What to do with all that data?
Data is everywhere. In this digital age, data can be captured, sourced, or generated in so many ways that companies can often be overwhelmed when trying to manage their organizational data. Added to this is the complexity of the open data market, where, if you know where to look, you can find sources of data to match nearly any need you have. And yet, companies, and sales specifically, rarely leverage this abundance of data in such a way as to help them find a better sales opportunity.
If you’ve been in sales for any length of time, you’ll know that many sales strategies are based on “gut feelings.” A leader somewhere in the company will come up with an idea of a new sales direction, and before you know it, priorities have been realigned, resources shifted, and new directions given. The sales teams head out into the field looking for the new prospects - and all without true consideration to what direction the data might indicate.
Which brings us to the title of this post - what should be done with all that data? The answer is to leverage your data to build intelligent go to market methods that shorten your path to revenue. What does that look like? That looks like organizing and mining your current data in such a way to answer questions before taking your first sales motion.
What are your ideal customer profiles?
What needs are you solving, and for whom?
Are there opportunities to cross sell more proactively into your client base?
When looking at prospecting for new client acquisition, data can help you uncover:
What is the actual addressable market?
What does the competition already offer?
What market data is available to help uncover true buyers that are already in a buying motion?
What is the shortest path to revenue?
No matter the size or tenure of your sales motions and sales teams, the data market is continually and rapidly evolving. Sales teams that leverage the changing data landscape to build intelligence into their sales practices will not only go to market more efficiently, but also close more deals than ever before - which is good for everyone involved.