7 ways Data Analytics can Help you Boost B2B sales
How is Data Analytics revolutionizing sales in B2B, and what managers need to know about it? Let’s find out!
Orica Limited is an Australia-based supplier of commercial explosives and blasting systems. It caters to the needs of mining, quarrying, oil & gas companies across the globe. It has invested several resources in constructing a sound data analytics infrastructure.
But instead of drawing insights from paper and white-boards, they’ve digitized all their data in the form of decision boards and recommendation engines.
This has not only helped Orica optimize their mining processes but also led to them using data analytics, for industry-specific intelligent recommendations.
The B2B business is booming for Orica. It ranks amongst the world’s top suppliers of commercial explosives and blasting suppliers.
As compared to previous decades, people produce a large amount of data today. As a matter of fact, we have generated 90% of the world’s data in just the past two years.
B2B businesses leverage such a vast amount of information to receive valuable data-driven insights. And they make use of Data Analytics for this purpose.
But what is Data Analytics?
It is simply the process of examining large data sets in order to draw conclusions about the information they contain, increasingly with the aid of specialized systems and software.
The latest research amongst B2B sales companies displayed that among 1000 companies, 53% uses big-data analytics for adding new services, providing better value to their clients, and delivering their services in the best possible way.
B2B companies can deliver more flexible and high-quality products in this way. Thus, they can bring more value to their clients.
Data analytics technologies and techniques are widely used in commercial B2B industries to enable organizations to make more-informed business decisions.
These initiatives can help B2B businesses increase revenues, improve operational efficiency; optimize marketing campaigns, and client service efforts. It helps to respond rapidly to emerging market trends and gain a competitive edge over rivals – all with the ultimate goal of boosting business performance and sales.
Now let us look at different reasons why you need to deploy Data Analytics as a part of your business strategy.
Here are a few ways in which Data Analytics can help you improve B2B sales :
1. Better sales forecasting
In every B2B organization, the sales forecast is critical to decisions on everything from budgets to spend. All thanks to precise sales forecasting, a B2B business now can smoothly move throughout the financial year. On the other hand, ambiguous sales forecasting results in reduced process efficiency, as well as resource allocations.
Forecasting is a necessary task to ensure that an organization develops and plans successfully, but it is still resented. The reason being, the entire task can be incredibly time-consuming, especially when there isn’t a defined process in place.
Prevailing approaches to sales forecasting that continue to use spreadsheets or multiple business intelligence tools are no longer effective, and this means it’s time to take advantage of advances in data analytics so you can stay ahead of your competitors.
Data Analytics continuously improves the business models with accurate, historical, and ongoing feedback from the data sources. The comparisons between what happened in the past and current circumstances make it easier for sales teams to understand performance, and predict future circumstances.
To create an effective sales forecasting, B2B specialists leverage analytics, CRM sales data (customer responses, customer behavior, complaints, sales activities) and autoregressive integrated moving average (ARIMA) algorithm.
This information helps the sales team to target hidden opportunities with higher scores. This allows them to manage their time efficiently, and improve overall sales effectiveness by accurately targeting the right opportunities.
2. Accurate product recommendation
As a thumb rule, B2B businesses cannot show clients a traditional portfolio. For that very reason, it might be difficult to offer one or more clients the most suitable services or products.
This also results in time-consuming integrations with B2B clients and missed opportunities.
Here, sales managers can leverage Data Analytics algorithms to divide customers into several groups based on their needs.
B2B salespeople can then compare such customer groups with their previous clients and suggest them more relevant products or services.
Further, such an approach, based on the Data Analytics, could identify hidden cross-selling opportunities, thus, increasing revenue.
3. Improving marketing segmentation
Most B2B marketers respond by targeting different market segments, or perhaps by trying to appeal to overly broad marketing segments.
But the first mistake leads to a dilution of your brand; you are not readily associated with anything. And, the second mistake means nobody even knows who you are.
So what are your options?
Well, data analytics, of course.
Data Analytics can eliminate these segmentation problems and enable you to market on a granular level with more personalized, customized messages to which your B2B clients can relate and identify.
B2B organizations can leverage Big data in Customer Analytics at the very beginning of sales funnel, i.e., during market segmentation.
Using Data Analytics, sales managers can make more clear market segmentation.
In order to create ideal buyer personas for narrower targeted marketing, B2B sales managers gather ERP sales data and undertake data analytics for grouping up existing clients into different target personas.
