Sales Intelligence Blog by Lattice Engines

What is Sales Intelligence?

So far in this blog series, we reviewed various data sources that sales reps can access to research their customers and prospects. Part 2 highlighted internal data sources that sales professionals could harvest for customer insight and meaning. We made the distinction that ‘internal’ data refers to data generated by a company’s systems, employees and partners about its customers and prospects. In Part 3, we turned to external data, which emanates from outside the company (e.g., 3^rd party databases, company websites, social media, etc.)

Photo credit: Juan Jose Velasquez, November 2009

By now, I hope you’re getting a feeling for how much data is out already out there. There’s certainly no shortage of ‘homework’ that sales reps could be doing to shine in their next customer interactions. And the magnitude of data will continue to grow, in terms of new sources and better coverage of companies and decision-makers within each source (e.g., just imagine when LinkedIn really goes mainstream with millions of SMBs and their employees actively participating in the network).

So, let’s be clear. Sales Intelligence does NOT mean providing even more raw data to reps, not even if it’s of the much-hyped social variety.

Sales Intelligence enables sales professionals to connect individual data dots into a cohesive picture about underlying customer needs. It weaves the challenges and opportunities facing your customers into a broader story about their business journey. Take, for example, the story of a precision-tool manufacturer that has enjoyed an annual growth rate of 17% over the past three years. A significant driver of this growth has been exports to European markets. The company secured a round of growth capital and is now about to open its first international office. The journey is making the transition from a domestic winner to an international competitor.

If you’re a bank, Sales Intelligence would advise you to avoid a generic pitch on credit, and instead, focus on describing how your trade finance and international payment solutions will accelerate the customer’s expansion. If you’re providing business services, you would want to engage in a discussion on how the customer plans to staff and support their international employees (e.g., recruiting needs, office needs, payroll solutions).

Sales Intelligence not only signals when to engage with each account and but also guides your sales team to articulate how and why your company is best positioned to help each of your customers reach their destinations.

Beyond connecting the data dots into an overall customer narrative, Sales Intelligence needs to be relevant for the day-to-day activities of sales professionals. It must fulfill at least the following operational requirements:

• Customer-specific: Suggests sales approaches to specific accounts and contacts. In the context of Large Enterprise sales, it identifies buying centers for different types of products and services

• Actionable: Makes specific recommendations on when, how and with whom to engage. As opposed to just providing a lead, the recommendations provide context and guidance on approaching customers and decision-makers with timely, relevant and compelling messaging. The secret sauce is the ability to digest massive amounts of data and transform it into something intuitive that a sales rep can execute.

• Comprehensive: Integrates the reams of internal and external data about customers and prospects. For example, it’s great to know that someone downloaded three whitepapers from your website, but it’s much better to know who that person is and how this information will help their company succeed with an important business decision.

• Prioritizing: Makes calculated trade-offs (i.e., incremental sales X likelihood of close) on which accounts/contacts to engage now and which ones to leave for another day. Selling time is a precious resource which must be aligned to the best account opportunities.

• Justified: Provides data-driven justifications as to why a sales rep should pick up the phone and call a high-likelihood account. One of the biggest advantages that Sales Intelligence provides is the context behind each customer’s unique story and underlying needs. Sales reps are far more likely to engage on data-driven recommendations if they know the ‘why’ and ‘how’, not just the ‘what’ and ‘when.’

• Social: Connects people and to help sales reps engage with new contacts (i.e., through warm referrals across social networks), reduce meeting prep time (i.e., by sharing knowledge and sales collateral/presentations), and maximize the chances of closing the deal (i.e., by referencing the most relevant and comparable similar selling situations).

• Mobile: Delivers intelligence within the evolving mobile workflow of field sales. It almost seems like companies are leap-frogging handheld devices and migrating straight to iPads. Mobile delivery is an essential ingredient for Sales Intelligence.

Sales Intelligence is fast becoming a ‘must-have’ for B2B sales organizations, and has enormous potential to foster data-driven decision making at the front lines.

Is your team benefiting from Sales Intelligence? We look forward to hearing your story.

<< Part 1 Part 2 Part 3 Part 4 >>

Share and Enjoy:

• 

You’ve heard the stats before. Selling time is down: your sales people are spending less and less time in-front of customers. Time tracking studies place customer-facing selling time at 10-30% of total work hours, depending on the sector and sales role (e.g., field vs. inside). The usual culprit for this decline is a corresponding increase in administrative and post-sales tasks (e.g., reporting, CRM maintenance, processing orders, etc.), accounting for 30-40% of total hours.

What doesn’t get as much coverage is that other sales activities are also taking more time: account research, pre-meeting planning, and alignment of internal sales and technical resources (e.g., sales engineers). One explanatory factor is that Buyers are more informed, sophisticated and ‘pitch-resistant’ than ever. They expect sales reps to have done their “homework” before the first introductory phone call. And there’s a lot more homework to be done these days given the mind-boggling increase in information available about customers and decision-makers on the web and particularly in social media networks.

Conventional wisdom says that a decrease in selling time translates directly into lower levels of sales attainment. Fewer sales calls and meetings mean fewer opportunities, fewer proposals and ultimately fewer closed deals. This line of logic, however, does not take effectiveness into account. What if a time investment in research and planning results in greater effectiveness? Maybe I have fewer meetings scheduled, but those meetings convert at much higher rate into opportunities.

In a recent Harvard Business Review article, Matthew Dixon, Simon Frewer, and Andrew Kent, reconfirm that selling time is down 26% from five years ago. That’s not new news. Here’s what’s surprising in the article. Five years ago, high-performing “star reps” were spending more time in front of the customer while average-performing reps spent more time conducting research, planning and lining-up internal resources. Today, a shift has taken place. They found that star reps are spending less time in-front of customers relative to their lower-performing peers and more time developing sales intelligence and organizing resources.

“What these data suggest is that being a successful salesperson today is about much more than being a persuasive presenter. It’s about the hard work that happens before and after that presentation, from researching customers to pulling together internal stakeholders to planning how to grow the account over time.”

Geoffrey James, a blogger for BNET, has made a similar point:

“It’s been pointed out numerous times that today’s sales professionals must strive to become a “trusted adviser” to the customer.  How can you be a “trusted adviser” when you’re spending all your time and effort meeting with people?

If you’re really going to be a “trusted adviser”, you need to make certain that absolutely every contact that you have with the prospect is productive and useful to the prospect.  And that’s only possible if you take the time to do gain insight into industry issues, typical customer problems, and the broader business context.”

The bottom line is that sales leaders should continue maximizing the number of hours sales teams allocate to productive sales activities (vs. administrative tasks). However, there is a lot more nuance in how those sales activities are split between customer-facing selling time on one hand, and preparation, research and resource alignment, on the other.

Where are your sales teams spending their time? We look forward to hearing from you.

Share and Enjoy:

• 

Dell serves the technology needs of millions of customers with a portfolio of solutions, hardware, software and professional services.   In the ongoing quest to drive sales productivity, Dell deployed salesPRISM sales intelligence software to thousands of front-line sales people across all major B2B operating divisions.

We recently spoke with Jennifer Webb (Datacenter Solutions Marketing, Large Enterprise) about Dell’s experience with salesPRISM. In this excerpt from our interview Jennifer discusses:

• Why Dell chose salesPRISM sales intelligence software from Lattice Engines
• salesPRISM’s impact on Dell’s sales productivity and customer experience
• Why deploying salesPRISM was quick and easy

To read more about Dell’s success in using sales intelligence, please download the full Success Story here.

Share and Enjoy:

•