Inside Sales & Predictive Analytics - Valgen
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Inside Sales & Predictive Analytics - Valgen

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How inside sales operations can use predictive analytics to increase sales and revenue.

How inside sales operations can use predictive analytics to increase sales and revenue.

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  • Start with questions for audience: Has anyone used predictive analytics? What are pressing problems some of you are facing right now with inside sales productivity? What industries are you in?
  • Who’s using predictive analytics? Scroll down on Amazon.com Suggestions for purchase reflect all interests wife has looked at online: -- interior design/home decorating (hobby) -- human behavior, perceptions of risk-taking (professional) -- marketing and PR (professional) -- shoes (not a surprise something about new shoes showed up on here!) -- gardening (hobby) -- handcuff belt? (don’t ask, don’t tell)
  • Who’s using predictive analytics? Netflix – Ask audience – anyone using Netflix? Have you noticed accuracy with suggesting movies you want to see? In 2006 -- NetFlix Contest — the contest to improve the Netflix recommendation engine, with a $1MM grand prize and a $50K progress awards. To win the grand prize, the contestant must show an improvement of 10% better than the current Cinematch algorithm. Netflix explanation: Netflix is all about connecting people to the movies they love. To help customers find those movies, we’ve developed our world-class movie recommendation system: CinematchSM. Its job is to predict whether someone will enjoy a movie based on how much they liked or disliked other movies. We use those predictions to make personal movie recommendations based on each customer’s unique tastes. … frankly, if there is a much better approach it could make a big difference to our customers and our business.
  • Who’s using predictive analytics? Here in Chicago, Police Superintendent Jody Weis (pron “wees”) recently said in a radio interview that predictive analytics will be the agency’s priority in 2011. Police agencies have found that some types of crime follow patterns that can be predicted.
  • Who’s using predictive analytics? Business often draws on sports for lessons about teamwork and leadership. But we can also now learn from how sports management uses data. Sports teams are winning with predictive analytics. Example: The New England Patriots Sports fans study statistics and TV/radio announcers share statistics about players and teams. However sports management is now taking a much deeper dive into data, to power their teams to win. From Accenture: The Patriots do not use the same scouting services that other teams employ. They evaluate college players even at the smallest schools and gauge potential draft picks with criteria that other teams don’t use—low ego and high intelligence, for example. The team tracks the data points on potential players with a “Draft Decision Support System” that is updated daily with new reports from scouts. Analytics staff then double-check the scouts’ rankings by comparing west coast ratings with similar east coast ratings. No detail is overlooked as long as it can provide an edge. How many organizations are willing to employ a radically new approach such as this to discover hidden talent? In case anyone must know who’s in the photo: Patriots rookie tight end Rob Gronkowski (87) runs downfield during an AFC divisional playoff game against the New York Jets at Gillette Stadium in Foxboro, Mass., on Sunday, January 16, 2011. Photo by Keith Nordstrom
  • Many in audience may already be using data to some extent to assist prospecting, customer attrition, etc. If they’re using “BI” – what’s the difference?
  • Finds hidden patterns in data Leading indicators vs lagging indicators Ability to test/pilot, implement, modify Gives recommendations, scores Predicts future behavior Statistical methods capable of looking at a lot more data than we can look at in typical BI analysis Give sales examples of leading & lagging indicators and why leading are beneficial Explain why you cannot test/pilot then implement & compare with other BI Gives recommendations,whereas w/other BI you have to analyze and develop recommendations
  • Finds hidden patterns in data Leading indicators vs lagging indicators Ability to test/pilot, implement, modify Gives recommendations, scores Predicts future behavior Statistical methods capable of looking at a lot more data than we can look at in typical BI analysis Give sales examples of leading & lagging indicators and why leading are beneficial Explain why you cannot test/pilot then implement & compare with other BI Gives recommendations,whereas w/other BI you have to analyze and develop recommendations

Inside Sales & Predictive Analytics - Valgen Presentation Transcript

  • 1. Sales 2.0: where can predictive analytics help inside sales? Parth R. Srinivasa President, Valgen AA-ISP Chicago Chapter February 2011
  • 2. Overview
  • 3. Amazon uses analytics to serve recommendations
  • 4. What you do + what others like you do + what happened before = prediction
  • 5. Netflix recommends the next movie to watch. And a million bucks if you can predict! Note: the modeling competition was discontinued due to FTC concerns over privacy
  • 6. New Sheriff in town: CPD predicts “hot spots”… “track incidents to build analytic engine”
  • 7. NFL teams use predictive analytics too! Photo from patriots.com
    • New England Patriots
    • Draft pick criteria
    • Decision support system
  • 8. There are many analysis tools and approaches, and each has its place PAST (Know) FUTURE (Predict) LESS DATA MORE DATA
  • 9. What would YOU want to predict?
  • 10. What would YOU want to predict? Account Management Team Performance Lead Gen Sales performance measurement Reps, teams, enterprise Goals/forecasting Process improvement Account portfolio management Ideal for transactional sales Lead gen/prospecting Timing of calls Cross & upsell Customer attrition Shorten buying cycles
  • 11. Increase productivity = Better results with same or fewer resources: time, money, people typically these customers are top of mind other customers are under-served, resulting in lower future value
  • 12. Inside Sales’ specific challenges can be addressed with predictive engine at core
  • 13. Valgen delivers al a carte modules that drive rep actions based on predictions cf = customer focused
  • 14. Valgen delivers al a carte modules that drive rep actions based on predictions Prediction for each stage of funnel, with market data Keep early stage customers top of mind Leverage best time to call for better conversion Find “next-best’ product or most likely category Nurture high value/high potential accounts cf = customer focused
  • 15. Examples from some of our projects supporting inside sales Fast-growing GPS fleet tracking company Global leader in eye care Leader in mobile solutions world wide Midwest based diversified adhesives manufacturer Lead gen for appointment setting New Product Launch Attach accessories to radio sales Reduce customer attrition
  • 16. Top tips for predictive analytics to yield strong, sustainable results Integrate … with tools and systems already in place; focus on a pressing goal Involve Don’t try it in isolation; involve sales from the beginning Iterate Set baseline and forecast, test, measure, adjust, test, measure...
  • 17. How you can grow a culture of predictive analytics within inside sales Think Big! Picture, that is… patterns, causes Connect … the dots across data points, sources Start Small Solve one objective, build, adapt Leverage Company-wide tools and resources Make it easy For reps to use and focus on actions
  • 18. Thank You!