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Qualify Leads More Accurately With Customer Intelligence

Apr 2014/in , /by

Lead qualification can be a point of tension between sales and marketing teams. Sales reps often claim the marketing team doesn’t give them high-quality leads, while the marketing team argues that sales simply isn’t following up on the best leads they’ve been handed. Sometimes the problem is simply that these departments’ definitions of what makes a qualified lead are misaligned. On the other hand, the problem could be a misunderstanding of what qualities can predict a lead’s likelihood to buy.

Cut Down On the Noise 

Some established companies have more leads than they know what to do with. By finding a better strategy to weed out the most unlikely leads, business can significantly improve sales productivity. Imagine a world where you can easily identify the junk before you devote too much time nurturing a lead that has no chance of converting. This world is possible, but will take some time and research.

Turn on the Lights

When your teams are stumbling around in the dark, it’s impossible to coordinate marketing and sales effectively. With a customer analytics platform, these departments will have access to the same intelligence data, including market events, mergers and introduction of new technology. Once the two teams are looking at the same information, they can gain a better awareness of what qualities are good predictors of a qualified lead. B2B Lead Blog suggests doing research to determine a correlation between leads and current customers to further identify the signals that your company has a good chance of making a sale. Once these two teams have a more complete picture, they can start coming up with better definitions for sales and marketing-qualified leads.

Learn Who Your Customers Are

An article from Forbes demonstrates how big data analytics can improve the performance of marketing automation software by telling marketers not just what qualities will predict a conversion, but who the customer really is. What analytics actually enable marketers and sales reps to do is develop an understanding of a company’s attributes outside of just the numbers. By collecting intelligence from across the Web, including viral social media posts, sales reps and marketers can really construct a picture of what it’s like to work in a specific industry. Customer intelligence allows marketers and sales reps to go deeper. When marketers are able to look at their leads’ markets through their perspectives, they can create marketing campaigns that really target the right companies.

A customer intelligence platform can deliver the In-depth information marketers and sales reps need to improve their collaboration and increase sales productivity.

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How to be an understanding sales rep

Jan 2014/in /by

Too often, salespeople get a bad rap. When the average person thinks of a sales rep, they imagine pushy, inconsiderate and generally insincere individuals who will do or say anything to close a deal. Popular culture only perpetuates these negative images. In movies like Wall Street and Glengarry Glen Ross, salesmen are depicted as ruthless, sociopathic and criminal.

However, it doesn’t have to be this way. Truly successful salespeople know that honesty and empathy are key to making great sales.

Understanding your customers

To be a great salesperson, you have to know where your customers are coming from. Use CRM intelligence to get a better handle on your potential buyer’s world; however, don’t use customer analytics to hurl data points at your prospects. Yes, it may communicate to them that you’ve done your homework, but it probably won’t help you make a sale. Use this information to truly understand what it is your customer needs. Then you can think about your role in helping them achieve it.

Empathize

Understanding your customer’s background is a little different than actually being in the room with him or her. Being keyed into your client’s emotional state can help you better guide the conversation. Emotional intelligence can be hard to learn, but there are some ways to practice. According to Natalie Grace for the Houston Chronicle, practicing self-awareness can help you to better understand the thoughts and feelings of others. When you can identify your own emotional triggers, you will become better at noticing them in others.

Be a good listener

Part of being an understanding salesperson is knowing when to stop talking. As S. Anthony Iannarino puts it on the Sales Blog, a huge part of emotional intelligence is the ability to listen. Salespeople often put a lot of effort into changing people’s minds. However, without really understanding why someone believes what they do, these efforts are going to be in vain.

Ask good questions

If a prospect has already decided they don’t want what you’re selling, they may not say what they’re thinking. A good salesperson knows how to ask the questions that will make prospects open up.

Know when to stop

Not every pitch will end in a sale. Some clients truly don’t need or want what you’re offering, at least right now. An empathetic salesperson will know the difference between hesitation and determination. For prospects that truly have no intention of buying, persistence can be a waste of time. Being too pushy will certainly not make you look good. End on a pleasant note–it’s possible you may hear from them again in the future.

