SOEE what’s new...
Business development is essential to revenue growth. One area often overlooked is the importance of data management and the impact on marketing strategy and sales performance.
Data management, process design, and enabling technology have a significant impact on sales results and the attainment of financial targets. The most common tool leveraged to support business development is Client Relationship Management (CRM) technology.
Employers continue to make significant monetary investments in technology, but often, do not make the strategic investment on data architecture, system development, and process integration.
SOEE what’s the solution...
Due to the complexity of most business models, data management can be difficult to establish and time consuming to maintain. In addition, data may be stored in multiple systems (outside of CRM) and integrations further amplify the need for data accuracy. Lastly, internal data can be enhanced with external data to further refine marketing and customer prospecting.
Data management requires structure, process, and governance to enhance business development insights. These insights will support both client and prospect sales segmentation.
When CRM data is managed and continually improved, new insights will support:
- Sales Performance Analytics – outlines strengths and weaknesses of current go-to-market approach
- Sales Territory Coverage – quantifies client and prospect sales opportunity potential
- Sales Quota Metrics – refines quotas based on current and historical sales pipeline analysis
- Business Development Strategy – provides prospecting focus; new logo, cross sell, upsell targeting
- Marketing Alignment – assists with digital, content, social, direct and indirect channel strategy
- Customer Renewal Management – supports proactive planning, price review, cross sell bundling
Establishing quality CRM data capture is essential to successful business development. Through the tactical design of reporting and dashboards, insights can be shared throughout the organization. When CRM users are provided strategic outputs and value-added information is delivered, user adoption will increase, data quality will improve, and sales will accelerate.
SOEE what's the value...
Understanding the value of data will align the enterprise and produce a new environment towards business development. Business development is complicated, and the approach needs to be continually refined. In order to support sales, we must understand the entire sales process. Accurate data provides unbiased information to sharpen strategic vision, tactical operations, and revenue growth planning.