlytransforming these missed opportunities into huge revenues.Big Data analytics overcome these problems by employing software and methodology54.6%advances, including predictive analytics and data mining. These Big Data strategies enableSometimescompanies to uncover hidden patterns or connections and produce operational advice in a timely andactionable manner. Armed with the latest, most pertinent marketing information, sales staff can make 9.6% Very frequentlymore effective presentations to clients, integrate key selling points, and make reliable predictions aboutclient behavior.Big Data analytics are the cornerstone of producing comprehensive, reliable business.5%strategies. Accurate, up to the minute knowledge about clients and market conditions will separate4.1% Neverelite companies from the competition. The enhanced power of Big Data allows the identification ofDont Knownew business opportunities, more rapid allocation of resources and the streamlining of sales operations. 6ss s s
  7. 7. The Potential of Big DataBig Data allows businesses to be more efficient, productive and nimble. These advantages are applicable 90%Of sales leaders surveyedacross almost all industries, business sizes and models. expect to see a significant impact from a Big Data strategyThe primary benefits of Big Data are: 16%1. Social selling and Sales 2.0 become effective tools. Data that is unprocessed reduces sales success. Successful evaluation and analysis allows key personnel to integrate salient data points into the decision making process. The rapid analysis of larger blocks of social data allows personnel to access customer insights and trigger appropriate responses. This facilitates account targeting, access to decision makers and social referencing. Of companies have2. nticipate and identify opportunities. As the amount of data collected increases, the detail A a Big Data strategy in place of minute business operations also sharpens. Minor elements of operations that were deemed inconsequential in the past can now be thoroughly examined and modified accordingly.3.Sales reps can receive real time prospect information.The profile of target consumers can now be refined to unprecedented resolution. Improved customer and prospect information can facilitate the development and implementation of more customized marketing strategies, products or services. Sales reps no longer have to enter meetings with outdated or inaccurate information. 4. nhanced product development. The predictive power of Big Data delivers a more accurateEforecast of client needs and allows the product design and development to be more effective.7 s sss
  8. 8. 90% 5.Improved metrics of success. The holy grail of business strategy is to make insightful decisions that anticipate the developing market. Greater access to more comprehensive models based on more information facilitates the decision making process. How sales reps utilize this information can be measured against potential winning rates, allowing a definitive analysis of sales strategies. Conversion rates and closing rates can be more precisely compared to opportunities that permitOf sales leaders a more expansive understanding of the return on investment in your CRM system. have missed opportunities due to info overload 6. omprehensive analyses of customers and prospects. The traditional CRM system was C limited to data gathered by sales personnel. Big Data utilizes information collected from internal 15 data systems, external sources and social media which produce enhance customer insights. 7. eliver insights, not raw data. Flooding sales teams with unprocessed data only impedes D successful sales. Big Data manages data, analyzes it and produces meaningful, actionable insights and recommendations that enhance sales effectiveness.Reps search as manyas 15 sources prior topicking up the phone 8 s s s s
  9. 9. Top Challenges within


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