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Page 1: Big Data for Sales

Big Data for SaleSAn Introduction to Achieving Sales Growth

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Introduction PAGE 3

What Is Big Data? PAGE 5

Why Is Big Data Important? PAGE 6

The Potential of Big Data PAGE 7

Top Challenges in Sales Organizationsand the Solutions PAGE 9

Top Productivity Tips from Experts PAGE 16

How Big Data Improves Sales PAGE 20

COnTEnTS

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Customers and sales reps are at loggerheads. Sales people want to engage customers—clearly to sell more. Customers don’t want to deal with sales reps, but at the same time, customers are crying for insight and 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? there’s a lot of data that shows that sales reps who provide these insights and ideas perform significantly better than those who don’t. So selling has changed. it’s all about a new engagement model. it’s about providing customers with insight, ideas and solutions. it’s about nurturing the customer over time to help them understand, implement and execute. But where do sales reps get these insights and ideas? Sure, there are “general insights or ideas,” but to me these are the modern equivalent of “Dear occupant or Current resident.” What customers want are insight, ideas and data that are directly relevant to them. Big Data and rich analytics provide sales and customers this capability. today, sales makes guesses: is this the right customer, is this the right time, and will this resonate with them. they may be wild guesses in the case of prospects, they may be informed guesses based on past experience with them, but they are guesses.

rich analytics: the Pot of gold at the end of the rainbow

Dave Brock, Partners in EXCELLENCE

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imagine a new world, where the sale rep can intercept the right customer, at the right time, in the right place, with the right information, and the right offer. imagine a world where we can identify the customer that 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 doing now! for example, a client of mine, a major financial Services company has increased their hit rates and conversions and they now consider their analytic capabilities their competitive advantage. Being able to identify 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 rules—and all the results!

Dave Brock, Partners in EXCELLENCE

All charts and statistics referenced in this ebook are based on the CSO Insights Report: Impact of Big Data on Sales Performance.

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Big Data seems to be the new buzzword in the tech circle today. But what is it exactly? and what does it mean for sales and marketing teams? according to google executive Chairman eric Schmidt, every two days the world produces the amount of data equivalent to all the data from the beginning of civilization up to 2003, or almost five exabytes. This vast ocean of data contains the valuable insights that sales reps need to close sales. there are numerous details about customers, businesses and prospects available to sales teams, but they must sift through the useless data in order to find them, and that is where Big Data comes in. Big Data refers to the extremely large data sets, typically in the terabytes to petabytes range, that organizations acquire and the applications used to analyze and evaluate them. Big Data is the continuous, exponential growth in internal and external data gathered from and about customers and prospects that exceed the ability of conventional database management tools to collect, store, search or analyze. Some of the most tangible examples include the terabytes of user data that facebook acquires or that Walmart collects about the millions of transactions it conducts hourly.

What is Big Data? BiG DATA is DEfinED By 4 Vs

Volume. the terabytes of data that most large companies acquire regularly are too large to process with conventional means. as technology penetrates more aspects of society, the information generated from and about those devices is rapidly expanding.Velocity. Modern businesses may place more importance on the time characteristic of Big Data than any other dimension. acquisition of timely data is critical to many time sensitive operations and provides a competitive advantage.Variety. this information may be collected in a number of forms including text, audio, video, statistical data or sensor information.Value. the real impact of Big Data stems from the insight that is gleaned from the raw data. it's all about value.

