Nearly 80% of companies polled in a new Big Data study find CRM ineffective at helping find external company information.
Sales reps are searching as many as 15 different data sources for information on customers and prospects. Reps are on information overload.
82% of those surveyed believe that sales reps are challenged by the amount of information and the time it takes to research prospects prior to making contact.
These were some of the big findings by the report titled, CSO Insights 2012 Impact of Data Access on Sales performance Report: Why Big Data Should Be a Big Deal for Sales, sponsored by Lattice Engines. CSO Insights surveyed 218 CEOs, CSOs, sales execs and managers during June 2012 in an online study. Their findings make me think of how much data there is out there and how incredibly difficult it is now for any sales reps to be effective and efficient - it's like walking the aisles of a huge data warehouse looking for that one piece of information to help you bring the most value to a buyer, and a deal to closure.
Other Key Findings:
35% of the participants have implemented technology to bring both internal and external information to sales reps, and their win rates are nearly 8% higher than companies without the technology.
You can download the study here.
What this means:
Everyone talks about finding trigger events at prospective client companies but it seems that many sales reps struggle to get this information. Understanding when things change at a target company is a critical need and one that is not easy to find.
We need to find better ways to help sales reps fill in the gaps between the data they can gather through their CRM system and the data they need to hold intelligent, value-added conversations with the companies they want to work with.
Critical information that sales reps want and need are in keeping contact information current, tracking business changes, and market changes.
Jim Dickie, a noted expert in the B2B sales insight business and managing partner of CSO Insights said, "Big data needs to be a big deal for sales. The amount of prospect information out there today is a blessing and a curse for sales reps. Our research shows that there is a need for new tools to help reps find the needle int he haystack. Leading-edge sales teams are already taking advantage with solid returns."
The Big Data revolution is here. Find tools that work for you and your sales team to let you know critical information and if you do, revenues can go up, you’ll bring more business to closure, and your existing clients will appreciate your value more.
Lori Richardson speaks, writes, and trains on sales strategies for B2B mid-market technology front-line sales teams. Why not sign up for our twice-monthly newsletter, “Sales Ideas In A Minute” or the award-winning blog rss feed?