Intuition is always a valuable quality for a business professional. However, gathering and analysing data to make more informed decisions is a major improvement over a good hunch.
With data acquisition and analytics, you can develop a powerful profile of the right prospects for your business. The following are some of the strongest benefits of using data for more precise lead generation.
Define Ideal Customer Profiles
Historically, companies would define their target markets based on a perception of the people most interested in the solution offered.
While strong intuition helped, the transition to data-driven customer profiles made it clear that many organisations had inaccurately pegged their targets.
To build an ideal customer profile, rely on bountiful data and reports that show the traits and behaviours of people who buy each solution profitably.
Get a clear picture so your marketing and sales teams know who to go after. Predict Conversion Rates
“Likelihood of a win” is one of the strongest signals to the potential for converting a prospect.
When you go after a prospect who matches an existing customer profile with a >60 percent win ratio, your ability to convert similar prospects at an equal rate moving forward is high.
When you rely on intuition or day-to-day gut feel, your conversion likelihood is a lot less certain.
Without accurate forecasts or project success rates, it is also difficult to plan budgets and allocate resources effectively.
The more accurate your win likelihood predictions, the greater your ability to generate a strong return on your time investment.
Align with Your Customer’s Journey
The primary value of analytics is the ability to identify predictable patterns.
Not only can you figure out who buys your solutions, thorough data allows you to mark out the typical path your buyers follow.
Top marketing and sales teams focus on aligning selling processes with buyer journeys. Our post, “How to Align Content With Buyers” covers this in more detail.
You want your marketing team to deliver attention-getting messages to buyers investigating solutions to business problems.
Your sales team then steps in to provide a differentiating value proposition after a buyer is intrigued.
Data makes it simpler to get the right message to people when they want it, which helps you avoid turning potential customers off.
It’s all about personalisation.
Differentiate Your Solutions
The more comfortable you get with your buyers and the value of your solutions for them, the easier it is to differentiate.
Data makes it clear which activities and tactics work most effectively in getting buyers to see beyond price, and to recognise the value of your solutions.
Knowledgeable, confident sales approaches lead to effective emotional appeals.
Intuition still helps leaders make decisions and take actions that move a company in the right direction.
However, precise targeting, economic efficiency and powerful sales growth occur mainly from data acquisition and analytics at this point.
Contact us to leverage the expertise of DemandScience in data acquisition and sales development so your team can focus on selling the value of your solutions.