B2B sales leaders are constantly being reminded how data will transform their sales.
And these benefits are set to become even more pronounced thanks to the global pandemic.
A recent BBC news article stated that the UK economy could take up to three years to return to pre-Covid levels.
Others predict that the country will experience several waves of company insolvencies as government support schemes end and businesses default on debts.
Face-to-face marketing channels have become less effective due to lockdown restrictions and there is now a greater need for proactive sales strategies that take you directly to the customer.
With the Christmas break now upon us, it’s a good time to look ahead to the new year and consider how you will put data at the heart of your sales process and get your business on a strong footing for 2021.
Here are three ways data will give your sales team the edge.
#1 Find Your Dream Customers
Most companies don’t need your product or service.
So you shouldn’t waste time marketing to them.
But that’s what most sales teams do, they spray and they pray, hoping to stumble on promising leads. The law of averages means most teams will make a few sales this way but it’s painful and ineffective.
Data-driven sales teams are more intentional.
They know what their ideal customer looks like and they use data to build a target list of similar prospects.
The power of data to build target customer segments is incredible. There are hundreds of filters that help you find your target customer.
At KulaHub we provide unrivalled insight on UK companies, data such as:
- Estimated turnover, employee numbers and profit (even for micro-entities that don’t report these figures);
- Detailed financial health data;
- Specific SIC codes provide detailed insight into the prospect’s industry; and
- Location and key personnel.
#2 Get Your Message Right
In sales, product-customer-fit is vital.
Your product needs to meet the needs of the customer perfectly. So a buying decision becomes a no-brainer.
Like buying a cold drink on a baking hot beach.
Unfortunately, getting product-customer-fit right is normally more complicated than selling a cold drink on a summer day.
You need to clearly show your prospect why your product is the perfect solution to their problem.
Most businesses don’t personalise their marketing messages. They blast out the same message to vastly different customer types.
Data enables you to create messages for different customer segments and even individual customers.
Let’s take a look.
Company A is a manufacturer selling widgets to construction firms; they contact every construction firm telling them how great their widget is, what it does and how much it costs. They make some sales but are mostly ignored.
Company B sells a similar widget to the same audience – they have a very different approach to sales; they break their target market into six very distinct types, this is one example:
- Construction firms with a turnover of over £10m (they tend to work on projects that need the widgets);
- Are a financially secure (company B wants long term clients);
- Have growing revenues (they find that growing companies tend to be more open to innovations like the new widget); and
- Work primarily on road maintenance and building projects (these companies have a strong need for the widget).
Company B targets the above client type with very specific messaging, explaining:
- How the widget supports large projects;
- The value the widget brings to road projects; and
- The high level of innovation and how it helps them grow.
Unsurprisingly, Company B is much more successful than Company A. They have created a marketing message that speaks directly to a smaller group of companies they know are a perfect fit for their project.
#3 Sell When There is a Burning Need
The first company to get in touch when a prospect needs to buy has a huge advantage.
The right data gives you a stream of these opportunities every day.
Consider a company that has just experienced a large bad debt when a client goes into administration. They’re probably going to be interested in managing that risk in the future, credit insurers and data providers are two businesses that offer highly relevant services.
If a credit insurance company can hit at just the right time when a prospect has experienced a bad loss they have a much higher chance of making a sale.
Many triggers can give you an edge:
- New companies setting up;
- A new director;
- An improvement or decline in financial performance;
- Opening of a new location.
The list goes on.
The Time is Now
It may seem an unlikely time to invest in new capabilities, however data will enable your business to survive 2021’s challenging economic conditions and come out stronger.
Of course, data offers benefits above and beyond surviving the recession.
Many companies will want to grow their business, while others will be seeking a competitive advantage to boost recovery.
Investing in data will enable this, providing sales teams with better leads, more effective marketing, the ability to visualise sales figures and the knowledge to continuously improve their processes in the future.
Master Your Data
Understanding that data can help grow your business or get it through challenging periods is one thing – but knowing where to start is less clear.
Sales leaders often don’t know where to start with data. To many it feels like an intangible asset that can only be mastered by those with a degree in computer science or with vast resources.
However, implementing a data-driven sales culture is more straightforward than you’d think and, with the right help, is quick to implement.
This is where businesses like KulaHub come in.
We help sales teams achieve more by arming them with easy to use marketing tools and data.
We can help you to understand how data can increase your sales and grow your business. We’ll get you set up with the systems you need and provide you with close technical support throughout the system’s lifetime.
Do this now and by the end of January you could have everything in place ready for the year ahead.
KulaHub CRM enables you to discover opportunities, engage with customers, track performance and generate more sales.
If you’d like to learn more about how KulaHub can help you develop a data-driven sales process, contact Andrew Booth on [email protected] or call 0800 049 6044.