Utilizing ready-made targeting personas, B2B businesses conduct more specific targeted marketing, increasing profits while reducing inefficiencies.
4. Providing a customized dashboard for your niche requirements
If you possess a customized dashboard according to your business requirements, you will have an upper hand in managing your data.
Predictive data analytics tools like RapidMiner Studio, SAP Predictive Analytics, etc. can give you the authority to manage your data seamlessly.
The power and influence of visual representation are unmatchable, and you do not have to sit with large excel sheets, trying to understand the hordes of numbers.
These data analytics tools can consolidate and present the data in the manner you deem fit. You can also share this data in a way that is easy to understand by everyone.
So, a win-win for all.
These days, most of the B2B organizations, irrespective of their areas of expertise, rely more on predictive B2B sales analytics to create value out of sales data.
Accordingly, empowering your sales team to drive the best digital strategy to woo your clients.
And clients do not come easily, you have to express your business’s visions in the way your clients want.
It does not necessarily mean that you need to change your business’s value propositions, rather adopt methods, technologies, and tools to express it better – by using Big data and predictive data analytics.
5. Boosting Email Campaigns to improve client interaction
We agree that most of your recipients won’t buy based on that email, but a few may at least call for more information.
And through the use of data analytics, you can accurately determine which subject lines get the most opens and which types of messages are more likely to generate phone calls that lead to success.
Analytics can also help you determine the best time and day to send emails to your list of potential clients and put that information to use in the future.
On a daily basis, your B2B sales teams are most likely to interact with their own prospects, whether they’re making the first contact or they’re following up on previous communication.
Here, analytics lets them know the best approach for one-on-one messages, which can improve success rates in the future.
Email analytics tools can help your sales team monitor engagement by email, subject line, and real-time ROI.
6. Fetching website traffic by tracking sales through Campaign Sources
Leads serve as the foundation for any sales team, giving the information they need to take action.
Most businesses carve out and set up a way to invite incoming leads, often on their websites. But you’re required to drive traffic to your site to gather those leads in the first place.
For this purpose, you may try different approaches to attract traffic your way, including AdWords, email, social media, and special events like webinars and conference presentations.
Considering both your budget and time are limited, you may likely want to know which approaches work best so that you can put your effort behind those in the future.
With Google Analytics tracking the lead capture performance of your various marketing channels is much easier.
Another more sophisticated self-service business intelligence platform like Sisense is capable of merging data from any number of sources, including your Salesforce account (if you have one).
These platforms simplify the preparations, analyses, and visualizations that turn complex raw data into intelligence, and investment into growth.
Sisense-enabled dashboards can be embedded anywhere, powering operational analytics to move beyond a specific workstation and onto whatever device, wherever the information needs to be.
By including such sales conversion metrics like geo-location, product IDs, order tallies, and churn rates in your analytics program, you can unlock powerful insights into which sources of sales leads are truly driving your B2B business growth.
7. Gathering past information to predict future behaviors
Touted as the next big thing, data analytics are especially useful to B2B sales teams. This technology allows businesses to gather information on past behavior to predict future events.
Suppose, if a business has always sold a certain type of product, then predictive data analytics can look at past client interactions and predict where future sales will go with that product.
Rather than wasting time calling leads that are less likely to be interested, a team can use data analytics to pull the most viable leads from a list and recommend calling those.
Predictive analytics can also be used to determine the best approach when calling on a B2B prospect.
If sales team members use a presentation, for example, various types of presentations can be developed and measured.
Over time, B2B businesses will gather information on a combination of slides that leads to conversions and predict the outcome of future changes.
A business might learn that shorter presentations work better for certain clients and use that information to divide prospects into two groups: those who are most likely to connect with shorter presentations and those who prefer longer, more detailed slideshows.
This approach can help predict behaviors, thus, providing better insights to easily close more deals.
Master sales skills with Analytics
We can’t insist this enough that the next frontier in B2B sales is Data Analytics.
It can help your business learn more about your marketing and sales efforts, helping you avoid wasting time on ineffective tasks.
By learning as much as possible about how clients are interacting with your products and sales teams, you can come up with fully-informed pitches and email messages that lead to increased profits for your B2B company.
Our B2B sales & marketing consultancy firm can help your organization execute business solutions that specialize in data strategy and business intelligence implementation, using Data Analytics.
Contact us today
and we can help your business’ bottom line and sales grow!