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Management of large amounts of information about partner companies, their sales staff, competitors and market conditions continues to tax even the largest of businesses. to more effectively analyze and process this burgeoning pool of data, new tools, methodologies and analytics are required. it is no longer enough to collect volumes of information; it is increasingly important for competitive businesses to analyze this information quickly, isolate key facts pertinent to business operations and distribute conclusions and data packets to critical business personnel. The majority of companies feel that their sales teams are failing to take advantage of sales opportunities because of a lack of information. almost 54.6% of respondents to the CSo insights study 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 very frequently due to ignorance of external events. With the right Big Data tools, sales personnel could be transforming these missed opportunities into huge revenues. Big Data analytics overcome these problems by employing software and methodology advances, including predictive analytics and data mining. these Big Data strategies enable companies to uncover hidden patterns or connections and produce operational advice in a timely and actionable manner. armed with the latest, most pertinent marketing information, sales staff can make more effective presentations to clients, integrate key selling points, and make reliable predictions about client behavior. Big Data analytics are the cornerstone of producing comprehensive, reliable business strategies. accurate, up to the minute knowledge about clients and market conditions will separate elite companies from the competition. the enhanced power of Big Data allows the identification of new business opportunities, more rapid allocation of resources and the streamlining of sales operations.

Why is Big Data important?

.5%never4.1%

Don't Know

Sometimes

Infrequently

Very frequently

54.6%

31.2%

9.6%

How frequently does an event you weren’t aware of occur in a prospect organization

derail or delay your sale? (e.g., merger, lawsuit, reduction in force, spending freeze)

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Big Data allows businesses to be more efficient, productive and nimble. these advantages are applicable across almost all industries, business sizes and models.

The primary benefits of Big Data are: 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.

2. Anticipate and identify opportunities. as the amount of data collected increases, the detail 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. Enhanced product development. the predictive power of Big Data delivers a more accurate forecast of client needs and allows the product design and development to be more effective.

the Potential of Big Data 90%of sales leaders surveyed

expect to see a significant impact from a Big Data strategy

16%of companies have

a Big Data strategy in place

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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 permit a more expansive understanding of the return on investment in your CrM system.

6. Comprehensive analyses of customers and prospects. the traditional CrM system was limited to data gathered by sales personnel. Big Data utilizes information collected from internal data systems, external sources and social media which produce enhance customer insights.

7. Deliver insights, not raw data. flooding sales teams with unprocessed data only impedes successful sales. Big Data manages data, analyzes it and produces meaningful, actionable insights and recommendations that enhance sales effectiveness.

90%of sales leaders

have missed opportunities due to info overload

15reps search as many as 15 sources prior to picking up the phone

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Too MuCh inforMATion Too much information is a burgeoning problem for big business. the influx of data from new sources like web resources and social networking sites is growing at a geometric rate and threatens to overwhelm sales reps and conventional data management systems. this translates into overworked staff, demoralization, lowered sales closings, lost opportunities and diminished revenue. information overload can affect sales reps in three ways. reps faced with too much information will treat new data superficially, which prevents insights and innovations that are essential to sales success. Secondly, too many choices can overwhelm the decision making process. too many choices for a client will result in paralysis and downgrade sales productivity. lastly, option similarity can halt decision making. Pro-viding stark choices permits differentiation of options and greater decisiveness, while offering a multitude of choices with subtle or indiscernible differences can undermine the decision making process, paralyze the client and encourage the client to withdraw from the shopping process. social media is the wedge issue for many companies to invest in Big Data analytics. as the users on popular networking sites rise into the hundreds of millions, companies are falling behind in the capture of pertinent trends. Salespeople are trying to tap social media sites for insight into consumer behavior, but are instead drowning in a sea of unmanageable data. Due to the unstructured nature of social data, many companies lack the storage facilities and corporate infrastructure to properly retain this information.

top Challenges within Sales organizations and the Solutions

.9%not sure

no, we do not feel challenged at all

Yes, we feel very

challenged

Yes, we feel somewhat challenged

57.4%17.4%

24.3%

Do you and your sales team feel challenged by the amount of data available and time it takes to research a prospect before making a call?

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issuEs wiTh CusToMEr rElATionshiP MAnAGEMEnT sysTEMs Customer relationship Management (CrM) systems are engineered to streamline the sales process by providing actionable information for sales and customer relations personnel to utilize when interacting with clients. this system is critical to company brand and reputation as it directly impacts how clients are managed. With almost 65.6% of sales personnel utilizing CrM systems to uncover key information about prospects, a failure in this system can ripple out to the wider market segment.

