Using Data Driven Sales
By Erika Sommer, Content Writer at PipelineDeals
Whether you engage with leads through social media and organic search, or prefer cold calling a list of prospects—there are countless ways to drive sales.
But when we get down to the bare bones, it all comes back to data. In fact, using data to boost sales is one of the most foolproof methods for gathering leads and closing those deals.
To understand how we collect data to drive our sales, we’ve created a Data Insight Cycle. We track the data, and from there we can analyze it in order to gather insight into buying patterns. It’s essentially used to inform improvements in marketing, coach our sales team, and help aid in product development.
We’ll give you a rundown of how we collect data, and how we use it to better our business practices.
Collecting Data Efficiently
Data collection can be a cumbersome procedure. Luckily, we can help to streamline the discovery process by pinpointing the metrics we need.
Let’s say we want to gather information on what our prospects are willing to pay for. In this case, our sales team can gather and record the information we need by talking to them. This could include:
- Whether they want a monthly or annual payment plan.
- How much they will pay-per-seat.
- Any implementation or training services they want to add.
- The value of those services.
For everything else, we can use an automated system to capture the data. This, in turn, helps to speed up the collection path. That way, sales people aren’t wasting so much time on data collection and can focus on the sales process. The automated system will capture things like:
- What industry vertical the lead or prospect is in.
- Their geographic region.
- The source of the lead (marketing event, email campaign, blog, etc.)
- Whether the lead came from affiliates (referral partners, sales consulting organization, etc.)
Data as a Coaching Mechanism
Once you gather your data, you can use it to look at trends around your product. You can use it to look at what’s working, and what you can improve on with the sales process, the product, and the company.
For example, the data we collect has been able to help us to implement better educational content on our website. We also gather information about clients’ geographical location, which has helped us to identify trends related to where the leads are coming from. Through this data collection and analysis, we can better assist our sales team with optimizing leads.
We can also use data to look at sales statistics such as how many sales were closed throughout the month, and how we can implement more successful practices. Thus, by looking at each salesperson’s performance statistics, we can paint a better picture of how to assist and improve as a team.
In conclusion, you want to be efficient with the data you collect. Make sure it can be used to help identify pain points within the sales process, and identify salespeople’s strengths and weaknesses. You also want to be able to use the information collected to identify trends around clients, help make better investment decisions, which all leads into closing sales.
Data is a powerful tool, you just need to know how to use it.
If you want to get your hands wet and learn more about how data drives sales, sign up for a free 14 day trial of our Customer Relationship Management (CRM) software.