With today’s tools, everyone from PR gurus to call center employees can tap into the power of their data. One of the 7 Analytics Tools Every Department can benefit from is sales intelligence software and its predictive analytics; ZoomInfo explains more.
There’s no question of how busy sales reps are. Between hunting down new leads, doing research, scheduling calls and trying to meet their quotas, there’s barely a free second in their day. But Big Data is changing that in a big way. Enter lead intelligence and predictive analytics.
What is LEAD INTELLIGENCE?
Lead intelligence is the collection of data about leads and prospects, for the purpose of streamlining the entire sales cycle. This data can include anything – demographic and firmographic data, contact information, social media accounts, what types of interactions they’ve had with your business and more.
What is Predictive Analytics?
Predictive data goes further than lead intelligence by predicting the most plausible future opportunities by analyzing existing data, utilizing machine learning
Predictive analytics are primarily used to analyze data to identify emerging trends, understand your customers and predict their future behavior. With these insights, companies are able to make more informed decisions that affect their business’s overall performance.
Why do I need them?
If it’s not already obvious, lead intelligence and predictive analytics markedly increase the efficiency of your sales and marketing teams, and the efficacy of their campaigns.
Consider the following statistics:
- 82% of sales reps feel challenged by the amount of data and time it takes to research a prospect.
- 42% of sales reps feel they do not have the right information before making a sales call.
- Reps may search as many as 15 different sources to find information on prospects.
- 32% of a sales rep’s time is spent searching for missing data & manually entering it into their CRM.
- Up to 24% of a sales rep’s time is spent researching prospects.
It wasn’t long ago that the primary source of B2B leads were from business cards exchanged at trade shows or by going through the yellow pages. This seems laughable today, but in another 10 years, so will the notion of wasting 24% of your time trying to find a little background information on your prospect. The future is on-demand data that’s verified in real time.
Big Data is now much more accessible than it has been in the past, and with today’s technology anybody can conduct research that once would have required an analyst or consultant.
For example, most lead intelligence tools can help you create a buyer persona, which is a comprehensive profile of your best buyer. Uncovering the defining traits and characteristics of your best buyers is critical for creating targeted content, developing future products, sales outreach, and anything related to customer acquisition and retention.
With the use of predictive analytics, sales teams will also be able to avoid chasing bad leads or prospects that aren’t a good fit. By only presenting the opportunities with the most potential, sales teams will be to maximize their efficiency and drastically shorten their sales cycle.
Companies that invest in these types of tools stand to gain a substantial competitive advantage. Lead intelligence and predictive data allow reps to close more deals faster, and those without them will be stuck spending their days trawling LinkedIn.