The data your company collects plays an essential role in improving your sales tactics. The more you know about current and potential customers’ purchasing habits, the more you can use the information to increase sales. Of course, you need to understand how to use the data to maximize its effectiveness properly. Here are four ways you can use data to enhance your sales tactics.
1. Use Data to Enhance Your Value Propositions
Instead of using a one-size-fits-all approach, use your data to test different value propositions on different customer segments. This lets you determine which approach is most useful for each type of customer. Collecting and cross-referencing multiple data points enables you to create value propositions tailored to each segment’s needs. You will know what to say to each customer and when to say it for maximum effectiveness.
2. Use Data to Manage Your Sales Pipeline
Rather than waste time reaching out to individuals who are unlikely to purchase your products, use your data to create a list of the most viable leads to contact first. Compare the individuals to historical data on similar customers to segment the leads in your pipeline. Base each segment on how profitable they may be and how engaged they are. This gives you an idea of how quickly each lead may want to close.
3. Use Data to Track a Lead’s Buying Intent
One way to determine a customer’s potential for purchase is by tracking their activities in real-time. When you discover a current or future need for your product, your customer is more likely to talk with you about a purchase. You can follow each customer online and set alerts to stay informed about important events in their company. Then, when the time comes, you will know exactly what products to offer them based on their needs.
4. Use Data to Increase Repeat Purchases
Since you have a much higher chance of selling to an existing customer than to a prospect, focus on increasing your number of repeat purchases. This includes cross-selling and up-selling products that can meet each customer’s needs. To do this, look at the purchasing patterns among each of your customer segments. Then, use the information to create personalized recommendations for what they should purchase next. Base your suggestions on what similar customers bought in the past.
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