Grow Revenue with Big Data
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Transcript of Grow Revenue with Big Data
GROW REVENUE WITH BIG DATA Unite Sales and Marketing With Big Data to Fuel Revenue Growth
One Word: Growth PAGE 3
The Battle Over Lead Generation PAGE 5
Why Sales and Marketing Alignment is Key PAGE 8
The Role of Big Data PAGE 11
How Marketing Can Bridge the Gap with Big Data PAGE 14
About Lattice PAGE 17
CONTENTS
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ONE WORD IS ALWAYS TOP OF MIND FOR SENIOR EXECUTIVES—GROWTH. • How do we grow our business?• How do we grow our audience? • How do we increase our sales? • How do we build a bigger
customer base?
One Word: Growth
92%Increased thier revenue targets
over the previous year
Revenue GrowthEach year, companies
large and small focus on growing their revenues.
8% Did not increaserevenue targets
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• Capturing new accounts• Increasing sales effectiveness
• Increasing existing account penetration• Optimizing lead generation
Top Objectives for the Next 12 MonthsA variety of approaches are leveraged to achieve
2013 revenue goals.
TO GROW REVENUE, BEST IN CLASS ORGANIZATIONS ARE FOCUSING ON:
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20
30
40
50
60
70
80
Capture n
ew ac
counts
Reduce se
ll cycl
e time
Reduce ne
w rep ram
p-up tim
e
Increa
se sale
s effect
ivenes
s
Improve cus
tomer satis
faction
Improve tea
m sellin
g
Increa
se exi
sting ac
count pene
tration
Optimize
deal siz
e-up-se
ll/cross-
sell
Increa
se reo
rder/ren
ewal r
ates
Optimize
lead gene
ration
Improve marg
ins/re
duce disco
unting
Other
65%
23.7%
12.2%
51.6%
19.9%
10.4%
35.9%
17.6%9.2%
34.5%
16.8%
3.3%
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While sales and marketing should be working together to achieve higher revenue, in many organizations this is not the case. It’s no surprise that CSO Insights uncovered that lead generation is one of the main challenges that sales and marketing must overcome in 2013.
The Battle Over Lead Generation
The ChallengeNearly two-thirds of the
companies rated lead generation as needing
improvement.
01020304050607080
66.7%
25.8%
4.4% 3.1%
Needs
improvement
Meets
expect
ations
Exceeds
expect
ations
Do not kn
ow
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IN MANY ORGANIZATIONS, MARKETING IS NOT GENERATING ENOUGH LEADS FOR SALES. This creates a tremendous gap leaving salespeople on their own to create one off email campaigns, develop presentations, create microsites and host webinars without input or help from the marketing team.
Lead Gen AnalysisNearly 50 percent surveyed believe that the quantity and
quality of marketing generated leads need improvement.
30.5% Generated by
marketing
24.5% Other (partners,
press, referrals, etc.)
45% Self-generated by sales reps
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WHAT HAPPENS WITH LEADS THAT WERE GENERATED BUT AREN’T QUITE READY TO CLOSE? After spending time on lead generation, researching new accounts and trying to close deals, sales professionals have little to no time left to nurture existing leads that have expressed interest in the product or service offered.
The ChallengeLead incubation continues to be a
weakness for sales.
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6058.7%
30.0%
8.1%3.1%
Needs
improvement
Meets
expect
ations
Exceeds
expect
ations
Do not kn
ow23.3% Marketing & sales:
formal process
6.3% No one
responsible
26.8% Handled by
sales
23.3% Marketing & sales: blended process
25.8% Marketing:
informal processAmount of time
account research/lead generation is consuming
of the average rep’s work week
20%
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Missing the MarkAs the world’s economy crashed in 2009, so did sales reps’ abilities to hit
their targets.
Less than 25%11.8%
26-50% 26.8%
51-75% 30.7%
Greater than 75% 30.7%
Sales professionals are struggling to hit their quotas. According to CSO Insights, less than two-thirds of sales reps made quota in 2012. This is stagnant over 2011.
Why Sales and Marketing Alignment is Key
As the economy picks up speed and technology accelerates the sales process, companies are out of alignment.Gerhard Gschwandtner founder and CEO of Personal Selling Power, Inc.,
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WHAT DOES THIS MEAN FOR REVENUE ATTAINMENT FOR THE YEAR? Did missed quotas lead to poor company performance? Was the effect big or small?
Overall Plan Attainment Over 57 percent of companies
failed to meet revenue goals for 2012.
Greater than 110%7.8%
90-99%19.7%
Less than 75%22.7%
100-109%34.5%
75-89%15.3%
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Research Expectations
42 percent surveyed need help
with research.
ALIGNING SALES AND MARKETING CAN HAVE A TREMENDOUS IMPACT ON REVENUE GROWTH. Sales professionals want help.
Prioritize and Focus
Sales teams struggle with figuring out which
accounts to target.
