How to Use Predictive Analytics to Sell More Technology
According to SiriusDecisions, 67% of the buyer’s journey is now done digitally. This stat is particularly relevant for technology buyers. They can do online research for technology solutions that meet their business needs, download a number of free trials to test out features, and develop recommendations or make a purchase decision well before a sales rep is ever engaged.
While this new buying behavior has disrupted the traditional technology sales process, that digital footprint opens new doors for new tools to predict buying patterns and understand technology buyer influences.
Predictive Analytics solutions allow you to focus your Sales team on customers who are ready to buy and watch over prospects in different phases of the buyer’s journey.
Ultimately, Predictive Analytics helps you sell more technology, sooner.
5 Tactics for Implementing Predictive Analytics
Leveraging Predictive Analytics is part art, part science, and all strategy. It is hands-on, collaborative, iterative, and specific to your particular organization. Here are some best practices to help you successfully implement Predictive Analytics:
1) Understand Your Current Lead Flow
Predictive Analytics optimizes your lead-to-closed conversion process, so a deep understanding of your current lead sources, marketing personas, scoring, and touch points is critical. Simply grasping these foundational elements ensures a clear vision for measuring success, not to mention optimizing your current sales process.
2) Engage Stakeholders from Both Marketing + Sales
Sales and Marketing alignment is a prerequisite for a successful Predictive Analytics strategy. Think of Predictive Analytics as a means to accelerate the sales process. Each player in the sales process should understand the value, the goals, and the expected outcomes of implementing Predictive Analytics. This will not only ensure alignment, but also increase revenue impact.
3) Give It Time
Your ideal prospect’s buying profile is a moving target, one that requires ongoing adjustment based on continual learnings. Predictive Analytics is an iterative learning process based on experimentation and results. Getting the sales results you want will take time, so set realistic expectations with your Sales and Marketing teams and highlight incremental wins.
4) Be Open to New Points of View
Sales and Marketing teams are the keepers of customer insights. However, Predictive Analytics will uncover new and valuable information about your buyers. Take an objective look at the data uncovered by Predictive Analytics and how it complements or, in some cases, changes your existing views of ideal prospects.
5) Prepare to Sell
Predictive Analytics done right will produce highly targeted leads quickly. Therefore, you’ll need your sellers prepped and ready to convert these leads when they’re handed off. Ensure you provide your Sales team with the right predictive insights, and have a clear follow up plan in the creation of your Predictive Analytics strategy. Predictive Analytics shouldn’t disrupt your current sales process; it should enhance it, but that still requires thought and planning.
At N3, we see Predictive Analytics as one of several must-have tools to accelerate revenue for technology solution sales.