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8072.5%

65.6%60.6%

45.0%37.6% 37.2% 35.8%

32.6%26.1%

15.1%

1.8% 1.4%

Interne

t Busi

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Members

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CRM System

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Engines

Press R

elease

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etworkin

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Manual S

earch

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Info not A

vailab

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Don’t Know

44.5%of companies stated that

their CrM system needed to provide more comprehensive

internal information

Where do your sales reps find critical information on prospects?

(Check all that apply)

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CrM systems are often poorly utilized. they are marketed for use by sales reps, but they are often engineered for sales management. Sales reps spend less than 50% of their day selling because they are hampered by the task of putting data into CrM systems. Because sales reps input the minimum amount of data to keep managers satisfied, this data is often stale and out of date, and rarely updated due to the effort and lack of managing oversight. according to a study by gartner, almost 25% of data in critical business data systems is outdated or inaccurate.

1.7%5.2%

15.5%

49.4% 76.4%44.3%

0%6.3%

Exceeds E

xpectatio

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Meets E

xpectatio

ns

needs Im

provement

Do not Know

Exceeds E

xpectatio

ns

Meets E

xpectatio

ns

needs Im

provement

Do not Know

rate how effective you feel your

CrM system is at helping to provide you with all of your eXterNal

company information.

rate how effective you feel your

CrM system is at helping to provide you with all of your

iNterNal company information.

76%of respondents reported their

CrM system also needs to provide better external information

44.3%of companies stated that their

CrM system needs to provide more comprehensive

internal information

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DATA inTEGrATion CrM systems that effectively integrate internal and external data sets are significantly more likely to improve sales success. Data integration of external market conditions, customer profiles, client events and impending situations with internal multi-channel information has profound advantages for businesses. Data integration produces some significant benefits including: 1. Decreasing complexity of data improves performance and reduces management costs. 2. allows greater transparency and access for regulatory agencies. 3. Data security is enhanced by identification of critical data. 4. Data is prioritized more easily by its stage in its lifecycle. More outdated information is transferred to

lower priority storage. 5. enhanced organization allows all data sets to be searched easily which improves sales preparation. 6. return on investment is enhanced as key personnel improve productivity and sales representatives

will generate customer insights that solidify relationships and augment sales closings.

according to the CSo insights report, a mere 19.7% of companies have data management systems that integrate external and internal data. .5%

Do not know

Planning to implement

Yes, info access and alerts

Yes, easy info access

no52.3%

11.9%

15.6%

19.7%

Do you have a single technology system

in place that enables sales reps to easily access internal and external information on prospects

aND gain insight from it?

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only 15.6% of businesses possessed CrM systems that granted sales reps easy access to info and alerted them to possible opportunities. While an additional 12% planned to implement this technology, 52.3% were not providing sales reps with these critical tools. there is widespread support for unified data management, with 90% of respondents voicing the opinion that integration would improve sales time for reps, and sales effectiveness, there was a significant gap between support for the technology and actual implementation.

90%of respondents voiced the

opinion that integration would improve sales time for reps and sales

effectiveness

52.3%of businesses were not providing

sales reps with critical sales tools such as CrM

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91.2%

81.2%76.6% 73.5%

68.3%

42.9%38.0%

89.9%

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s Rep Time

Devoted

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Prospecting

Effective

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Conversio

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if your sales reps had all the external, internal and social information available

in one system that highlighted what prospect information is most important to

winning the sale, what impact on sales perfomance would you expect?

