Big data is not just a fashionable term for large companies with huge budgets. Curious? Here are 6 tips for using data to get more business intelligence.
Big data is not just a fashionable term for large companies with huge budgets. There is also a lot of on- and offline information available for SMEs to help them make data-driven decisions to promote their company’s growth. For sales, marketing and customer service, in particular, you can get all sorts of info with very little effort - as long as you have the right tools.
Curious? Here are 6 tips for using data to get more business intelligence. And we don't just stick to theory: read on to find out how you can use a CRM tool to collect, store and analyse your data.
To analyse your own data, you need technology. Teamleader allows you to manage contact information, track potential customers throughout the sales cycle, and much more. You'll read all about it on our tour page!
1. Qualify leads
Your marketing people are excellent, your sales staff are born networkers and your product convinces customers to advertise it by word of mouth. So there’s no lack of leads! But not every lead is right for your business. In order to separate the wheat from the chaff you will have to look at the data.
The company website and Google are a big help. And obviously you give the company a quick ring as well, to have an idea who you’re dealing with. Then you put all the info into your CRM system: sector, location, size of the company, budget, needs and requirements, etc.
The lead shows interest and has a problem you can solve. Great! But does the financial picture look right? With the VAT number you can check a lead’s turnover, profit and creditworthiness – that is, of course, if you link your CRM to a financial database like the Trends Top company guide.
2. Personalise your customer relations
Badly maintained customer relations are really irritating. And that applies to the whole customer life cycle. Leads that have to introduce themselves repeatedly won’t be in a hurry to buy. And you’ll soon lose customers that have to keep repeating the same story.
Don’t fall into that trap. Get to know your customers’ requirements and save every contact neatly in your CRM. With a couple of clicks you can call up the essential data whenever you need it. That way both parties save time and you create a personal relationship. It pays, because a customer that feels understood is loyal and open to upselling and cross-selling.
Moreover, if you work with segments based on your lead qualifications, you can easily steer and evaluate targeted email campaigns. You can use the data for easy personalization of your email marketing too.
3. Follow your sales process closely
Between the first meeting and a paid invoice there is a wealth of information: How did the lead find you? What contact has there been? How did the meetings go? What sum of money is involved? Have offers been sent? Have they been accepted and why (not)?
With a polyvalent application like Teamleader you can follow every step in minute detail, by taking notes, drawing up visit reports, saving relevant documents, tracking telephone calls and emails and linking them to a deal or contact – all in one place.
If, after all, something does go wrong, you’ll have the reasons why. So as a company you keep on learning and can do better the next time!
4. Keep an eye on your pipeline
In terms of deals there’s a lot of data available. Take a broad view of it though: keep an eye on your pipeline at all times, then there won’t be any surprises at the end of the quarter.
In Teamleader you can immediately see how well you're doing financially. Because you keep precise data per deal on what phase you’re at, you have a clear view of your financial pipeline. Have you closed enough deals, or are most of the offers still just offers? Are there still projects to be invoiced? Are there open invoices?
Guesswork is a thing of the past: based on your statistics Teamleader can predict your earnings in the short term, per 7 or 30 days, so that you – and your accountant – can sleep easy at night.
5. Generate interesting statistics
Speaking of statistics, Teamleader can offer you a whole lot of ready-made solutions at that level as well, to give you insight into your company’s business.
The application shows you, for example, where most of your leads are situated geographically and what channels they come in through. By filtering them again by segment and deal size you can immediately identify your most lucrative customers and promising leads.
Time tracking can show you where your most profitable time is spent too, in terms of both customers and employees. Moreover, by checking per employee what the duration and conversion chances per deal phase are, you have all you need to evaluate your sales team’s performance and optimize your business processes.
6. Learning from profit & loss
By now it’s clear – data analysis is very important for SMEs too. By putting accurate, real-time data into the mix – your customers, your sales, your marketing, and so on – you can see the obstacles that keep you from achieving maximum results.
The way you manage and analyse data, is much more important than the amount. The right tool can help you learn alot out of that data!
Sales always come to a standstill at a different point in time? Our ebook on smarter lead management may help you out. Find out how proper lead management leads to more turnover and growth, where things usually go wrong and how you can optimise your sales process step by step.