Marketing teams all over the world are being tasked with meeting increasingly higher customer outreach goals yet industry data for the last five years show the percentage of marketing representatives hitting their numbers has plateaued. That’s even after accounting for the recovery from the great recession. At the same time, marketers and sales people are being inundated with endless noise and chatter from news sites, analyst reports, Twitter feeds and blog posts. Trying to decipher any meaningful insight about customers, prospects or markets can leave little time for actual interaction.
Tools for conducting business analytics to cut through big data noise do exist but until recently have required “braniac” data scientists to use, but that is slowly changing. Personal business analytics are making their way to the front line of sales, providing access to the exact information they need to drive intelligent conversations with key prospects to help meet ambitious revenue goals.
Focusing on Relevant Content
Time spent on account research and demand generation is, on average, taking up one-fifth of a person’s workweek. Many companies are just starting to use business analytics to help their marketing and sales teams identify how customers will react at certain conversion points in their customer revenue cycle. These insights are typically derived from mining data collected in their CRM, ERP, customer support and other internal information systems as well as unstructured data from the Business Web. In doing a peer group analysis of existing customers, they are able to generate a profile of what a highly qualified prospective customer actually looks like.
Relevant analytics to focus on include
- Specific vertical opportunities and industry shifts
- Identifying real-time risks and opportunities that your solutions match
- Building strategy around changing characteristics of your customers and markets
- Competitor activity and strategies
If packaged and presented properly, technology can act as a digital research assistant by showing the opportunities to pursue and the insights needed to develop effective and strategic marketing or sales plans.
Maintaining Strategic Outreach
Customers today can get a wealth of information about a vendor’s products or services via a variety of online options including your web site, your competitor’s site, reading analyst blogs, joining networking groups within social media services such as LinkedIn, and more. They also have high expectations for customer engagement by demanding that it delivers value at every interaction with them in order to win their business.
The messaging many hyper-growth companies use is no longer centered on the product they sell, but rather on understanding trending business issues, why those problems exist, and how to have the best solution to effectively deal with those issues. For example, it’s especially important for B2B sales teams to identify real-time deep insights on their customers’ business expansions and exits in order to align with that customers present and future needs.
Being effective at this, and being seen as a solution consultant, can significantly increase lead conversion rates and increase customer retention. By aligning solutions with real customer needs, marketers can deliver to their sales teams valuable tools that will enable them to have strategic conversations with their executive buyers, leading to shorter sales cycles and bigger deals.
Even though business intelligence has been readily available across many functional teams in the past, it has not been fully optimized in support of sales driven activities. If a marketer wanted to gather insight about emerging technologies, industry trends, or competitive moves, they typically had to reach out to a small internal analyst team for help, search a broad internal library, or perform their own searches on the internet. Today, when the entire team can easily access and understand their targeted customer, they can be more effective at achieving overall revenue growth.
By weeding out the influx of unnecessary data and maintaining focus on the relevant emerging customer trends and information, teams are now able to access business intelligence more efficiently and effectively- regardless of when and where they need it. A company’s effectiveness at helping their marketing and sales teams bridge their product expertise to become new business problem solvers is going to be what dictates whom the market leaders are.