This article is first in a series on how to leverage information – Big Data – and analytics to boost sales productivity and drive predictable, scalable revenue growth. Uncertainty – known as risk in the world of finance and variance in economics – isn’t new or unusual. Business cycles and risk have been around since the crazy tulip times, and likely long before. Rising tides hide the flaws When upcycles follow uncertain times, sales organizations can easily forget the tougher times. But upcycles can hide structural flaws that were exposed when tides were low, such as: Inadequate training to adapt Weak or dubious analytical methods Under-leveraged CRM systems Lack of cohesive approach to managing the customer experience During extended uncertain times, some companies see that they can no longer wait for the tide to return and lift their boats. Maybe the tide is flowing somewhere else. Maybe this is the new normal. This is what makes fixing structural flaws in sales operations – right now — urgent and critical. It’s always been important among sales leaders to improve sales productivity by 1.) enabling sales people and 2.) delivering more for less. Now there is renewed emphasis on analytics to boost sales productivity. This post by the Sales Management Association is spot-on regarding how sales organizations are looking to improve sales productivity. Winning against resilient competitors …Read More
Three ways to improve outbound lead generation
The first step to improving outbound lead generation is to better understand pipeline activity. An analytical approach can help sales managers to create efficiencies in sales rep activities, resulting in improved lead generation outcomes: Sales Activity Lead assignment to reps – Placing a manageable quantity of leads in each sales reps’ queue on a timely basis so they can start calling, qualifying and closing deals without being overwhelmed. Lead disposition by reps – The “why” of determining which leads are not qualified or worth pursuing is just as important as converting a qualified lead into an opportunity. Time spent on non-sales activity – Creating action lists that can be used to prioritize, assemble and validate actionable info How can analytics make reps more efficient with these sales activities? Lead assignment: Reps disqualify leads at a faster rate than they qualify them. The assignment of new leads can be automated based on total current active leads as a ratio of closed leads, and the relative volume of leads compared to other reps. Lead disposition: Disposition reasons that are clear, accurate and consistent can yield valuable info to fix specific problems. For example, if the reasons show bad data, go back to the vendor and get updated records …Read More
Buying prospect data: Why it may cost you 125% more than you think
Sourcing new outbound leads is a never-ending endeavor for sales and marketing. Prophesies of cold calling being dead have not come true if only for the simple reason that prospecting through all channels must be on the table to fuel the engine of sales growth. Companies typically procure lead data from four main types of leads: Internally-generated leads: Referrals, word of mouth, events, etc. Intelligence-based leads: Newsfeeds, industry alerts, personnel changes, etc. InsideView is one good example of this, but we believe LinkedIn also fits this mold (the evolution of this is exciting) Special or vertical lists: Trade associations, commerce groups, organizations operating with a geographic charter Compiled lists: The likes of D&B and InfoGroup, including credit files But as any sales or marketing manager knows, simply dumping more records on a sales rep is a thing of the past. Lead nurturing and scoring are the norm, wherein prospects are nurtured until they raise their hands as hot leads, and are then forwarded to sales. In addition, predictive modeling that identifies the most likely prospects based on the “ideal customer” profile must be part of the mix. It’s clear that the prospects at the top of the funnel – the ones you might pay for – are not sales ready. Further criteria and …Read More
Why you should put some sales tasks on auto-pilot
For any airplane pilot, the auto-pilot is a valuable companion. It can automate routine tasks such as maintaining altitude and direction so you are free to focus on the next tasks needed to reach your goal destination. Airplane auto-pilots can handle many tasks for the pilot. They can: Follow programmed climb and descent rates to pre-set altitudes Turn the plane to a specific direction Line up for landing on the runway Execute missed runway approach procedures, like climb away from the ground if the runway approach lights are not visible But amazing as auto-pilots are, aviators are aware that the auto-pilot does not fly the plane for you. You are still always responsible for reaching the goal destination. Business analytic tools – particularly those with predictive methods – can function a lot like an auto-pilot. They reduce workload, prioritize tasks and standardize best practices so you can focus on things the auto-pilot doesn’t do: continuously improving human performance, anticipating hazards far in advance, and staying ahead of the navigation tasks. Like auto-pilots, how can analytics contribute to sales enablement and productivity? REDUCE WORKLOAD: Pilots joke that flying is a long span of boredom followed by moments of panic. Perhaps like all the sales activity during the final days of the quarter? In flying, reducing mundane workload is a …Read More