The accelerating pace in the change of information and communication technology brought an outstanding change in the industrial environment. The creation of cutting-edge technologies results in the transition in manufacturing processes that transforms the hand production methods into machine-driven.
Big Data has transformed some industries. The rise in data has surged the business of many organizations. Also, it has helped many B2B businesses to increase sales.
According to Harvard Business Review, here is how sales data can create value for non-sales teams across an organization.
Close the Information Gap between Marketing and Sales
Making marketing and sales align together is a challenging task. The initial challenge is to urge the right set of datasets, and most of the salespeople identify a niche between data employed by marketing and sales. And, so the data become stale as the stakeholders move from the respective roles and companies, which one in five decision-makers used to do during the buying process.
However, feedback from Sales on behavior throughout the buying process can help Marketing to more effectively qualify and achieve the target leads. Additionally, accurate and up-to-date CRM data can help Marketing teams refine their buyer identity.
Gain First-Hand Insight from Buyers
In many organizations, sales representatives used to share deep relationships with their customers and their interactions can be helpful for the insight into the product like for learning about the gaps in the product, acceptance of pricing structure, etc. Leveraging innovative machine learning and speech analytics tools, organizations can analyze large volumes of calls and extract useful feedback for the merchandise. These tools can help the company maintain good ROI from the product using self-service analytics and reporting the capabilities into the product.
Segment and Prioritize Accounts Based on Customer Metrics
According to HBR (Harvard Business Review) Sales, Customer Support, Marketing, and Product teams can all benefit from the insight into which accounts are poised for growth, which are ready for cross-selling, and which are likely to churn. For instance, churn metrics, support ticket themes, and merchandise usage patterns can shine a light-weight on product-fit issues and renewal risks. This understanding can drive marketing campaigns or commercial offers that compel customers to remain or engage differently with the merchandise.
Identify Growth Opportunities through Momentum Signals
At a macro level, understanding obtained from sales data can help businesses shape their growth strategies, which focus on entirely new segments of a market or moving far away from unprofitable areas. Within specific accounts, business drive signals — like hiring, raising capital or opening new offices that can shed light on a rise within the total addressable market (TAM). TAM refers to the total market demand and the revenue opportunity for a product or service. Today, most organizations check out customer relationship management (CRM) data, like contract size, to spot potential account growth.