Well informed, self-sufficient and on the button sales teams are often the most successful sales teams. With productivity and performance being heralded a top challenge in nearly half of all B2B sales organizations, optimizing your sales team has never been more important. An article on Forbes.com explained just how big a role predictive analytics can play in a high-performing sales team.
Smart-selling has been one of the biggest buzzwords of late: salespeople that are informed, able to interrogate their sales data in a flash and actively unearth their next sale from a seemingly uninterpretable stack of data are the big winners in every market. It is estimated that high performers are 3.5x more likely to use analytics than under performers.
The key to becoming these all-seeing, all-knowing demi-gods of the sales world is simple. Predictive analytics. A unique and often considered futuristic breed of technology, predictive analytics make use of the data created by your business every single day. By collating it into something useful, these tools can make future assumptions by mining your data for trends.
Here’s why it’s all the rage in their circles of sweet sales success.
1. Better customer insight
Being better informed will instantly lend itself to a more productive salesperson. Having more information at your disposal when you come into contact with your customers will instantly put you on the front foot.
By definition, predictive analytics fuel your desire for more information before you even know you need it. Pre-empting your customers’ next purchasing decision and monitoring their spending patterns, analytics what every salesperson needs to become a true high-performer.
57% of high performing sales team rely on sales analytics.
2. Clearer understanding of their customers
Isn’t this what every salesperson strives for? A complete understanding of their customers? With predictive analytics at your disposal, you’ll have a complete view of everything. From their last purchase to their likely next one, any seasonal changes in their spend and even when your competitors are tempting them away.
Analytics enables your salespeople to keep pace with your customers’ changing habits and stay abreast of any competition that might be moving in on your territory. Falling spend is flagged instantly and any obvious cross or up-selling opportunities are sent straight to your inbox.
With this total view of your customer accounts, you’ll never miss a trick and be ready to act fast whenever there is a new opportunity arising.
3. More profitable relationships
Tipped to have a 150% growth in the next year or so, predictive analytics aren’t to be sniffed at. As such, being able to keep up with your ever-changing customers means that their relationships will prosper as a direct result.
High-performing salespeople that use predictive analytics know their customers inside out, their conversations are easy and sales come naturally. Salespeople using predictive analytics will be able to ensure every relationship is a profitable one, armed with the information they need to capitalize on every opportunity.
4. Customer interactions are always productive
Predictive analytics makes those awkward conversations about last night’s game or what the weather is doing this weekend a thing of the past. Forget sitting in the car park after your 9am meeting, racking your brains figuring out what you can put on your visit notes other than: “Bob really likes football, his wife does too and his dog is called Bert.”
Not saying that building rapport with your customers is redundant, more that you should be talking business as well as catching up on last night’s match. Predictive analytics ensure that you’ll always get straight to the point. If spend is falling you can ask why. You’ll know exactly where to make an offer they can’t refuse.
Predictive analytics are a huge time-saver. When you consider how long extracting any kind of valuable, actionable information from your company’s heaps of data would take you, it kind of makes predictive analytics a no-brainer.
What’s more, many analytics solution offer a mobile application for salespeople that spend a lot of time in the field, away from their laptops. With easy access to these analytics on the fly, mobile apps are already being used by over 60% of high-performing sales teams. Using mobile sale analytics tools mean that you no longer need to wait until you’re back at your desk to pull reports for your next meetings.
The time you save can be better spent doing what you do best, selling.