What Makes Good Sales Data?

Friday May 24, 2019 11:35pm by i-4business

Sales data plays a fundamental role in every aspect of business. It steers decision making, helps you manage customer relationships and drives campaigns and productivity.

One of the main functions of good sales data is to supply your teams with key information that drives productivity and allows them to focus on the right things. Put simply, good sales data leads to insight that drives strategy and results.

How can you establish whether or not your sales data is ‘good’ sales data?

Get Your Head Above the Competition

It is a constant hurdle within sales; prospecting. Over 40% of sales people say that it is the most challenging part of their job. A further high ranked hurdle includes at least 50% of the average pipeline being a poor fit for your business – not a great start. How and who you connect with to meet demanding sales targets and grow your business has never been more challenging. Relationships, value and demonstrable knowledge of your prospect, their needs and business, turn a deleted email into a warm conversation.

Everything leads back to good sales data. Not only must it be quality, but it must also be relevant, accessible and tailored. Your teams have enough to do, without regularly pouring over spreadsheets and reports for hours on end.

Sales leaders use data to track individual, team and company performance. This helps to progress towards your goal, retain focus, forecast, track return on investment and monitor sales commission, incentives and bonuses. It can also help you to spot potential issues and avoid them.

Sales people use good sales data to identify prospects, patterns, industries and target markets. It is also imperative that good data is available to manage individual customer relationships and provide a tailored service around their needs. A high-performing sales person will often know how many deals they need in their pipeline, the revenue split and relevant buying stages at any one time – in order to meet their revenue goals and conversion rates. It also helps them plan, review and monitor performance.

How you collect and distribute this data is of vital importance and will fuel results.

Sales Metrics provide a wealth of knowledge, helping you understand your target audience and where to focus your efforts and overall performance.

  • Closing rate
  • Sale size
  • Average sales cycle
  • KPIs
  • Pipeline
  • Lead generation and productivity

Deal Metrics: analysis of your deal metrics leads to insight and can identify successful patterns and verticals for future prospecting.

  • Who are your customers?
  • Sales formula (number of leads v closed opportunities, plus average deal size)
  • What do they purchase?
  • What industry are they in?
  • What is their job function?
  • What need do you meet?
  • Why do they buy from you?
  • Where will you find them?
  • Business Metrics: quantifiable data used to track, monitor and assess success or failure of the business strategy; used to track costs and communicate long and short-term objectives.
  • Customer loyalty and retention
  • Cost of acquisition
  • Gross and net revenue
  • Churn rate
  • Monthly profit & loss
  • Capturing and analysing this data provides actionable intelligence and insight that will flourish your teams with quality prospects and allow them to focus on your target audience. Match quality prospects that are the right fit for your business, meaning that 50% of your pipeline isn’t wasting your time (and theirs). Your data drives lead’s and adjusts focus, overcoming one of the biggest selling challenges – prospecting.

    Analysis of your target audience can be done retrospectively or proactively. Both are best. The data is then used to identify future leads and prospects, identify hurdles and better planning. Providing your sales people with good data is vital to their success. They also need to access the relevant data in a simplified way, on their preferred device/system, otherwise, they are less likely to access and use it. Data integration will assist with this, connecting all relevant departments to your CRM, customer base, leads, pipeline and those all-important metrics that drive knowledge and performance. To read more about data integration, please click here.

    Supercharge Your Sales Drives

    i-4business provide actionable, intelligent data and business solutions throughout Europe, the Middle-East and Africa. We do not sell or aggregate data. All of the i-4B data is meticulously gathered in house by our team of researchers. Our comprehensive database becomes your database, nurturing your teams with every relevant organisation and contact – you define the criteria. We guarantee complete coverage of EMEA, this is our core business and area of expertise for more than 22 years.

    We offer customized integration with your CRM, to ensure a synchronised, continually up-to-date resource. In addition, we have a native Salesforce integration too. Reach your target audience like never before with targeted, tailored sales data; and best of all - our solutions are GDPR compliant so you can grow your business with confidence.

    We offer a free trial and access to our specialist EMEA database so that you can evaluate our service for yourself.

    Enhance your data, enhance your business - get in touch with i-4business.