In a previous post
, we talked about the importance of driving the right sales opportunities to the field through the use of segmentation and predictive algorithms. There are really four key ingredients needed to do this effectively and make a positive impact on sales numbers. In the next few posts, I’ll discuss, in more detail, each of the ingredients to systematically drive more sales, starting with Scientific Accuracy.
Good sales people strategically know, especially for their top 10 to 20 percent of accounts, the next six month’s purchases, what they buy, what they should buy, what they are buying from someone else, and when those customers are beginning to show signs of defection. Their experience has built a mental model of how to grow these accounts – knowledge we refer to as “their gut.” Yet, that gut instinct only goes so far. It is impossible for account reps to intuitively know this information for all of their accounts. To systematically grow your business, you must mimic “gut feel” for the remaining 80 percent of accounts where real opportunities for growth exist. This is where Scientific Accuracy comes in.
By applying statistical algorithms to your large volume of transaction data you can discover patterns in customer purchase history. With scientifically accurate purchasing analysis, you have the ability to compare an individual customer to their pattern matched profile and light up opportunities for growth in an accurate and intelligent way. This approach can systematically direct your sales team to real revenue opportunities for wallet-share expansion or highlight customer defection in time to do something about it!
Right message, right time, right person–all three need to be there to help drive sales. When you look at your customer’s past purchasing behaviors you get a better idea of what they might do in the future. If you can anticipate their needs you can be there with an offer when it’s most applicable to their situation.