Sales execs used to rely on "gut and golf" to close deals, but today that's just not enough in an environment where only 30% of qualified leads typically close.
In sales, a new year means two things: sales reps under pressure to hit their number and sales execs looking for a record year.
Stakes are high, so no one wants to start the year in a hole. But many sales teams do – throwing away millions in lost revenue. How? By accepting lack of clarity (aka “a hunch”) on which deals deserve attention and which to push.
You'll sometimes hear me talk about selling by “gut and golf” — a sales approach grounded in years of experience (gut) and deep, trusted relationships forged on the links (golf).
Inaccurate, incomplete sales data is a major headache for any sales team. Sales reps, managers, and executives use CRM data every day to set selling priorities, make program investment decisions, and forecast revenue. And the revenue forecast, in particular, can affect departments all over the company. So poor data leads to poor decisions that keep companies from reaching their goals. At the same time, every sales veteran knows it’s not practical to improve data quality at the expense of revenue.
Sales managers have a tough job.
For decades, Sales Managers have forecasted revenue with two things: CRM systems and spreadsheets.
Plenty of companies I know struggle with how data science can give them a competitive edge. There are two areas where data science can help almost every company — improving the sales forecast and improving the effectiveness of the sales team. I'm going to touch on the first of these today.
I remember the first time I heard the term "data science." It seemed like nothing more than statistical analysis applied to large amounts of data.
My smartphone today has more computing power than the PC I had in the 1980s, but that means nothing if it doesn’t deliver what I need, when I need it. A contact’s phone number. A real-time traffic report. A support ticket in a database. These are just some of the go-to information sources I need to regularly access on my phone.
My inbox collects hundreds of emails a week.