When it comes to B2B sales, information is king. However, the information needed isn’t about your products or services. Successful sales come from using data analytics to learn more about your customers and current market trends.
For example, let’s look at how Netflix uses data to enhance its customer experience. Netflix collects subscriber viewing information to create personalized recommendations for each user. They also use data analytics to gather insights on which shows their audience likes or dislikes. Netflix uses these insights to decide whether to greenlight or reject a new movie or series pilot.
Data analytics can help your team gather insights that improve your company’s sales performance. They can then use this knowledge to come up with targeted strategies and programs that can make your sales more successful.
How data analytics helps
Data analytics refers to the method of using raw information to generate insights. For B2B sales, knowing how much a client spends per purchase and how often they shop can help produce detailed sales analytics. Learning these spending patterns can then help your team improve the sales process and land more deals. Let’s look at four more ways your team can use data analytics to enhance your marketing and sales efforts.
Sales forecasting
B2B sales forecasting involves using predictive analytics to look at a client’s history and create projections on their future behavior. Combining predictive analytics with anticipated market trends can help identify opportunities before they even happen.
Marketing and sales management
Your marketing and sales teams can use data analytics to create campaigns that cater to your company’s target audience. This data can be used to create highly specific programs that target your audience based on their wants and needs.
Lead generation
Data analytics can give B2B companies information on the best markets to tap. This can help your team create sales programs that target strong leads, helping them expand their client list.
Customer experience
B2B companies can also use data analytics to improve their customer experience by analyzing which campaigns are generating interest and which are not. Finding out what customers are actually looking for can help you improve your products or services.
Coming up with an improved B2B sales strategy
Your company can assemble a data analysis team or use reliable software alternatives to take advantage of data analytics. Let’s find out how.
Hire an expert team of data analysts
Data scientists collect, consolidate, and analyze data. Having a dedicated team of experts to uncover customer insights and provide data-driven support is definitely worth its while. However, choosing to hire a team can be an expensive option for companies with smaller budgets.
Find a tool that can do it all for you
If you don’t want to hire a team of data analysts, there are tools on the market that can do the work for you. For example, you can integrate sales management software with your CRM platform to produce valuable, data-related insights.
Streamline your data analytics
Today’s B2B sales environment requires going beyond just products and services. The marketing and sales departments must have a solid understanding of what the customers really want. Having a deeper understanding of these data insights can help them do just that.
Skynamo is field sales CRM software that can help your team accurately gather and interpret customer data from anywhere. It can also track your sales team’s activities and generate insights on how to improve their productivity. Learn more about how we can help your team fully harness the power of data by booking a free demo.
