Boost Your Sales With Big Data

By now, you probably know that customers, on average, have completed 57% of the buying process before engaging suppliers. With all of the information available at their fingertips, customers don’t need to engage with a salesperson to evaluate needs and options and won’t contact suppliers until they are much further along in the purchase decision. But information proliferation isn’t a one-way street. Just as customers have access to vast new amounts of data, suppliers have access to a lot more information too, and can use this data to learn more about their customers than ever before.

So why have we, as sellers, been slow in adapting to the new world of big data? Sales organizations face a number of roadblocks when incorporating data and predictive analytics into the sales function, including:

Data quality and management. Many sales organizations struggle to maintain all of the data within their CRM systems, and big data and predictive analytics mean more data from more sources to maintain.
Analytical capability. Big data calls for big judgment and without the ability to interpret, apply, and act on data effectively, more data can actually lead to worse decisions.

Overcoming these, and other, roadblocks requires sales organizations to prioritize and invest in data and analytics, which, when done right, can yield tremendous results. Customers are constantly sending signals indicating their propensity to buy, and big data can help identify the best opportunities for new business, as well as the best opportunities for up-selling, cross-selling, and renewal.

Is your organization using big data and predictive analytics to improve your lead management process? If so, we’d love to hear from you. If you’re willing to discuss your organization’s use of big data and predictive analytics (don’t worry, everything will be confidential), please email Alex Hanson (mhanson@executiveboard.com).

Related Blog Posts:

Finding a Home for Big Data in Sales
‘Big Data’ – a Big Impact for Sales?