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4 questions that provoke the ire of prospects

Dec 2013/in /by

By Ryan Warren, Vice President of Market Development

The cardinal rule of sales should be: Don’t irritate your prospects! It doesn’t matter whether a potential buyer could use your services or not. If they cultivate a strong dislike for you during the pitch, they’re unlikely to go with the company you represent. Sometimes when you’re under pressure to close, you might phrase questions inappropriately, leading to the disdain of the people you’re trying to impress. Avoid ruining the outcome of the sale before you’ve even begun. To start out, here are a few questions you should avoid asking:

  1. “Are you the decision-maker?”
    You want to make sure you’re not wasting your time with someone who doesn’t impact the purchasing decision. But the truth is, even if the final decision isn’t theirs, they can be a good bridge to someone who will make the final choice. Use this question and your prospect will see right through you. As Geoffrey James puts it in the Salesforce blog, when you ask this question you’re implying your contact is “some flunky gatekeeper who needs to be schmoozed.”Instead, you may want to dispense with the term “decision maker” altogether. James suggests asking instead, “who are the stakeholders?” Without bluntly questioning where the prospect falls in the chain of command, you can get an idea of who else you should talk to before closing the deal. Another idea, according to the Sales Excellence blog, is to ask “Once you make your decision, what are the next steps?” This will also give you a better understanding of the buying process.
  2. “Would you agree that…?”
    This is a leading question that could immediately cause your prospect to bristle. The idea is to make them say yes to something small so they will be more likely to say yes to buying. Unfortunately, your contact has probably heard this ancient selling technique hundreds of times, so it will only put them on the defensive. Instead, try a more open question like “what are your priorities around…?” Ask questions that lead to a legitimate discussion. Let go of the seller-buyer dichotomy and you’re more likely to influence your potential client.
  3. “If we could save you money, would you be interested?”
    Once again, you’re using a manipulative tactic and dangling the carrot in front of the horse. You’re obviously hoping to hook the prospect into a longer conversation, but this question is actually extremely vague, and needs to be more targeted to the prospective company in order to be useful. According to Colleen Stanley for Customer Think blog, it may be better to say, “let’s you and I crunch some numbers together to see if the cost savings add up to enough dollars to even consider making a move.” This way, you’re communicating to the prospect that you understand they have individual needs and offering a one-size-fits-all solution may not benefit them.
  4. Any question you should already know the answer to
    While making this kind of blunder may not send up a red flag as quickly as the first three, lack of research won’t get you ahead. To establish yourself as not just a salesperson, but a valuable informational resource, you’ll want to know as much as possible about your potential buyer’s market. Customer analytics can provide an in depth background on where your buyer is coming from. It can help you anticipate their needs, which will help you ask the right questions. Knowing your customers before engaging in the sales pitch is the smartest thing a salesperson can do.

Do your research, avoid provoking clients, and encourage conversation rather than being pushy, and you’re likely to win the confidence of your prospective buyers.

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You Can’t Target Everyone: The Need for Buyer Personas

Oct 2013/in /by

By Nora Weintraub

 

You’re most likely aware you can’t go after a huge target market if you want to create successful advertising strategies. But many companies have trouble segmenting their customer base and generating separate marketing materials for each buyer persona they want to pursue. How can you create more relevant and targeted campaigns? By using customer intelligence, your marketing team can effectively segment your customers and have better knowledge of current and prospective clients.

 

Especially for B2B organizations, persona-based marketing is critical because many different players are involved in the decision-making process. B2B products often apply to very specific niche markets, so there’s no sense in trying to attract everyone. You need to get the most relevant customers interested in your products or services.

 

Why Do You Need Personas?

 

Most would-be customers encounter completely generic content when they research new products. Personas are virtual characters and represent a segment of customers with particular demographics, industries or roles within a company. Knowing your customers can help improve marketing, sales and even product development operations, according to an article by Mike Telem in Business 2 Community. You can more accurately define your ideal prospects and discover what really matters to them, helping you create more effective and engaging content.

 

B2B purchases typically involve a number of people within an organization, and each of these people will have different concerns. Financial executives won’t have the same considerations for new software as IT managers. And the end users of the product will have different concerns. Without targeting based on buyer personas, your marketing team may not be generating the right amount of leads, and the sales team may not be able to achieve significant revenue gains.

 

Start Using Personas and Get Better Results

 

Simply personalizing content isn’t enough, Patrick Spenner wrote in Forbes. While personalization can help companies target individuals, it doesn’t give B2B buying much of a boost when four or five people are involved. The more people in the buying group, the less likely you are to effectively engage all of them with the same kind of content.

 

In addition to needing more people to decide on a solution, people aren’t going to buy something immediately after discovering your product, according to Irakli Beselidze in a separate post for Business 2 Community. B2B buying cycles can last for years. The consequences of making the wrong decision can be disastrous, so buyers take their time and weigh their options. And even after you make the sale, you want to keep in contact with previous customers for when they need to upgrade in the future. This means you need to create content that targets multiple people, not just the executives with the decision-making power.

