June 15 by Alex Gammelgard
Everyone wants to see around the corner; with the next generation of SaaS predicative analytics software, that just might be possible.
In their recent report, “Predictive Analytics are Transforming B2B Selling,” Gartner reveals how IT, Marketing, and Sales leaders can drive better results with user-friendly, turnkey analytics solutions that span the sales cycle from Prospecting, Lead/Opportunity scoring, Pricing, Customer renewal/upsell/cross-sell, all the way through to Churn analysis.
If you’re already evaluating sales analytics solutions, the report discusses impacts and recommendations for shoppers, so it’s a great read. But, if you’re still on the fence, here are two important ways adding predictive analytics software to your tech stack can benefit you—and your customers.
Focus Your Efforts To Drive Sales Efficiency and Effectiveness
If your Sales and Marketing teams are all running at 100 miles an hour but lead conversion and customer retention is low, the problem is usually focus. Either focus on the wrong things, or data-overload—which makes focus on ANYTHING impossible.
Predictive analytics software solves this problem by analyzing your lead and customer data, then providing insights and recommendations that help your teams prioritize their time and energy. Just imagine how efficient Sales and Marketing would be with answers to the following questions:
- Which companies or contacts in your lead database are most similar to current customers?
- How does marketing lead score actually correlate with sales conversion rates?
- Which forecasted opportunities are most likely to close by their targeted close date?
- How much can you discount without impacting margins/What is the highest price your market will accept?
Today’s predictive analytics software can help you answer these questions—and more—but what’s really valuable is that solutions can also provide the “so what” by recommending actions based on those insights. When you know the top activities that will drive revenue, and what you can do to retain the most customers, your teams can focus on just that! And the results are focused, efficient Sales and Marketing teams, higher conversion and retention rates, and a smoother path to closed deals.
Know What Your Customers Want—Before They Do
In addition to driving internal efficiencies and effectiveness, predictive analytics software can help you anticipate customer needs, predict behavior, and identify customers at risk of churn. For example, do you know which customers are most likely to buy premium or complementary solutions, and when they’re likely to buy? Do you know which complementary solutions they’re most likely to buy? And on the flip side, what customer behavior can predict customer churn? Are there certain customer types that are ALWAYS unhappy? Predictive analytics software can provide answers to these questions, as well as recommendations for taking action on what you learn. And predicting customer behavior doesn’t just help you, it helps your customer. When you can recommend the right products to the right customers at the right time, you’re a better business partner. And at a more strategic level, if you uncover that a certain customer profile is more prone to churn, you can either improve your engagement model and solution fit to retain that segment, or remove that segment from your marketing and sales efforts.
The Age of Predictive Analytics—It’s Closer Than We Think
Predictive intelligence tools have always held incredible promise for businesses. As these solutions become increasingly turnkey, increasingly user-friendly, and integrated with cloud CRM solutions—like Salesforce, it’ll become even easier to take advantage of these game-changing technologies.