The flood of big data into business has brought new ways for sales and marketing teams to collaborate and add value to each other’s work.
Predictive analytics offers the business intelligence and tech to help forecast and develop campaign designs intended to generate higher-quality leads. This sales process technology has created even more avenues for marketing to back up sales efforts.
Here are just a few ways sales and marketing teams are using predictive analytics to support sales efforts.
Informed and Streamlined Lead Scoring
Huge amounts of lead scoring can be fully data-driven and determined almost entirely by predictive analytics today. This means, in theory, that salespeople get to concentrate their time on the most active, ready-to-buy leads in their pipelines.
Forget about wading through oceans of bad leads. It is now possible for marketing pros to know exactly when a prospect converts to a lead through a lead enrichment tool and use predictive sales analytics to forecast the potential customer’s likelihood of converting over time based on the previous activity of your already-existing customers.
Predictive sales analytics can also measure demographic and behavioral data against the dataset of existing clients find the best fits.
Faster Sales Cycle
One of the big advantages of predictive sales analytics is that it can dramatically shorten the time to buy. This is partly because the AI does the role of a salesperson way before a salesperson gets involved in the buyer’s journey.
Using historical, behavioral and psychological data sets sales analytics has the potential to steer the lead on a content consumption journey of discovery that more quickly gets to conversion, answer questions, manage objections, and move the lead through the sales process more efficiently The average sales funnel most leads go through before making a buying decision.
Then, when the lead’s activity indicates he or she is ready to make a purchase, predictive analytics can help ensure your salespeople make the right offer, too.
Marketers and account managers are leveraging predictive analytics to maximize the existing and potential customer’s lifetime value.
By knowing what types of posts, podcasts or videos are connected with the buying decisions of a particular lead, sales reps can be notified to immediately follow-up. This can also help decrease the numbers of clients who go elsewhere.
Getting the Timing Spot On
Like in comedy, timing in sales is everything. Predictive sales analytics can help sales teams know exactly what offer to propose, when to suggest it, and even what to say in their sales script to help increase the likelihood of conversion.
Enjoyed the article? Listen to the CPSA podcast with Aviso’s CEO, Michael Lock called AI and Predictive Sales Forecasting.