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TiME MAnAGEMEnT Time management plays a key role in sales force effectiveness. With almost 50% of sales personnel time devoted to CrM input or other administrative duties, improved data capture and analysis methods are integral to augmenting sales generation. the CSo insights report found 81.7% of sales teams surveyed felt very or significantly challenged by the lack of information and the time needed to research prospect information. sales suffers from lack of real time data. even if processes for data management are implemented, in many cases, they produce results well outside the time window for actionable sales operations. the acqui-sition and processing of incorrect, inconsistent or outdated information leads to prolonged wait times while data management systems analyze information. the CSo insights study reports that 57.4% of companies feel somewhat challenged by lack of available data and the time required to research a prospect, while an additional 24.3% felt very challenged. The window of opportunity for businesses to react is narrowing, so sales teams require enhanced tools to take advantage of them. opportunity costs lost to information retrieval can result in a company with 1000 workers losing $300,000 a week or $15 million annually. Poor data management can result in thousands of man-hours wasted weekly by sales personnel who must input and retrieve client info. this can reduce productivity and increase operating costs due to higher number of employees, work interruptions and poor decision making.

50%Sales reps' time is devoted

to CrM input or other administrative duties

81.7%of sales teams felt very or

significantly challenged by the lack of information and time needed to

research prospect information

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MissinG oPPorTuniTiEs the importance of pertinent, reliable data cannot be underestimated. according to SiriusDecisions, companies with high quality data have 70% more revenue than those utilizing average quality data. CSo insights reports that among respondents, 65.1% felt their company has missed some opportunities due to ineffective utilization of internal, external and social data about prospects, while 22.9% felt they had missed many opportunities. Missed sales opportunities may be caused by the following key issues in data management: 1. Poor integration strategy. integration of data sets without a coherent strategy tries to provide too

many things to too many people. all company stakeholders should present needs and integration should focus on those objectives.

2. Garbage input. Various data acquisition mechanisms employ differing standards of data. a high quality data management system will grade data and prioritize quality data from unimportant information.

3. Missing data sources. all data sets that can impact sales and business operations need to be integrated. Missing key sources compromises the integrity of analytics.

4. Business evolution. Data management must change as the business model adapts to evolving conditions. Social media is now a rising concern with many companies, but many data management systems are incompatible with social data. 3.7%

Do not know

Yes, some opportunties

no, we haven’t missed any

8.3% Yes, many opportunities

22.9%

65.1%

Do you feel your company has missed opportunities because sales representatives

cannot effectively leverage all of the internal, external and social inofmation available

on prospects?

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top Sales Productivity tips from the experts Avoid “shiny” new distractions. Do you love “shiny” new things... the latest gadgets,

breakthrough technology, and the 10 newest steps to success? Don’t let your love of novelty distract you from those things that will help you achieve your sales success. Schedule time on your calendar for essential sales activities like prospecting, then keep your appointment.

Create manageable monthly chunks of leads. if your annual sales goal seems steep,

try breaking it into manageable monthly chunks of leads you need and new prospects to close. remember to account for the length of your sales cycle. How many months do you really have to make sales that will close this year?

start the right conversation. Your prospects don't have the time to pay attention to

what you wish they could buy. So instead of going into the details of your service, mention how you were able to solve a similar problem for other clients. You'll open the door to a bigger, better conversation.

— Kendra Lee is a Top 50 Sales & Marketing Influencer for 2012. She is a Prospect Attraction Expert, president of KLA Group, and author of the award-winning book Selling against the goal and the Sales Magnet (coming September 2012). Kendra Lee is a top IT Seller, Prospect Attraction Expert and author of the award winning book Selling against the goal and president of KLA Group.

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The great seller doesn’t have to convince anyone to buy. the great seller facilitates a heart to heart conversation within which a very magical thing occurs. . .the buyer ends up convincing the seller to sell!

— GuruGanesha Khalsa is the founder and CEO of the Sandler Sales Institute of Virginia, which is known as one of the world’s premiere high tech sales training organizations.

if you’ve ever been on the receiving end of a call from a sales rep who has nothing more relevant to say than referencing a recent download from the company’s website (and who hasn’t?), receiving a call that provides valuable information would be a welcome experience. the best way to achieve this outcome is to provide easy visibility into integrated data that will help improve whom sales decides to call as well as the quality of the conversation. Sales conversations that don’t provide reciprocal value for both parties will not move the buying process forward. But manual processes for information gathering are time intensive and less effective. the solution to both better conversations and sales productivity lies in the quality and usability of infor-mation made available to your sales team.

