You know your revenue, your customer acquisition cost and your sales quota in your sleep. At any given point you as a sales professional can probably tell me your numbers. Isn’t this right?
Today, the difference between a good and a great sales person has less to do with these numbers, and more about the dedication to data. In this blog post we will walk you through the process of becoming a data-driven sales leader.
Understand what data points effect your numbers
You have identified sales KPIs based on what results you as a sales manager believe have the greatest impact on the performance of your overall organization. Now, take a second think of these metrics to dig deeper into what data can help you improve your numbers.
Let’s take a common KPI for sales representatives as an example: number of booked meetings. Say you have decided that each of your sales representatives should book 20 meetings a month. In order to do this, you might have calculated that each sales representative has to make 70 calls and send 30 emails per day. But what about the quality of these calls and emails?
Instead of the traditional quantitive approach, try having smarter conversations with your prospects by reacting to buying signals that a company is actually in need of what you’re offering right now.
The right data-points can help you get off the sidelines and into the action.
Example: If you´re offering recruitment services, reach out to companies that recently opened up a new office, closed a successful funding round or launched a new product or service. These events indicate that the company will need to increase its headcount in the nearby future.
Use data insights to find the right accounts to focus on
The first step to any effective account-based strategy is having targeted account selection. A good way to do this is by utilizing an ideal customer profile. Another good way is to look for lookalike accounts.
Your ideal customer profile is a fictional description of a company that both gets a lot of value from using your product or service and brings lot of value to your organization. A lookalike account is an actual company similar to one that you’ve successfully landed as a customer. Your lookalike companies might very well match your ideal customer profile.
Use a smart, dynamic company database like Vainu and filter companies with specific characteristics. You can also use the “similar companies” function in our software to quickly find accounts similar to your current customers.
Capitalize on modern technology
Using a web indexing technology such as Vainu or any other sales intelligence platform which collects a myriad of data on millions of companies every day should be a must in every salesperson's toolkit. With a dynamic database, you can use endless criteria to filter out the most promising companies based on both their static data and insights from open data. Through a quick search you can find companies matching your ideal customer profile to the T, lookalike companies or buying signals indicating the perfect time to reach out to a prospect.
Pick a home for all your data
A good CRM will be the foundation for the whole sales process, gathering all of the prospect data, activity data, contract data and working as your reporting tool. It’s safe to say, then, that selecting the right CRM is an important decision and together with a good stack of CRM integrations it can take your efficiency to a whole new level.