• increase ROI for all marketing/channel partner campaigns (reduce marketing expense);
• reduce decision cycle time; and
• increase product penetration or market share.
How Will My Data Improve My Business?
Your data won’t actually “do” anything. But it definitely will provide you with answers to key questions, as long as you know what questions to ask. So what questions should you be asking to achieve benefits? It depends on your goal. Here are some questions to ask if you want to:
Increase sales force effectiveness:
• How many leads are in each step of the sales process?
• How long does it take to close a sale from inquiry to final disposition?
• How many face-to-face visits are my field reps making?
• What is the dollar volume of the lead in each step of the sales process?
Build sustainable relationships with the customer/channel partner:
• What customers have stopped purchasing from us?
• What customers have significantly decreased their purchases with us?
• What customers have significantly increased their purchases with us?
• Who are our top performing customers?
• What products are our top performing companies buying and what else should they be buying?
Increase ROI for all marketing/channel partner campaigns:
• Of the number of inquiries generated, what percent turn to closed sales?
• What is the cost per inquiry for each type of media used?
• What are the conversion ratios for each media used?
• Which marketing campaigns had the highest conversion ratios and ROI?
• What markets had the highest response and close rate?
Reduce decision cycle time:
• Within a given market what is the best customer profile?
• What markets are the most profitable?
• Which products are the most profitable?
• Which top customers are purchasing less than they did last month?