— Ardath Albee, CEO of Marketing Interactions, Inc., helps B2B companies with complex sales create eMarketing strategies that use contagious content platforms to turn prospects into buyers. Ardath wrote the book eMarketing Strategies for the Complex Sale, published by McGraw-Hill, and was recently selected as one of the 50 Most Influential People in Sales and Marketing for 2012.

My top tips? Making decisions with your gut no longer makes sense. there's lots

of data at your fingertips. leading indicators are better than lagging indicators. Which metrics are you looking at? SfDC works for your sales team. Your sales team does not work for SfDC. a sales process without job aides is like a dentist without tools to clean teeth. By the time you get the sales appointment, the customer has done lots of research.

— Greg Alexander serves as CEO of Sales Benchmark Index (SBI), a professional services firm focused exclusively on sales force effectiveness. Greg’s recent client list includes: Adobe, Eloqua, Reed Elsevier, Emerson Electric, Fairchild Semiconductor, Forrester Research, Integrated Device Technologies, Terremark, Ryder, Phase Forward, Safety-Kleen, Genzyme Biomedical, ConocoPhillips, Dow Jones, Kronos, and others.

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sellers need to ensue that they are in control of their time, not the other way around. Critical to that, is to put time aside for "fire fighting", the need to deal with real client related emergencies. it is easy to predict the time required, and setting that aside, most don't as a result they still need to deal with client emergencies, but don't have enough time to complete all the things they need to succeed and deliver revenue goals.

— Tibor Shanto is a recognized speaker, sales leader, author and sought after trainer. Tibor is the coauthor of an award winning book on trigger events Selling. A 25-year veteran of B2B sales with companies such as Dow Jones, Reuters and others. Called a brilliant sales tactician, Tibor helps organizations execute their strategy by using the EDGE Sales Process to create the perfect combination of strategy, tactics, skills to ensure execution.

Don’t waste your time making 50 calls to 50 different prospects if there is no

way you can follow-up and repeat the process with the same 50 prospects at least 4 more times. a huge mistake people make when prospecting is they think they’re being efficient by calling or emailing a bunch of prospects once—and then they forget about them.

Always have your plan in place before you start. With prospecting it’s better to target and concentrate on the best prospects, rather than spraying and praying you’ll have positive results. Successful prospecting happens when there is a plan, and when you actually follow-up with the prospects you have contacted. in other words, don’t start what you can’t finish.

— Mark Hunter, “The Sales Hunter,” is author of High-Profit Selling: Win the Sale Without Compromising on Price. He is a sales expert who speaks to thousands each year on how to increase their sales profitability. He was named one of the Top 50 Influencers in Sales by Top Sales World. To receive a free weekly sales tip and read his Sales Motivation Blog, visit www.TheSalesHunter.com. You can also follow him on Twitter, on Facebook and on Linkedin.

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nurture your leads that aren't sales ready. lead nurturing isn't calling every quarter to ask if they are ready to buy, but to become a trusted advisor and provide relevant infor-mation to your prospects. in fact, a recent study of business-to-business buyers shows that sales people who become trusted advisors and understand the needs of economic buyers are 69% more likely to come away with a sale.

— Brian Carroll is Executive Director of Applied Research at MECLABS and CEO of InTouch, part of the MECLABS Group. Author of the popular book, lead generation for the Complex Sale (McGraw-Hill), Carroll is a leading expert in lead generation and he's profiled and regularly quoted in numerous publications. Brian also speaks to 20,000 people a year on improving sales effectiveness and lead generation strategies. He’s been profiled and regularly quoted in numerous publications such as BtoB Magazine, Selling Power, the Wall Street Journal, entrepreneur, target.