 

Some organizations wait for their audience to give clues to who the decision-makers and key influencers are. But companies need to stop doing this and start focusing on buyer personas to generate more effective campaigns. Rather than just launching content and hoping it provides value to someone in the buying cycle, you need to start studying buyer personas through customer analytics. Watch customer behavior while they are going through the different phases of the sales cycle. Since your customers are increasingly growing more knowledgeable and tech-savvy, you need to convert big data analytics into actionable insight. It can help you more effectively reach all the different people involved in the B2B decision-making process.

 

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Reducing Marketing Rocket Science: Understanding the Buyer’s Journey

Sep 2013/in /by

By Nora Weintraub

 

One of the latest buzzwords for sales and marketing is “the buyer’s journey,” which makes it sound like your customers are going through an epic voyage to purchase your product or service. Without customer intelligence as a backup, it’s difficult to identify the exact steps along a prospect’s path. If your company sells products to other businesses, the journey gets even more convoluted and tangled along the way. Knowing your customers can give you a better understanding of their pain points, how they found your products and what it will take to convince them to make a purchase.

 

If you ask a chief marketing officer about the buyer’s journey, he or she may have a very different opinion than the customers themselves. And because most people rely on Internet searches to find product information, the buyer’s journey usually begins from an online platform. The average CMO only manages to get a 5 percent email click-through rate, meaning most of these executives fail 95 percent of the time when trying to connect with their prospects during the journey, according to a column by Mathew Sweezey in ClickZ. There’s a definite disconnect between many of the best planned marketing campaigns and what customers are actually doing.

 

Buyer’s journey is more direct and has fewer stops than marketers think

 

Yes, it’s true that customers have more ways to reach your sales team and more sources of information on products and services than ever before. But in Sweezey’s research of B2B buyers, he found that the average client only does a few Google searches before making a decision. Although some people start out by asking their peers for recommendations, they will still consult the Internet at some point during their journey.

 

Many marketers know they need to provide different types of content for buyers in varying stages of the voyage, but some may not realize that the majority of customers prefer shorter reading material. Most prefer a length of under five pages. Companies need to understand what types of information are most relevant to their customers based on the stages of the buyer’s journey.

 

Shorter trip doesn’t mean you can get lazy with marketing

 

Although your customers are using the Internet to a higher degree to navigate the road to making a purchase, you need actionable insights to help them along the way. While you may employ a variety of marketing techniques, the end goal is the same: to get to know your clients and form a relationship, Jason Thibeault wrote in an article for Econsultancy. Your organization won’t be able to adequately meet your customers’ needs unless you have a deep understanding of their pain points and create appropriate marketing materials. The Internet has given companies far more ways to market and sell their products, but the basics are the same—personal connections still matter in the digital age.

 

But that doesn’t mean you can’t leverage customer analytics to form a better picture of your client base. Although the basic point of marketing is always the same, knowing where customers are in the buyers’ journey and how they got there is important to build on the relationship. Marketers that take advantage of chances to make personal connections with their prospects may be able to increase the odds of converting the lead into a sale. Even if the Internet has sped up the trip from prospect to customer, people still want to have a conversation.

 

The journey may be essentially the same, but everyone is different and may have different communication preferences. The better you know your customers, the more appropriately you can communicate with them, making the whole sales process easier.

 

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Big Data Boosts Customer Intelligence

Jul 2013/in , /by

By Ryan Warren, Vice President of Marketing

From cloud computing to collecting market insights, employing data is already important. But big data analytics is set to become essential to business strategies other than simply knowing where you should market or where there may be a sale. According to the Business 2 Community, a marketing resource, organizations often forget that customer intelligence relies on big data, and it’s essential that professionals consider big data as an integral part of any sales or marketing strategy.

According to CIO, customer analytics allows companies to focus on the how they can help their clients instead of just becoming informed on the products. For example, CIO reported that IT companies are using big data as a way to examine how their solution will help the customer in real life. By examining what types of products customers need to tackle every day challenges, IT businesses are able to design a custom solution that can produce stronger results.

Big Data in Sales and Marketing 
It’s so much easier to glean market insights when you have the right tools, and big data is the foundation of many types of customer intelligence software—including FirstRain. According to eWeek, an IT news resource, big data helps improve client and partner relations by providing a measurable connection between you and them. Accruing customer intelligence through traceable analytics ensures companies are able to raise their customer service and optimize their strategies for selling products or solutions.

Understanding that big data is an important aspect of your customer intelligence solution can help you optimize sales and marketing strategies. Being able to stay up-to-date on where your clients’ markets are headed and what types of solutions they’ll require can allow you to anticipate your sales or marketing growth. When you know that your customer is going to need a new information storage solution, or that the latest product innovation is gaining traction in the industry, you can create a realistic timeline and sales goals. Big data offers you a way to actually solve your customer’s problem, instead of simply selling them a solution that may not necessarily produce the desired results.

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