147 The Power of Data Analytics 3

The Power of Data Analytics 3

 

This series of briefings looks at how advanced Data Analytics applies to the past, the present, and the future. 

 

Prior briefings already looked at Hindsight and Foresight. Now we will look at Insight. 

 

A Sales Manager’s mantra is often: “Forecasting would be easy if it didn’t deal with the future”

 

Now there’s help. That’s where Insight comes into play. 

 

Insight – is predicting what will happen in the future. 

It’s determining how to achieve the best possible outcome. Consider solving these situations: 

–  Prescribe a recommendation for a specific action that will result in the best outcome.

– Determine the best customers to include in a specific marketing program to realize maximum profitability.

– Given the set of options, resources, and business constraints, calculate an optimal result that recommends the best action to take.

 

Here are examples of insight:

– Determine the best target customers to include in a new marketing program to optimize the revenue results of the campaign.

– Categorize the customers with the highest propensity to buy, enabling sales teams to achieve their quotas.

– For a customer who is shopping online, recommend the best product that will help reach your goals for market share, revenue, and profitability.

 

Advanced Data Analytics can deliver powerful analysis tools to sales teams… and it doesn’t take a huge investment to get started. Start small, apply data analytics to solve some simple or moderately difficult problems, and then expand into more capabilities. 

 

I’m DJ Sebastian, for more info on how AI will transform the sales profession, check out my book at my website thetechseller.com. 

 

146 The Power of Data Analytics 2

The Power of Data Analytics 2

 

This series of briefings looks at advanced Data Analytics applies to the past, the present, and the future. 

 

Foresight

Looking ahead to find out what could potentially happen in the future if trends continue.

 

– Forecast new sales revenue totals that are expected within the next reporting timeframe.

 

– Predict which opportunities the sales team is most likely to win this month, this quarter, and this year.

 

– Determine the propensity of selling a specific product together with a new product just introduced into the market.

 

Here are examples of foresight:

– Sales management generates a new sales forecast detailing each deal amount for each customer opportunity. This includes a “win rate confidence level” based on several factors, including deal complexity, customer business value, sales process steps completed, and salesperson profile.

 

– Predict the percentage of leads that will convert into sales for each customer buying segment. This is determined by several factors, including lead source, customer loyalty level, and age of the lead.

 

– Determine the propensity of a customer to sign up for premium product support based on the customer’s loyalty level, range of products used, and size of company.

 

– Determine the propensity of selling products together in a bundle. In other words, how likely will bundling increase the sales of each product?

 

I’m DJ Sebastian, and we will continue our discussion on  Data Analytics in the next briefing.

145 The Power of Data Analytics 1

The Power of Data Analytics 1

 

Prior briefings discussed advanced Data Analytics, an Artificial Intelligence component that acts like the human brain’s mechanism for storing and recalling information in memory banks and performing the computations that enable decision-making. 

 

Data Analytics examines large amounts of data from multiple disparate sources to uncover hidden patterns, find correlations, reveal trends, and detect insights that were previously unknown or not readily apparent due to the inability to access large volumes of information. 

 

Data Analytics provides three types of analysis: 

– Hindsight – Looking at what happened in the past

– Foresight – Looking at what is happening if current trends continue

– Insight – Predicting what will happen in the future

 

Hindsight

Analyzing data sets to report on what has already happened in the past.

– Calculation of metrics and key performance indicators that are important to maintaining a pulse on how the sales operation is performing.

– Statistical analysis that ranks customer buying preferences, loyalty factors, and retention rates.

– Alerts—what potential red flags are uncovered that need to be remedied.

 

– Sales management views a performance dashboard to visually monitor overall sales. They view performance above (or below) quota in total, or drill down to view performance by region, by product, and by individual sales professionals.

– A sales team is alerted that twelve customers have dropped their subscriptions in the last week.

– New customer buying segments are established to enable sales teams to build marketing campaigns for new account targets.

– Salespeople access reports on the most effective lead development programs by region.

 

I’m DJ Sebastian, and we will continue our discussion on  Data Analytics in the next briefing.

 

144 Say What You Mean – But and However

Say What You Mean – But and However

 

Prior briefings discussed “Junk Words and Phrases”, how you should focus on eliminating them from your vocabulary and from all customer communications. Remember that Junk Words and Phrases are just extra words that creep into our language, but they provide no context or meaning. Without them, your verbal communication will just sound clearer and more professional.

 

Let’s look at the junk word “BUT”. When a “BUT” is interjected into statement, it completely reverses the context. 

 

Let’s say you are responding to a customer idea, and you say: 

“You believe that is the best approach, BUT there are issues with getting it to work.” 

 

The “BUT” you inserted into that sentence just negated what you said before it… That’s right, one little word… Everything you said prior to “BUT” is rendered unimportant and often signals that “I don’t agree with you”.

 

Oh, HOWEVER is not a good substitute for BUT. HOWEVER has the same negative effect. 

 

“You believe that is the best approach, HOWEVER, there are issues with getting it to work.” 

 

Instead of BUT or HOWEVER, replace these words with “AND”.

 

Here’s your revised response: 

“You believe that is the best approach, AND let’s discuss issues we might have with getting it to work.” 

 

It’s a slight change… AND signifies a continuation; AND invites further discussion without negating what anyone has said or showing a disagreement.

 

Eliminate BUT or HOWEVER from your message to stop sending mixed signals in your communications.

 

I’m DJ Sebastian. To learn more about my online course that will help you become a Great Communicator, visit my website at thetechseller.com.

 

143 Run Your Sales Cycle Like a Project 9

Run Your Sales Cycle Like a Project 9

 

Final Thoughts on the Action Roadmap

 

The prior several briefings described what an Action Roadmap is… here’s what it is NOT.  

 

– An Action Roadmap is quite different from an internal “closing plan” that you prepare for internal reporting purposes. The closing plan is a sales-centric document used by your selling team to provide details to sales management that will assist them in determining how well your deal is progressing, document what additional assistance is needed, and forecasting the probability of winning the deal. Sales managers and executives analyze these closing plans and review them with their salespeople. The sales manager uses the closing plan to document status, identify red flags, and provide guidance to the selling team. 

 

Here are three Recommended Actions for you: 

1) Prepare an Action Roadmap for each of your key deals. Focus on the required steps that will need to be executed with the customer. Limit the steps to those that are important. Make your milestones realistic and achievable. 

 

2) Identify at least one primary sponsor in your customer’s organization. Review your draft Action Roadmap with this sponsor and encourage them to make changes. Gain agreement from your sponsor on the approach, the main tasks, and the major milestones.

 

3) Use the Action Roadmap as a qualifier and as a project management tool. Execute the steps in the roadmap and update it as needed throughout the sales cycle.

 

Here’s the Bottom Line.

The proper use of an Action Roadmap will accelerate your sales cycles, provide a realistic approach for the timeline and effort for both you and your customer, and signal an advance warning before the project goes off track. 

 

I’m DJ Sebastian, for more info on what it takes to become an Elite Seller, visit my website at thetechseller.com