New Study Shows How Big Data Impacts Sales Performance
Senior sales leaders face challenges within their sales organizations day in and day out. Their top questions include: how do we close more business, how do we become more effective, how do we manage all of the data we have, and most importantly, how can I help all of my reps perform like my A-players?
Lattice Engines recently teamed up with CSO Insights, one of the top sales effectiveness research firms, to conduct a study among sales leaders to identify the top challenges affecting sales organizations today.
The survey includes responses from CEOs, sales leaders and managers worldwide and identified the following challenges:
1. The Ongoing Struggle To Find The Right Information To Close Deals
Eric Schmidt, Executive Chairman of Google, indicated that we create as much data in two days today as we did from the start of time through 2003. This amount of data creates both incredible opportunities and incredible challenges. Over 80 percent of our respondents said their reps are negatively impacted by the amount of information available and the time it takes to research prospects prior to making the first call. In fact, sales reps search through as many as 15 different sources in order to educate themselves on a prospect.
2. The Gap Between Current Technology And The Social, Big Data World
The most crucial data to arm your sales team with the insight they need to capture sales many times comes from a variety of internal and external sources such as your CRM system, LinkedIn, Twitter, Facebook, Google, and more. The majority of our respondents (80 percent) indicated that they currently use a CRM system, however, only 44 percent believe it’s effective at helping their reps find the information they need. In addition, more than half of companies surveyed do not have the technology in place to automatically capture data and so sales reps must manually conduct their own research.
Bringing Big Data and Sales Together
The truth is having a Big Data strategy is still a new concept for sales but sales leaders are expecting big data to impart significant impact on their businesses. The majority of respondents indicated that if they had a single platform to gather both data and insight, they would see an improvement in prospecting effectiveness, time spent selling, conversions, and ultimately, win rates.
Check out the full study to understand all the challenges faced by sales leaders and how big data is leading to big sales.