How Sales Leaders Can Use Data to Evolve Their Sales Strategy
4 Tactics for Maximizing Sales Revenue through Data
Data is essential for assessing progress and making informed decisions. The more complex your organization, the more data can play a significant role in your current and future business operations strategies. Especially enterprise corporations, which have lots of departments and moving parts, can harness data to drive a more aligned, uniform, goal-oriented approach.
Want data to be a centralized component of your digital sales strategy? Here are four tactics and takeaways:
4 Ways to Successfully Leverage Data in Your Organization
1. Make Sure You’re Speaking the Same Data-Related Language
When you’re pulling different kinds of data from multiple sources, it can be difficult to agree on how to compare and to analyze that data. Establishing common metrics is key. This will give you an aligned and strategic framework in which to compare your data and to make informed decisions.
Not only will this help make the totality of your data more functional and usable, but it will help align departments and ensure everyone is working toward the same common goals. One-off data efforts within a department illuminate one piece of the puzzle; everyone working together collaboratively allows the whole picture to emerge.
2. Always Think about Dollars and Cents
Creating a holistic digital ecosystem is about furthering alignment and implementing strategies that, ultimately, contribute to growth. In this way, everything always ties back to dollars and cents. When everyone is assessing and using data in the same way, you can start to make data-driven decisions that will have the biggest financial impact.
Being able to demonstrate this financial upside will help with executive-level buy-in, as well as overall adoption.
3. Use Data to Maximize Account Potential
Organizations often focus so intently on gaining leads and capturing customers that they shortchange the tremendous potential of their existing client base. Data can help you identify and then prioritize what accounts are most likely to yield a high lifetime value and where you can be successfully upselling and cross-selling. Make sure your data and metrics are based on this kind of account-based marketing mind-set.
(Learn more about the strategies and tactics behind successful account strategy in this free on-demand webinar.)
This can align seamlessly into your overarching sales strategy by revealing where to best spend your initial energy. By driving the maximum growth from year to year, you have the time, space, and resources to invest in new projects, to scale, or to implement whatever growth strategies align to your goals.
4. Harness Predictive Analytics for Future Decision-Making
Predictive analytics take your existing historical data sets, run them through statistical algorithms, and identify the likelihood of future events. There is, of course, some level of uncertainty tied to these predictions, but by improving your forecasting accuracy, you are able to make preemptive plans, decisions, and strategies. These can be financial decisions, or they can affect processes at the operations level.
Do you have questions about how data can play a role in your organization? Want to talk through the kinds of overarching digital strategies data can support? Contact us today. We love talking shop, and we’d love to learn all about your business!