Target leads with the right products to maximize returns
The biggest challenge companies face today is finding ways to gain the knowledge to push the right and most profitable products to the right targets at the right moment. This is particularly the true in the life science industry, where new products are continuously being developed, prospects are constantly breaking new ground and reducing the amount of face time they give to sales teams.
Most reps have access to a wealth of knowledge about their prospective customers through their CRMs. Much as they are undeniably excellent tools for managing leads and segmenting data, CRMs don’t comprise much product-related information. However, maximizing returns involves analyzing both lead and product information, to establish the kind of associations required to leverage ROI. Such functionalities are the way forward in today’s highly competitive world.
The more you know about a customer or prospect, their activities, the kind of products they have used for each activity and will need in the future, the better equipped you are to personalize pitches in terms of message and choice of products to push, wow a time-pressed prospect and make the sale.
It’s important to be able to align product and lead information to identify genuinely valuable opportunities from uninteresting ones. Sales teams can use this kind of data correlation to acquire the knowledge they need to develop compelling arguments as to why a certain product is so much better than one of its competitors’ products in the same field and how it can address all and not just some of their pain points.
The diagram below shows just how data correlation can help John, the Lab Product Provider’s sales rep to pinpoint exactly which of his products are of interest to each of his leads so that he can maximize engagement and clinch sales.
In the modern economy, time is of essence and the onus is on profitability. Gone are the days, when reps can simply go out and present their entire product portfolios. Many organizations are therefore using smart analytics to analyze and correlate data on potential customer needs, their purchasing practices and requirements with product portfolios, to devise offers around those products in their portfolios that are likely to be of interest to them. More interestingly, smart analytics can also prioritize product offers in terms of the returns they generate for the company.
Embrace data analytics to expand the frontier of value creation
As consumers become better informed, sales tactics have to become smarter. The changing tides of the industry mean that sales teams have to be more data-driven and scientific in their approach. This means that to be successful in business today, sales reps need to enrich their CRMs to augment their decision-making capacity and leverage their ability to deliver solutions that generate value for both the customer and the company.
By targeting the right products, organizations, roles and situations, businesses stand a far better chance of engaging with prospective leads at an early stage of their buying journey, maximizing their chances of influencing it. The time has come to capitalize on data correlation and augmented intelligence to clinch sales and maximize ROI.
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