Sales results from corporate data

In the current and foreseeable business environment maximising the sales return from existing customers is a mandatory requirement. It is statistically seven times easier (and cheaper) to win business from existing customers than it is to win new business.

Larger organisations with fragmented sales efforts tend to focus on their own products and their own customers, and for many reasons forego cross selling and up selling opportunities.

The creation of an holistic approach to the customer makes this possible and can dramatically increase the return on a company’s sales investment. This page outlines a unique approach to making a cost effective improvement in sales productivity.

Scenario

In most companies there is data referring to customers in a variety of places. There is data in the:

• Sales ledger
• Customer relationship management system
• Marketing
• Purchase ledger

Rarely is this data brought together as information to provide a coherent view of the customer’s true value identifying what they buy and from whom, their buying patterns and most importantly what is the latent opportunity for products and services the customer does not already buy.

Bringing all this data together and analysing it allows this opportunity to be revealed and as result generates prospects for future sales. Assuming this opportunity is identified, how does a company go about maximising the return that is presented? There are many issues to be considered and these include sales learning, the sales process, divisional silos, Key Account Management, or there just isn’t the resource available.

Solution

Information Drivers in partnership with Koru the sales improvement people, identify the opportunities companies are unaware they had and work with clients to maximise the return from these. Together we will provide an holistic and seamless service that delivers customer value through:

• The provision of a rigorous data analysis, coupled with sales pragmatism to reveal achievable sales opportunities. If there is an unsubstantial opportunity there is no obligation to continue
• An analysis of the sales requirements to exploit the sales opportunity. The requirements can be met in house or outsourced or a combination of both
• A sales strategy that addresses the opportunity together with a business plan. Depending upon the products and services that are for sale and the customer characteristics the strategy can cover anything from Key Account selling through to on line sales.
• An implementation plan to achieve the business plan, and
• An innovative shared risk and reward model that supports our clients’ business objectives

The steps below describes our approach:

Sound information

• Collate corporate data where ever it is located: CRM, Marketing, line of business systems, etc
• Transform data into actionable information
• Build customer segmentation to identify the laggards, cash-cows, rising-stars, etc
• Identify purchasing habits; what products and services are purchased by which customers

We take on the responsibility for all data collation and analysis, liaising with the clients IT departments where necessary.

Workshop

• How many customers are there?
• What type of products or services do they buy?
• Has there been contact with customer service?
• Do they open the e-newsletter?
• What is their value and what is their potential?

Results and observations are explained in terms of sales strategy - the client is fully involved , active participation is encouraged throughout the workshop. Results of analysis:

• Objective of the analysis
• Logic applied
• Findings from the analysis
• Applied business observations

Sales processes

• What is the opportunity?
• What are the sales channels?
• What are the processes?
• What is the sales strategy?
• Targeting

Sales strategy

• Key account management
• Account Planning
• Campaign Planning
• Learning
• Sales Productivity
• Execution
• Measurement
• Sales results

Direction for sales strategy, supported by sound information and facts - a process of testing, analysis, refinement and tuning of the sales strategy.

Benefits

By better understanding the information about customers, what and when they buy and what they don’t allows companies to put in place and execute sales strategies that will:

• Maximise the return from customers
• Maximise the return from product and service investments
• Identify best accounts and resource them appropriately
• Lock out competitors
• Assimilate customer information in one place
• Provide return on investment through execution of the agreed plan

Effective sales strategy based on sound information generates more sales and greater profit. To understand how this can work for your business, call David Willis directly on: 01494 871342 or send him an email: david.willis@information-drivers.com.