Sales analytics tools can provide key insights that allow sales leaders to coach their sales team on the strategies that improve their win rates. To achieve this goal, you must implement three essential processes to ensure you have accurate data and that you leverage it effectively.
Sellers Need to Buy In to Sharing Accurate Data
Too many sellers neglect inputting sales data into CRM platforms because they don’t see the value. Busy sellers may not take the time to update sales data unless they feel it is valuable for them to do so. But to make analytics tools valuable, you need data from your sellers, which means they must consistently share accurate data with your systems. To get sellers to buy in show your team specific techniques derived from sales analytics data that improve win rates. For example, when selling against a particular competitor, your data may show that using a specific talk track, presenting certain content and meeting with someone in a particular role at particular points in the customer’s path lead to higher win rates. Perhaps your data shows that sellers should touch the CIO five times to increase the probability of winning a deal. By showing sellers how consistently sharing accurate information increases the value of sales analytics and improves their success rate, they’ll understand the importance of doing so.
Sales Leaders Must Apply the Data to Sales Processes
The most important insights from sales analytics reveal specific techniques sellers can use to increase their win rates. For example, if one seller has a win rate of 80 percent while others are languishing at 50 percent, sales data can uncover the actions used by the higher performing seller—and at which point in the customer’s path—to share with the lower performing sellers. Your sales analytics can provide answers to pressing questions such as:
- At which point should the seller have identified a coach in the buying company?
- Does a particular rep need more training at a specific stage of the customer’s path?
- Is there a specific role who is an overlooked buying influence?
This data reveals the techniques that increase the odds of winning a deal, allowing sales leaders to remove the guessing game of trying new techniques without data to support the change. Metrics can show that sellers who share a specific piece of content at a certain point increase the chances of moving an opportunity to the next stage of the customer’s path. Insights such as this provide a chance to deploy your strategy based on data so other sellers can benefit from it.
C-Level Management Must Embrace Sales Analytics
In the age of data and analytics, the Chief Revenue Officer (CRO) should embrace its power. Sales metrics can provide CROs a picture of where their sellers are and where they should be in each deal, as well as in the aggregate for the entire team. Your CRO should analyze sales data to create strategies based on the proven actions that systematically improve selling processes, thereby contributing to increased win rates. Analytics coupled with sales methodologies provide prescriptive measures that increase the odds of winning. CROs who study sales analytics have a firm foundation to lead the sales team with a sales strategy that achieves more predictable win rates.
Sales analytics can reveal key insights that improve the win rates of your team. To achieve this goal, your entire sales team needs to understand the value of sales analytics, from the sellers all the way up to the CRO. To do this, you must:
- ensure your sellers understand the value of inputting accurate information into your CRM
- understand how data provides actionable insights that will improve the performance of sellers
- get your CRO and other executives to embrace the data-based techniques you deploy to increase win rates
Is your sales analytics data underutilized? Scout by Miller Heiman Group, our sales analytics platform, combines methodology and technology to provide actionable insights to improve your sales effectiveness.
Learn more and contact us to see how Miller Heiman Group can help.