The Art And Science Of Data-Driven Selling
Customers and prospects share a tremendous amount of information with companies through their omnichannel interactions. The digital trail of information they share offers sales teams incredibly rich insights into their behaviors, needs,
and interests that can be analyzed and acted on to drive higher conversion rates and reach, or even surpass, sales targets.
- 53% of companies collect data to find new customers.
- 31.7% never use, or rarely use, customers data.
- 73.1% of companies cite limited analytics expertise as the bottleneck.
- By using customer data and analytics, one hardware maker was able to increase conversion rates on its top priority leads by nearly 20%, translating to millions in additional revenue.
- Companies that have a structured approach to tracking prospect engagement have 32% more accurate sales forecasts (66% vs. 50%) that companies that lack these abilities.
- CPG brands generate returns of nearly 300% for every dollar spent in online advertising where transactional data is used.
- Best-in-class companies that use predictive analytics and data mining technologies for sales and marketing enjoy a customer retention rate of 88% compared to 84% for the industry average and 79% for laggards.
- Best-in-class companies that leverage sales intelligence achieved a 12.3% year-over-year increase in overall attainment of sales quotas vs. a 1% industry average and a 5.8% decline among laggards.
- Roughly 8 out of 10 CEOs, sales chiefs, and other sales leaders say they're challenged by te amount of data available and the complexity to access it.
To learn more about data-driven selling, watch the 1 to 1 Media webinar "Five Best Practices for Data-Driven Selling" | Sources: Loyalty 360/TSYS, CSO Insights; Aberdeen Group; Nielsen Catalina Solutions; Revana.