Today’s sales and business development teams sport some scary stats:
- 67% of sales pros don’t hit their individual quotas
- More than half of all salespeople close at less than 40%
- Only 50% of salespeople feel like they can access key players
What’s a revenue producer to do when faced with stats like these?
Let’s use sales intelligence so we can laugh our way past quota (and keep laughing all the way to the bank). Click through the SlideShare below to learn how.
If clicking through slides isn’t your thing, and you’re more the scrolling type, here are a few sales intelligence insights that sum up the problem and point to a better way forward.
The problem in a nutshell: Sales and biz dev folks are not selling with intelligence at their fingertips
Back in the day, a glad-hander with the “gift of gab” could get the job done. Those days are over. There’s no more “getting to power” – there’s a whole buying committee, and each buying committee member is constantly bombarded with sales messages.
The point is, if you want to get the attention of people who matter, you better come with a commercial insight, which CEB defines as “a compelling, defensible perspective from a supplier that materially impacts a customer’s performance and directly leads back to their unique capabilities.”
Right now you’re probably thinking, Ohhhh, just lead with a super-compelling insight, you say? I wish someone would’ve told me that sooner!
Okay, we get it. Leading with a compelling insight is easy to say, difficult to execute, which explains why 57% of customers feel that salespeople are underprepared for the first meeting and fail to personalize the conversation. Yet best-in-class organizations do it all the time. How?
They automate intelligence.
Sales and biz dev folks waste way too much time as is, not by choice:
- The average CRM user spends 5.5 hours per week logging activities and updating contact records, costing companies an average of $13,200 per CRM user, per year
- Salespeople spend an average of 2.5 hours per week doing forecasts, yet only 46% feel their pipeline is accurate
- All told, 80% of the average salesperson’s day is spent on non-revenue generating activities
To thrive, today’s revenue generators need instant access to the following intelligence:
Account-level intelligence: Understanding a company’s strengths, weaknesses, opportunities and threats, with visibility into pertinent news stories and social conversations.
Contact-level intelligence: This is more than buying a prospect list that contains contact info and a couple other bits of information. It’s also more than a contact record. It’s about delivering contextual information from internal (e.g. email, customer service) and external (e.g. social, community) interactions that allow sales and biz dev teams to enter each conversation intelligently.
Isn’t our CRM supposed to solve that, you ask? Yes, but while incredibly powerful, CRMs have two major limitations:
- CRMs are only as good as the data they contain. And if your company is like most, getting customer-facing employees (and especially revenue generators) to log calls… log emails… create new contacts… create new accounts… update contact records…. update account records… create new opportunities… basically keep any field up-to-date and accurate, is a painstaking chore.
- Assuming you zero issues with the first limitation (funny, right?), your sales and biz dev folks still need to dig for the information – it’s not readily available at the moment they need it.
But when you automate your CRM…
After a meeting or conversation
Click a button: data in
Hey, I got 2+ hours of my week back!
Before a meeting or conversation
Receive a pre-meeting digest email: intelligence out
Hey, look how prepared I am!
Here’s some good news: You don’t need to switch your CRM. Instead, learn how to solve your CRM adoption problem.
Curious to see what CRM automation looks like at your company? We’re happy to walk you through a personalized demo.