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.
Micromanagement is something many do, but few admit. It’s one of the foremost examples of good intentions with often negative consequences. Especially in field sales management, micromanaging is rarely necessary.
When determining the most appropriate sales strategy for their teams, B2B companies often use customer sales records. This approach collects data, analyzes it, and then uses it to maintain accurate customer databases.
Tracking this data can help you to monitor your company’s performance among specific demographics and target users. You can then use this information to tailor a sales strategy that optimizes resources and fosters growth for your business.
Tracking sales productivity blindly, or ignoring it completely, can be detrimental to your business growth and your bottom line. Although sales figures alone can give you an indication of the demand for your product or service, other factors determine whether those sales are translating to increased profit – as well as how they match up to the team and market potential.
Sales can be volatile, particularly in today’s economy. The cost of stock and its availability can change swiftly, which makes it difficult for sales teams in the trenches to close deals or deliver the promised goods.
Building your inside sales team is a challenging undertaking, but an important one. If you want to grow your business and your revenue, you need to build a winning inside sales team. Internal sales teams are the bedrock of the ever-increasingly important customer experience phenomenon and in the absence of a dynamic inside sales team, your customer relationships will quickly break down.
Data-driven insights help companies make more informed decisions. B2B guided selling gives businesses the ability to synthesize, connect and enrich disparate data sources and helps to build a more complete picture of how buyers behave. This allows sellers to identify needs, predict behaviors, and close more sales.
Modern work culture is becoming increasingly demanding. Between navigating new technologies, acclimating to remote work environments, and keeping up with the daily grind, employees and managers alike may find themselves working longer hours and dealing with a lot of stress. These factors can negatively impact their ability to maintain a healthy work-life balance.
Sending your sales and marketing teams into the field with a well-thought-out plan and a vision of their model client is key to successfully closing more deals. If your team doesn’t know who their ideal buyer is, they’re likely to waste a lot of time chasing dead leads and not knowing how to work around various objections to their offer.
Companies use many different metrics to quantify their success. Some of the more common ones include: reports to track and measure operations data, website traffic, and employee performance. Beyond these, customer lifetime value (CLV) has been identified as one of the most helpful business metrics.