How Tracking Analytics Can Impact Sales
by Adam Luckeroth, on Feb, 13, 2014
The era of Big Data is upon us. Companies large and small are discovering the power of copious analytics and their subsequent analysis and turning page views into profit. Sales is no stranger to statistics, but new developments in data tracking are powering new possibilities in audience tracking, sales asset management, and responsive development, satisfying customers and improving efforts in unprecedented ways.
Unlike B2C firms, which have the luxury of embracing a lifestyle as opposed to a particular industry or operational method, B2B sales rely heavily on audience knowledge. Broad based ads and marketing for solutions will do little to land leads if their message or approach are incongruous with the needs of customers, necessitating an analytical approach on a foundational level.
With the rise of the millennial generation and the consequent disparities in work and management styles between members of the workplace, demographic research, powered by analytics, is becoming a lynchpin of a successful sales strategy. Primarily, the generational gap suggests that the features and overall tone of sales pitches should widely vary based on age. The technical detail and terminology used when demonstrating a product should also vary based on the background of participants.
Analytics factor into this picture by giving you a cross-sectional profile of your customer base and guiding your approach. Without foreknowledge of the age and background of potential clients, conversion stands to suffer as generalized pitches miss the mark. On the other end of the spectrum, firms employing comprehensive analytics platforms will be more prepared for product demos and see greater success as a result.
Obviously age and background aren’t the only factors that affect the success of sales efforts. The myriad upbringings and cultural predilections of the masses manifest in individualized tastes and personalities that are carried into a sales meeting, and greatly affect the relationship between salesperson and lead.
With users on the Internet and, consequently, customers in the marketplace growing more discerning by the day, honing in on the tastes and trends of your audience is essential. Does your audience respond well to viral marketing or suit-and-tie professionalism? Do they prefer video demonstrations or text descriptions? Are they largely mobile or do they work from a centralized office? Each of these questions, depending on your product offerings, can enlighten your presentation and help you determine which features to highlight and what sort of personal tone to take.
While salespeople are in the field converting leads into clients, ads are drumming up interest. The issue with ubiquitous ad placement in the digital age is the increasingly desensitized nature of online consumers and the resulting difficulty with which marketers must contend in order to make their message heard.
Analytics, particularly traffic, click-through rates, and social barometers all offer insight into what channels most resonate with your customer base. If Facebook posts perform consistently better than tweets, native advertising on the world’s largest social network may be the way to go. Ads that perform particularly well on an industry blog may be indicative of a conduit of community influence.
What’s essential to remember when gauging social analytics is what these interactions represent in the context of their platform. Likes on Facebook offer some satisfaction of a job well done, but their capacity to spread information on the network is limited. Retweets, on the other hand, show that your user base on Twitter is engaged, spreading your name and therefore likely to do the same with native ads and marketing campaigns.
With mobile devices powering agile sales forces, B2B firms are presented with an unprecedented opportunity to refine operational efficiency through automated data collection. Location services, communications, and conversion rates tracked through mobile platforms can be aggregated and leveraged to help guide sales efforts based on geography, pitch, and salesperson. This powerful tandem of analytics and robust targeting is quickly becoming one of the most potent tools of a sales team’s toolbox, driving conversion demystifying audience characteristics in the process.
With pitch taking center stage in our discussion here, it’s easy to forget that what’s being sold is just as important as the sales process itself. In this way, analytics offer yet another opportunity to improve sales efforts.
Social interactions, site analytics, and sales platform analytics can all be amalgamated to improve product development efforts and better engineer a solution that meets the needs of your customer base. While discussions on social networks can be hard to track through automated means, site analytics, such as page views and time spent on page, bely aspects of solutions that pull particular interest. Emphasis of these features or refinement of less popular features can then be used to improve the product offering and improve sales efficacy as a result.
It’s difficult to understate the importance of analytics in an increasingly discerning marketplace. From audience knowledge, to targeted advertisement, to operational refinement, automated and hand-collected statistics offer penetrating insights and actionable information that will improve your conversion rates, generate revenue, and satisfy clients in one fell swoop.