Every 90 minutes take a 15-minute break. get up and move. leave your desk. this gets your brain going again and increases your productivity.

— Jill Konrath is an internationally recognized sales strategist and bestselling author. Her newest book, SNaP Selling, soared to the #1 sales book on Amazon within hours of its release. Her previous book, Selling to Big Companies, has been an Amazon Top 20 Sales Book since 2006. fortune magazine selected it as one of 8 “must reads” for salespeople along with classics such as How to Win friends and influence People.

never forget that any opportunity is a people opportunity. regardless of what the data looks like, your solution only works if you customize it to the person in the situa-tion. emotion trumps logic most of the time.

— Dan Waldschmidt, speaker, writer, and strategist, is at war with conventional business strategy. His Edgy Conversations© have turned hundreds of companies into rock-star businesses and the Wall Street Journal calls his blog one of the Top 7 sales blogs anywhere in the world. He’s on a mission to empower millions of high-performers all over the globe.

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Companies are increasingly aware of the need for improved data acquisition across a multitude of marketing channels. this data, especially from social media, is rising into the terabyte range which is too large for conventional CrM systems to manage. in order to optimize customer interaction with sales personnel, data management systems must be able to: 1. Produce cross channel reporting, analytics, media and targeting 2. Provide end-to-end metrics 3. Provide real time, actionable insights 4. reduce barriers between different teams, markets and brands 5. improve time management

Providing up to the minute information about prospects, their current market situation and impending changes in the business environment helps prepare sales teams for critical sales meetings. the majority of respondents in the CSo study believed that having world-class data and real time insights would improve sales. a total of 98.6% of respondents felt sales effectiveness would benefit from Big Data.

How Big Data improves Sales

1.4%no impact

Wins

Sometimes gives an edge

Gives anadvantage

57.3%15.6%

25.7%

Which of the following statements best reflects the impact that world class data access and real-time insights will have

on winning deals?

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Big Data would improve sales through increasing time devoted to making sales, prospecting efficacy, lead conversions, shortened sell cycles and improved forecasting of win rates. in many companies the sales division is involved in Big Data strategies, but is relegated to participatory roles rather leading ones. in spite of a minor role in Big Data strategies, sales teams are expected to benefit from the utilization of Big Data. With 49.5% of respondents supporting the view that sales would increase from Big Data, while 22% stating the increase in sales would be substantial, the majority of professionals believe Big Data would dramatically improve sales win rates.

5.5%no impact

7.3%Do not know

noticeable increase

22.0%

Minor increase15.6%

Increase49.5%

What impact do you think a Big Data strategy could have

on sales effectiveness?

Senior C

orporate

Executiv

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Marketin

gCIO Sale

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Inform

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echnolgy

Department

Who is responsible for your Big Data strategy?

39%35%

29%67%

57%

0%12%

14%11% 29%

56% 47% 43%

17% 14%n LEADInG ROLE n ACTIVE PARTICIPAnT n nOT InVOLVED

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lattice is revolutionizing sales by harnessing Big Data to develop the most informed sales and marketing professionals, engaging the most receptive customers in the most compelling ways. our Big Data analytics platform, salesPriSM, delivers real-time, actionable, account-specific insight directly to sales reps via CrM, email or mobile devices. fortune 5000 companies rely on lattice to generate more pipeline opportunity and close more deals, improving sales performance by 15 percent or more.

our ‘secret sauce’ is the application of predictive analytics to extract deep, real-time insight about customer needs and behavior. salesPriSM Big Data analytics platform makes it possible for inside and field sales people to ground their every-day actions (i.e., who should i call, what should i say) based on data-driven evidence.

Hundreds of thousands of sales pros worldwide have already become a players. it’s now time for you to save time and sell more. Close more deals and meet your quotas every time by using salesPriSM from lattice.

for more information, visit www.lattice-engines.com or call 1-877-460-0010.

about lattice

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