How to Shorten Your Selling Cycle by Using the Correct Sales Data
A long and hard sales process can feel like a never-ending hike, leaving your team feeling drained. They may wonder if they’ll ever reach the summit or have enough energy to climb another mountain.
One of the most common problems in sales is feeling overwhelmed. Long, drawn out sales cycles can be difficult to manage and often lead to stress or lack of motivation.
The tips below will help you find out what data is most valuable to sales management and how it can be used for a short sales cycle.
Lay a Firm Foundation of Data in Sales, Then Move Forward
To be successful, it’s important to understand your total addressable market (TAM), as well as current trends, risks and opportunities. You can learn all of this through data – either current or historical. The foundation of a house is what makes it sturdy but you need more than just the bricks to make an actionable insight or learning; ask yourself which segments are experiencing true growth, what companies are primed for expansion and where they have funding for investments. Your TAM should be segmented into manageable pieces with realistic goals rather than ones that will overwhelm you by information overload.
Use Insights from Data in Sales to Inform Sales Training
A methodology based on “activity, objectives and results” is introduced in the book Cracking the Sales Management Code. Numbers dialed or demos given to prospects are examples of activities that can help you achieve your predetermined objective which would then give you desired results.
Too many sales teams focus too much on busy work. Leaders can use data to determine the best way for reps to spend their time, as well as what type of activity is most worthwhile.
If you’re not seeing the results that you want to see in your sales team, it may be because they are just racing through activities without any quality. You should analyze their data and find out what is happening so that they can work on improving their output.
Rely on Past Sales Data to Reveal Trends
What is a data cycle?
Activity data is great for understanding what we do on a day-to-day basis, but past data gives us the opportunity to analyze our sales data cycle as well. Questions like where I have the highest propensity to close and how many days opportunities sit in any given stage can help me figure out my best practices.
A client in the music discovery platform business had an average sales data cycle of 14 days, but they wanted to reduce lead conversion time. They used a statistical model and looked at features that were predictive for conversions within 24 hours or after 24 hours. The result? Leads touched before the first day converted twice as often than those who weren’t contacted until later.
Develop an Ideal Customer Profile, and Stop Wasting Time on Accounts that Won’t Convert
Market data, activity data, and past sales information is helpful for training reps to sell better. But the customer has a say in whether or not they buy anything.
Identify your ideal customer profile. You already have a ton of data about what types of people buy from you – not just at the corporate level, but on the buyer side as well.
Shorten Your Sales Data Cycle; Create a Revenue that’s Predictable
What is sales data?
Sales data helps organizational leaders see what deals are going to close and how much revenue will be generated in upcoming quarters.
CDPs are important for account-based selling.
The best way to predict revenue streams is through a solid sales forecast, deploying the right pieces of data so your team can have more visibility on deals that are coming up.
Quick Guide: The Do’s and Don’ts of Data Use to Shorten the Sales Data Cycle
- To use data, you must first have a system in place to collect it. You can do this by using CRM software like Salesforce.
- DO have a dashboard that is easy to use and provides all the data you need for analysis.
- When you’re meeting with your team, refer to the data often. Review meetings are a great time for this.
- Data insights should be used to continuously teach salespeople. Without using them, your company will not shorten the length of their sales data cycle.
- DO target accounts that are in your ideal customer profile, which was developed based on data about the customers you want to work with.
- The data should be simple and easy to understand.
- DON’T let the plethora of data distract you.
- It is not just about the number of sales activities, but also how good they are.
Need Help Automating Your Sales Prospecting Process?
LeadFuze gives you all the data you need to find ideal leads, including full contact information.
Go through a variety of filters to zero in on the leads you want to reach. This is crazy specific, but you could find all the people that match the following:
- A company in the Financial Services or Banking industry
- Who have more than 10 employees
- That spend money on Adwords
- Who use Hubspot
- Who currently have job openings for marketing help
- With the role of HR Manager
- That has only been in this role for less than 1 year
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