Do you hire psychics to help your sales team? No? Well then how do your salespeople know what to sell, to whom, and when?
It's a question every company faces.
Yet the truth is, your sales team doesn’t need a psychic to predict customer or prospect behavior. They need a reliable source of detailed, targeted information. Not reams of metrics, not complex reports – just timely, relevant information about the customers they are serving and the prospects they are nurturing.
Your sales team is on the front lines. They are the voice of your company to your customers. Equipping them with everything they need to succeed is just good business.
In 2007, it took an average of 3.68 cold call attempts to reach a prospect. Today it takes 8 attempts (Source: TeleNet and Ovation Sales Group). The more help you can provide your sales team, the better.
Customer insight data is powerful information and “equipment” for your sales team – it helps them understand customers, predict behavior and work more efficiently.
Whether you’re getting ready to launch a new product or service, or you want to boost the performance of your existing offerings, customer insight is a key to your sales team’s success.
Customer insight data is also crucial to helping your sales team capitalize on up-sell and cross-sell opportunities. Customer insight helps your company in three big ways:
1. Your Sales Team Understand Your Customers
Getting to know your customers is the first step to selling anything. Where do they live? How much money do they spend on products and services like yours? What needs do they have that aren’t being fulfilled by your competitors? What are they asking for?
When your sales team has the right data, they can get inside the customers’ heads and help them solve their problems. Your sales team can offer them products and services that fit their needs and wants.
When your sales team can offer targeted solutions to customers, salespeople no longer come across like salespeople – they come across like helpful individuals who happen to have the exact solution the customer was (maybe unknowingly) searching for. The transaction becomes less about the product and more about the relationship, which improves sales and drives customer loyalty.
2. Your Sales Team Predict Customer Behavior
You don’t have to be psychic to predict customer behavior. It’s all in the data.
Look at the data around customers who have bought certain products. Did they often look into or purchase a second product shortly after? This kind of insight tells your salespeople what products and services they should be actively offering to existing customers.
That data also helps your sales team understand customer purchase paths – that is, how they found your company, why they decided to buy from you, what their experience was and what is the likelihood that they’ll purchase more from you.
Market research data can also tell your sales team what the timeframe is of certain purchasing behavior. If the data shows that customers in a particular demographic typically buy a toaster oven from your company two weeks after they have purchased a refrigerator, your salespeople will know the hottest window of opportunity to push those toaster ovens to certain types of customers.
3. Your Sales Team Are Part of Your Company’s Competitive Edge
No one likes to have his or her time wasted. Your salespeople are no exception.
When they have access to targeted market research data, they are no longer grasping in the dark – they know exactly what to offer to whom and when. They save time, they’re more efficient and they are more competitive.
You can provide market research reports to your sales team and ask them to sort through piles of confusing data. You can have your marketing department send your sales team emails with specific customer information so they don’t have to spend precious time looking over reports. But why would you do either of those things when great software will do it for you?
A robust market-research and feedback platform like Questback can provide actionable reporting and send hot alerts to your salespeople with up-sell and cross-sell opportunities. If you need insights fast and automated, without fiddling with reports and manually sending information to your sales team, consider time-saving software like this.
Don’t worry about calling that psychic hot-line. Put away the crystal ball. Provide your sales team with specific, real-time, real-world market research data so they can better understand your customers.
Want to see how a unified market research platform works to boost your business? Schedule a demo today!