Data and cognitive computing have completely altered how we sell in today’s competitive marketplace.
Here is an example of what I am talking about. I have been working with a client that has a database of more than 55,000 customers – and their transaction history over time. They also have 30+ sales reps who take orders from these customers on a daily basis. Currently, though, most of these salespeople are only taking inbound calls. It is the job of their marketing department to spur their existing customers to action with various outreach campaigns that get the phone to ring.
This business model produced $23,000,000 in 2016. Based on what is possible now, I have set a revenue goal of $30,000,000 for 2017. How are we going to get there? Data.
We are going to ask data scientists to work with the data they currently have and run it through complex predictive and correlational analytic algorithms to produce actionable insights. This would give salespeople the following:
- The most ideal customers on whom to call (i.e., the customers most likely to make a purchase in the next month from the 55,000 in their database).
- Specify the “next-best” product to offer those customers.
- A win/loss analysis report, which will allow them to make better presentations.
Read the rest of the article here … http://www.sales20conf.com/blog/data-new-currency-sales-marketing-organizations/