Quality Information Finds Prospects:
How to Close Deals Faster with Timely Information
By Simon Bradstock, Vice President, Corporate Products, Dow Jones
It might be the Scout movement’s motto but it should be the salesperson’s mantra: “Be prepared”. Three out of four
senior executives feel that sales calls are a waste of time because salespeople aren’t adequately prepared. Why the lack of preparation? Because 45 percent of sales professionals say they have unmet needs for company, competitive and executive information.
Information is key in gaining competitive advantage
It can transform the way salespeople compete in today’s marketplace and provide them with reliable information to make calls and prospecting more effective. In today’s fiercely competitive environment – where products and services are no longer the only differentiator – strong customer relationships have never been more important. Armed with the right knowledge, salespeople can build credibility, becoming trusted advisors to their clients. Being informed and understanding pertinent information about prospects opens up a wealth of new business opportunities. After all, the more a salesperson knows about a company, the better equipped he or she is to deliver a value proposition that will resonate with that company. Ongoing research helps salespeople to make a distinct impression—demonstrating to prospects that they’ve invested the time and energy to get to know the prospect’s business and its needs. Developing a keen understanding of the prospect’s core markets, organizational structure, culture, decision-making process and current news makes sales presentations more relevant, and ultimately more effective. Having a thorough knowledge of buying cycles, operating income and overall business increases the likelihood of getting in front of the prospect when they have the greatest propensity to buy. Unfortunately, sales teams are often hampered in their efforts to conduct this critical knowledge gathering. Collecting information can be a huge drain on time since information is so abundant and widely dispersed. In fact, knowledge workers – people who use news and business information to do their jobs – spend 33% of their time looking for and analyzing information, according to industry analyst firm IDC. Even incredibly organized salespeople can find themselves spending an inordinate amount of time trying to pull together the resources and information they need, with a resulting loss of time in front of customers. And despite the time invested, the most diligent salespeople may still miss out on critical information that would give them an edge on the competition. With their current approach, they have no way of gaining early access to knowledge that would benefit them in the sales process. Sales teams need not only a way to quickly glean timely and relevant knowledge, but guidance in how to apply this information.
Sales Intelligence Strategy
Savvy businesses are now coupling information dashboards with formal knowledge-management practices that provide salespeople with a single interface and action-oriented guidance to stay close to clients and prospects. These sales intelligence tools add a layer of value that enables sales teams to create forward-thinking plans, capitalize quickly on new opportunities and proactively manage competitive threats. By integrating information, such as news and data, into the sales portal, SFA or CRM applications that salespeople use every day, organizations can unite their internal customer data with rich market intelligence in a way that increases overall productivity and sales impact.
1
Integrate relevant tools and information into your sales applications
Turning Intelligence into Action
Properly designed information dashboards empower salespeople to understand and take advantage of sales-cycle “triggers” that they might not put together on their own. Triggers can be anything that can have an effect on the buying decision, including executive moves, financial results, new product launches, mergers and more. For example, a prospective client spent 15 percent of its operating income last year on new technology; however, this year the firm’s revenue has increased and the company usually makes new purchases during the fourth quarter of the year. An information dashboard collects and analyzes these disparate bits of data that by themselves seem meaningless, but analyzed together, point the salesperson to this potentially lucrative opportunity at the right time. Another highly useful feature of some information dashboards is the ability to set triggers for “holdout” accounts based on individual events. If a salesperson has approached a prospect and been turned down, he or she may put that account aside and never revisit it again. However, triggers such as organizational restructuring or new internal initiatives can bring about new opportunities that the salesperson might otherwise overlook. Dashboards can instantly provide updates via wireless alerts to keep on-the-go salespeople well informed about key clients and prospects. Another great example is the area of account planning. Using the combination of technology and availability of information, a time-consuming, once-peryear activity can now be turned into a dynamic, always-up-to-date view of a customer’s situation. Streamlining the preparation of these important planning aids not only saves time but also leads to a more proactive account strategy.
2
In order to be more strategic, salespeople can use an information dashboard to keep current on customer and prospect news. When certain news stories or customer activities converge, salespeople are alerted so that they can step into action. This may involve calling the customer or revising a sales proposal. The sales team is also able to stay abreast of what’s being said about the firm and its competitors so that it is well prepared for potential questions during a sales engagement. The dashboard allows them to spot and capitalize on opportunities at a glance without sifting through vast amounts of information. For example, understanding the prospect’s strengths and weaknesses may be valuable for crafting a relevant and compelling argument as to why the prospect will benefit from the company’s professional services.
Personalizing Information
To maximize effectiveness, information dashboards should have the ability to present information in an individual fashion. As any sales manager knows, each salesperson has his own strengths and each territory has its own unique characteristics. Having the flexibility to adapt information based on the type of salesperson (global account manager, junior sales rep, telemarketer, etc.) or activity focus (locating new prospects, establishing relationships, etc.) proves very helpful.
Conclusion
For any salesperson, having access to the right knowledge at the right time is imperative. It helps them identify targets, hone presentations, close deals and build enduring customer relationships. Information dashboards are becoming an integral tool for accessing this knowledge quickly and succinctly. The rules of sales engagements have changed. The competitive landscape has intensified. No longer can sales teams rely on ad hoc, unstructured research. To stay on top, they need the latest information that helps put sales offers into the right context for their prospects and customers. Most importantly, top salespeople now have a powerful tool for turning this information into action.
About the Author
Simon Bradstock is Vice President, Corporate Products and has commercial responsibility for Factiva products and capabilities targeted at sales professionals. With more than 15 years of sales, marketing and product experience, he is a frequent speaker at industry events that address trends impacting sales and marketing professionals. Prior to his current role at Factiva, Mr. Bradstock held a range of sales, marketing and business development roles at Factiva, Reuters and McGraw-Hill in the US, UK and Europe. Mr. Bradstock can be reached at simon.bradstock@dowjones.com.
3