how big data is transforming inside sales
TRANSCRIPT
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How Big DataIs Transforming Inside SalesLeveraging Big Data to Improve Inside Sales Performance
April 2012
LATTICE Proprietary & Confidential
Why Does Inside Sales Care About “Big Data”
Inside Sales teams operate in an era of increasing volume, velocity and variety of information(“Big Data”) available about their customers & prospects.
Inside Sales teams that know how to use this data intelligently can gain competitive advantage.
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“BIG DATA” HAS BECOME A C-LEVEL TOPIC IN 2012
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McKinsey QuarterlyMay 2011 The Economist
September 2011World Economic ForumJanuary 2012 NY Times
February 2012
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“BIG DATA” IS CREATING CHANGEIN HOW BUSINESSES ARE RUN
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“Everyday we create 2.5 quintillion bytes of data–90% of the data in the world today has been created in the last two
years alone”
Driving Change in B2C(Consumer Credit, Consumer Goods, Retail)
Driving Change in Govt, NGOs(Health, Government)
Driving Change in B2B(Banking, High-Tech, Biz Services)
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TIME
ENGA
GEM
ENT
OPPO
RTUN
ITIE
SW
ILLI
NGNE
SSTO
ENG
AGE
NEW BUSINESS
FORMS
FIRST OFFICE IN A NEW
STATE
RISE IN TRADE WITH CANADA
RECEIVES GOVERNMENT
CONTRACT
ENGAGE NOW
INSIDE SALES TEAMSHAVE ALWAYS KNOWN THEY HAVE
“WINDOWS OF OPPORTUNITY” TO ENGAGE
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BIG DATA & ANALYTICS ON THAT DATAPROVIDE VISIBILITY TO THE “WINDOWS” YOU HAVE
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…BUSINESSDYNAMICS
EMPLOYEECONSTITUENCY
& CHANGE
CONTRACTS, AWARDS & EXPANSION
PRIVATE EQUITY INVESTMENT
COMPLIANCE& REGULATORY
IMPACTS
BALANCEOF
TRADE
TRANSACTIONS
LOCATIONDYNAMICS
NETWORKPROFILES
LEGALACTIVITY
Your Customeror Prospect
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HOW INSIDE SALESUSES “BIG DATA” FOR “BIG RESULTS”
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SEGMENT BASED ON DYNAMIC ATTRIBUTES
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LESSON #1SEGMENT BASED ON DYNAMIC ATTRIBUTES
Traditionally, companies consider “industry” and “employee size” / “annual revenues” as meaningful segmentation criteria
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FINANCIAL SERVICES HEALTHCARE MANUFACTURING
IT Spend 2011All Categories | By Industry
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LESSON #1SEGMENT BASED ON DYNAMIC ATTRIBUTES
However, “Big Data” elements such as “job postings”prove a more meaningful segmentation dimension
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>50% INCREASEIN JOB POSTINGS
0-10% INCREASEIN JOB POSTINGS
REDUCTIONIN JOB POSTINGS
IT Spend 2011All Categories | By “Job Posting” Segment
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LESSON #1SEGMENT BASED ON DYNAMIC ATTRIBUTES
New customer acquisition rates are higher at engagement opportunities
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PROSPECTS NOT OPERATING
AMIDST “ENGAGEMENT OPPORTUNITIES”
PROSPECTS OPERATING
AMIDST “ENGAGEMENT OPPORTUNITIES”
100% - 300%HIGHER
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HOW INSIDE SALESUSES “BIG DATA” FOR “BIG RESULTS”
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SEGMENT BASED ON DYNAMIC ATTRIBUTES
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PROVIDE FRONTLINEWITH DYNAMIC CONTEXT
2 PROPENSITYPROPENSITY
+CONTEXT
VS.
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LESSON #2PROVIDE FRONTLINE WITH DYNAMIC CONTENT
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Cross-Sell Conversion RateBusiness Services Example | 2-20 Employees
ENGAGEMENTOPPORTUNITY?
REP PROVIDEDCONTEXT?
NO
N/A
YES
NO
YES
YES
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HOW INSIDE SALESUSES “BIG DATA” FOR “BIG RESULTS”
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SEGMENT BASED ON DYNAMIC ATTRIBUTES
1
PROVIDE FRONTLINEWITH DYNAMIC CONTEXT
2 PROPENSITYPROPENSITY
+CONTEXT
VS.
MAKE CLIENTINTERACTIONS TIMELY
3DECAY
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LESSON #3MAKE YOUR INTERACTIONS TIMELY
There is a “decay” in response rate – likely due to the need being “filled” by alternative sources
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1-2 3-4 5-6 7-8 9-10 11-120
0.5
1
1.5
2
2.5
Elapsed Weeks Since “Engagement Opportunity”
Conv
ersi
on R
ate
per
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gem
ent O
ppor
tuni
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HOW INSIDE SALESUSES “BIG DATA” FOR “BIG RESULTS”
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SEGMENT BASED ON DYNAMIC ATTRIBUTES
1
PROVIDE FRONTLINEWITH DYNAMIC CONTEXT
2 PROPENSITYPROPENSITY
+CONTEXT
VS.
MAKE YOUR CLIENTINTERACTIONS TIMELY
3DECAY
BE INTELLIGENTLYPERSISTENT
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LESSON #4BE “INTELLIGENTLY PERSISTENT”
Conversion rates follow a consistent curve – though the peak (n=5) and trough (n=15) vary by industry
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 200
0.5
1
1.5
2
2.5
Calls Received per Prospect
Conv
ersi
on R
ate
per C
all
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MANUFACTURING
$Y
5
X% CHANGE IN AVERAGE BALANCE
LEAD #3
01/03/12
Yes
…
MANUFACTURING
$Y
1
X% CHANGE IN AVERAGE BALANCE
LEAD #1
No
No
…
MANUFACTURING
$Y
1
X% CHANGE IN AVERAGE BALANCE
LEAD #2
No
Yes
…
YES YES YES
INDUSTRY
BALANCE
NUMBER OF NEW OFFICES IN 12 MOS.
OBSERVED CHANGE
NEW FINANCE EXECUTIVE
INTERNATIONAL TRADE
…
FIRST-TIME LEAD?
HIRING 75 (+50% QOQ)80 (-20% QOQ) 85 (+5% QOQ)
LESSON #4BE “INTELLIGENTLY PERSISTENT”
Inbound leads should be pursued with context-appropriatelevels of intensity
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HOW INSIDE SALESUSES “BIG DATA” FOR “BIG RESULTS”
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SEGMENT BASED ON DYNAMIC ATTRIBUTES
1
PROVIDE FRONTLINEWITH DYNAMIC CONTEXT
2 PROPENSITYPROPENSITY
+CONTEXT
VS.
MAKE YOUR CLIENTINTERACTIONS TIMELY
3DECAY
BE INTELLIGENTLYPERSISTENT
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