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Sales Analytics: Using data to bridge sales and marketing gaps

By October 31, 2017January 16th, 2023No Comments

While sales and marketing have always been closely intertwined, the arrival of big data analytics in the enterprise offers new and exciting opportunities for the two disciplines to overlap even further. Sales analytics, in particular, allow team members to have a better idea of the types of strategies that make lead generation and conversion processes more successful. In a sense, sales analytics enable the department to market itself, adjusting inquiries and interactions in line with approaches that have proven more adept at hooking potential clients.

This is an opportunity to offer more responsibilities to members of the sales team, based on analytics prowess and their ability to utilize data-driven marketing strategies in their approach. This can be especially helpful if marketing departments are struggling to make analytics meaningful. While the successful implementation of a big data approach almost mandates radical organizational shifts, a majority of organizations aren’t yet equipped to make sense of customer data.

According to a recent study by IBM, while 94 percent of chief marketing officers in enterprise organizations think that big data will have a make or break impact on their companies’ futures, 82 percent said that their businesses aren’t yet able to take advantage of all of the information they have at their disposal.

“After speaking with CMOs around the world, it became evident that more companies across all industries are striving to integrate their physical and digital presence in order to provide a more integrated, seamless customer experience,” commented John Kennedy, vice president of marketing, Global Business Services, IBM.

Engineering change with sales analytics
One way to start scaling the small mountains of unused data is to incorporate customer response information into sales strategies. Sales analytics can benefit salespeople by offering a meaningful, data-driven evaluation of individual and team performance, which employees can then use to improve their own approach. This process can be extended to incorporate marketing initiatives, which personnel can deploy and see if they improve their own performance. It doesn’t have to be a full-on marketing push, but it makes sense to use predictive analytics, for example, to increase a salesperson’s resources when he or she reaches out to a lead.

By combining forces, employers can help put more value on sales and marketing efforts, which then becomes more data that can be factored into sales and marketing strategies, and so on. In time, a company can develop a robust, data-driven machine in which salespeople are vital cogs. The promise of additional responsibilities – and rewarded successful implementation – can also help organizations “sell” sales analytics to the team, wrote The Wall Street Journal contributor Thomas Davenport.

“Selling has for too long been considered a black art that can’t be over-analyzed without disturbing salespeople,” he wrote. “It’s time for data to shed more light on the function.”

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Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

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