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30
40
5042.2%
46.6%
9.6%
1.5%
Needs
improvement
Meets
expect
ations
Exceeds
expect
ations
Do not kn
ow0
10
20
30
40
50
0
10
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30
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50
0
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20
30
40
5044.6%
46.2%
7.3%1.9%
Needs
improvement
Meets
expect
ations
Exceeds
expect
ations
Do not kn
ow
Sales and marketing alignment continues to be a challenge for many organizations, and even when sales and marketing automation are supported by the same application, there’s often a gap between sales’ perceived needs and what marketing supplies. Rebecca WettemannVice President, Nucleus Research
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WHAT IS BIG DATA? According to IDC, we are creating more data in a single day than existed in the year 2000. Roughly two and a half exabytes of data were created every day last year. Simply put, this massive amount of data is referred to as Big Data.
The Role of Big Data
VolumeThe terabytes of data that most large companies acquire regularly are too large to pro-cess with conventional means. As technology penetrates more aspects of society, the information generated from and about those devices is rapidly expanding.
VelocityModern businesses may place more importance on the time characteristic of Big Data than any other dimension. Acquisition of timely data is critical to many time sensitive operations and provides a competitive advantage.
VarietyThis information may be collected in a number of forms including text, audio, video, statistical data or sensor information.
THE 3 Vs OF BIG DATA
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THE CONTINUOUS EXPONENTIAL GROWTH IN THE AMOUNT OF INTERNAL, EXTERNAL AND SOCIAL MEDIA DATA ON YOUR CUSTOMERS AND PROSPECTS ALSO RELATES TO BIG DATA. For a given company, it is possible to find over 1,000 attributes of your customers and prospects across all the data sources that are available.
of information is useful in discovering buyer's intent.
Unfortunately, sales and marketing don't have time to sift throught the data.
LESS THAN .01%
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Big Time Benefits from Big DataACCORDING TO MCKINSEY & COMPANY’S DOMINIC BARTON AND DAVID COURT, COMPANIES CAN BENEFIT BY DEVELOPING THESE STRENGTHS:
1. Multiple Data Sources: Creatively source internal and external data.
2. Prediction and Optimization Models: Focus on the biggest drivers of performance. Build models that balance complexity with ease of use.
3. Organization Transformation: Create simple, understandable tools for the people on the front lines. Update processes and develop internal capabilities to use the tools. Source: Making Advanced Analytics Work For You, Harvard Business Review October 2012
Dominic Barton Global Managing Director McKinsey & Company
David CourtDirector & Global Marketing Knowledge Leader McKinsey & Company
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• Arm sales with the data and insight about accounts and opportunities
• Shed light on how to prioritize accounts
• Develop content and support sales training to improve rep ramp up time
How Marketing Can Bridge The Gap With Big Data
42.2%Need improvement on account research
44.6%Need improvement on
prioritizing accounts
35%Of sales organizations
report ramp-up times of more than 10 months
20%Amount of time account
research and lead gen is consuming average
reps' work week
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ACCORDING TO CSO INSIGHTS:
Big Data is poised to take trigger events analysis to a new level by identifying buying signals that firms may not know exist. Sales and marketing organizations are using Big Data to identify trends that might be common across customers who buy or don’t buy from them.
Recognize Potential Buying Trigger Events
How well are they being leveraged?
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40
50 48.1%
41.9%
7.5%2.5%
Needs
improvement
Meets
expect
ations
Exceeds
expect
ations
Do not kn
ow
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Big Data is beginning to shed light on the phases of the buyer’s journey, according to Christine Crandell of New Business Strategies.
Marketing will more quickly embrace the insights from Big Data and change how they engage and enable prospects and build enduring relationships with customers.Christine CrandellPresident of New Business Strategies
Big Data Analytics Is Here and Now
A Big Data approach to sales and marketing can
provide companies with a holistic view of their customers and prospects. By analyzing
data from a variety of sources including marketing automa-
tion, CRM, past purchase history, social media, news alerts and more, sales and
marketing leaders can have a better view into
what has previously been unpredictable—
buyer’s intent.
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Lattice is revolutionizing sales and marketing through the power of Big Data. The company's Big Data for Sales platform, salesPRISM, delivers real-time, predictive and actionable insight to sales and marketing professionals wherever they are so they can engage the most receptive customers in the most compelling ways. Fortune 5000 companies such as ADP, Dell, EMC and SunTrust rely on Lattice to generate 75 percent more pipeline, triple conversion rates, and double win rates. Lattice is privately held and backed by NEA and Sequoia Capital with headquarters in San Mateo, CA.This ebook shares numerous statistics courtesy of the following sources:CSO Insights Sales Performance Optimization 2013—Sales Strategy AnalysisCSO Insights Sales Performance Optimization 2013—Key Trends Analysis
For more information, visit www.lattice-engines.com
About Lattice