Multiple studies by the likes of Gartner, McKinsey, and others on the future impact of the pandemic on B2B selling suggest that B2B selling will not return to the traditional face-to-face model. Customers now prefer less sales interaction, and sellers need to continue to refine their virtual selling skills.
The shift to virtual sales has indeed presented some challenges, but it is also creating an opportunity to transform. Gartner research indicates that B2B sales processes are facing a new era of transformation, where data, technology and processes combine to optimize sales process execution.
Gartner believes that by 2025, 60% of B2B sales organizations will transition from experience- and intuition-based selling to data-driven selling.
So why is data critical to successful selling in the virtual environment? And how can it be used for effective data driven B2B selling?
According to McKinsey, “while the (virtual sales) opportunity is significant, so is the pressure to capitalize on it.” In-person meetings and even phone calls have been replaced with e-mail, chat tools and video meetings. Because the way we consume time and information is different, it is more critical than ever for sales to communicate effectively and efficiently. Successful selling requires a clear, crisp, highly targeted value proposition well supported by data.
There are countless ways data can be used to increase effectiveness of sales teams. Here are a few of our tips for effective data-driven selling:
Create True Customer Visibility
• Use new data sources to discover valuable insights about customers
• Leverage fact-based data to create targeted, needs-based value propositions
• Provide customer trends to help sales seize opportunities at the right moment
Laser Focus your Salesforce on Targeted Opportunities
• Arm sales with relevant industry knowledge and buyer trends
• Data mine existing sales data to identify new product mix opportunities
• Precisely focus the sales team on higher value opportunities in markets demonstrating growth potential
Be a Trusted Resource
• Stay focused on the customer experience – how can insights benefit the customer?
• Add updated data and new data sources regularly for the most accurate insights
• Partner with Big Data experts for help with turning data into useful insights
Whether selling virtually, face-to-face, or most likely a hybrid of both, B2B firms that equip their teams with customer specific insights and supporting data for a well targeted sales message will thrive; others will not. We are proud that our client partners are outperforming their market peers and embracing a data-driven approach as we emerge together from the pandemic.
Precision is a leader in B2B market insights and channel sales analytics. We support our client partners with sophisticated data-driven insights leveraging models such as Cross-Category Correlations and Market Basket Analysis to enable sales teams to laser target their value proposition to each customer. This positively impacts revenue, productivity, and margin.
Want to learn more about how Precision can partner with you? Connect with us at info@precisioncorp.net or visit us at www.precisioncorp.net.