Analytics is often seen as a resource focused on supporting marketing. However, in the era of Big Data, analytics has a great deal to offer the sales team as well. I spoke at Georgia State University last week, addressing their Sales Executive Roundtable of two dozen senior sales leaders. Here are 10 thought-starters for sale analytics that really got the debate going:
1. Create a segment of 1
Analytical tools now allow you to target an individual customer with a tailored message through an optimal channel. At Prophet, we worked with Snapfish combining both analytics and a rigorous “test and learn” approach to ensure each customer and prospect was receiving highly targeted and bespoke content. In the B2B space, we see that how customers want to be served is a key dimension of how to segment them—not via SIC codes or conventional firmographics. Their preferred method of interaction (call center, frequent rep visit, etc.) is their defining characteristic.
2. Most CLTV models are used incorrectly
How do we focus our sales resources? A CLTV model might suggest we focus our sales efforts on what look like our highest value customers (e.g. in insurance, to up-sell a home policy to an auto customer). However, CLTV models often mislead sales leaders to focus on fewer current high-value customers as opposed to a far greater number of mid-tier customers who have the potential to become higher value. …Continue reading
