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Why use big data to spur sales conversations

By February 9, 2018January 16th, 2023No Comments

Although companies often think of big data as a fad, it’s a mistake to not take advantage of the solutions that data collection and analysis offer businesses. Big data is the next wave of the future for sales, as the information companies gather about customers and their sales processes could close more deals and boost corporate revenue.

According to TLNT, big data was one of the three major human resources technology trends in 2014, as companies are harnessing data to help improve operations. Although data analysis is still emerging as a leading solution for HR and sales departments to increase engagement among the workforce, there are key trends in big data that could also enhance business and customer relationships.

With the benefits of big data, salespeople and companies could incorporate data analytics to create better and more effective conversations with customers. Having meaningful conversations with customers is one of the challenging parts of being a sales representatives. Not only are sales reps expected to learn more about customers, their problems and pain points, salespeople will have to sustain these relationships to ensure growth for companies.

As companies explore their options for big data solutions, such as sales performance management software, they could use these applications to generate more meaningful conversations.

Know how to start the conversation
When salespeople pick up the phones to call leads, workers may be unsure where to start. They could ask about the organization leads work for, which problems they face and the support they currently have to solve these issues. However, salespeople might not know which topics are the most important to discuss in a limited time span. Using sales performance management software, managers could look into the data and figure out which salespeople have had the most success in meeting their quotas to gain insight into which techniques and conversation starters have been the most effective at making sales.

Dig deeper into what customers say
Salespeople who work with leads often have to put their interviewing skills to the test to get to the source of customers’ problems and how their employers’ products and services can help. Sales reps should continue to extract information about their customers and ask follow-up questionsabout exactly what is giving them issues either with their current situation or with the sale to find out how to solve their problems, Entrepreneur magazine suggested.

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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.

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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.

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