As more technology is developed that targets the sales profession, the more questions it creates. Just what technology is necessary for an aspect of manufacturing that is still heavily based on person-to-person interactions?
In B2B sales the key component of success is often related to timing. You can have access to the right person and be able to provide the right solution for them, but if your timing is off, your chances of success will be low.
In the past, knowing the proper timing was a mix of luck, instinct, and experience. Sales intelligence is about using accurate, curated data to help sales professionals make informed, well-timed approaches to prospects and existing customers to help reduce the reliance on luck and instinct in the sales process.
What Data is the Right Data?
While there is no specific formula for manufacturing sales, sales intelligence generally is powered by a combination of traditional CRM data (name, size, location, contacts, decision makers, etc.) and regularly updated intelligence about the business (technologies, intent, and business model).
Keeping a traditional profile of a prospect or existing customer updated with intelligence is what helps your sales team develop better timing. Being able to approach businesses when they are the most in need of your solution is the ultimate door opener and deal closer.
For prospects, knowing when one has been awarded a major contract for a system your company could supply components for is great, but knowing a prospect is working on a bid and being able to help them craft it with your components in mind is even better. This kind of intelligence requires the gathering and upkeep of data about the kinds of solutions your customers and prospects specialize in and their key markets. By monitoring this data in near real time your sales team is better positioned to respond in a timely fashion when an opportunity develops for a prospect.
The same approach to sales data can help your company maintain sales with existing customers and potentially increase the profitability of those relationships as well. For example, it is useful for a salesperson to review historical order data about a customer before making a regular sales call. True sales intelligence, however, is delivered when your salespeople are alerted when a customer’s recent orders do not match the forecasted amount.
ERP-Powered Sales Intelligence
The data and data analytics required to move from storing basic customer details to being alerted to prospect and customer opportunities is one of the main reasons that two decades after the advent of CRM software, sales intelligence solutions are just beginning to be adopted. Sales intelligence can be powered by the large amount of data that is generated by a manufacturer, but the analytics must be focused on evaluating prospects and customers from a sales perspective rather than a service or production perspective. Many manufacturing companies have ERP solutions that can power sales intelligence and, with a well thought out data gathering and updating process, a sales intelligence program could potentially be created without buying and implementing another major software solution.
Triple Helix has years of experience developing affordable solutions that complement existing technology investments to avoid costly replacements, including sales intelligence solutions. Contact us if you would like to schedule a risk-free consultation to see if Triple Helix can help your company better organize, access, and analyze your data.
