How Big Data Is Transforming Inside Sales

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Presentation given with Lattice Engines at April AA-ISP Leadership Summit.

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How Big Data Is Transforming Inside Sales

  1. 1. How Big DataIs Transforming Inside SalesLeveraging Big Data to Improve Inside Sales PerformanceApril 2012This document contains proprietary & confidential information of Lattice Engines , Inc. and its Customers.Do not distribute this document to any persons other than employees of Lattice Engines, Inc. or the company whose logo is presented above.Do not read this document if you are not an employee of the companies whose logos are presented above.
  2. 2. MM Inside Sales teams operate in an era of increasing AS volume, velocity and variety Why of information Does (“Big Data”) available aboutInside their customers & prospects.Sales Care Inside Sales teams thatAbout know how to use this data intelligently can gain “Big competitive advantage.Data” LATTICE Proprietary & Confidential 1
  3. 3. AS “BIG DATA” HAS BECOME A C-LEVEL TOPIC IN 2012McKinsey QuarterlyMay 2011 The Economist September 2011 World Economic Forum January 2012 NY Times February 2012 LATTICE Proprietary & Confidential 2
  4. 4. MM “BIG DATA” IS CREATING CHANGE IN HOW BUSINESSES ARE RUN Driving Change in B2C (Consumer Credit, Consumer Goods, Retail) “Everyday we create 2.5 quintillion bytes of data–90% of the data in the world today has been created in the last two years alone” Driving Change in Govt, NGOs Driving Change in B2B (Health, Government) (Banking, High-Tech, Biz Services) LATTICE Proprietary & Confidential 3
  5. 5. MM INSIDE SALES TEAMS HAVE ALWAYS KNOWN THEY HAVE “WINDOWS OF OPPORTUNITY” TO ENGAGE ENGAGE NOWWILLINGNESS TO ENGAGEOPPORTUNITIES ENGAGEMENT FIRST NEW RISE IN RECEIVES OFFICE IN BUSINESS TRADE WITH GOVERNMENT A NEW FORMS CANADA CONTRACT STATE TIME LATTICE Proprietary & Confidential
  6. 6. MMBIG DATA & ANALYTICS ON THAT DATAPROVIDE VISIBILITY TO THE “WINDOWS” YOU HAVE TRANSACTIO BUSINESS NS … DYNAMICS BALANCE LOCATION OF DYNAMICS Your Customer TRADE or Prospect COMPLIANCE EMPLOYEE & CONSTITUEN REGULATORY CY & CHANGE IMPACTS NETWORK LEGAL PROFILES CONTRACTS, PRIVATE ACTIVITY AWARDS & EQUITY EXPANSION INVESTMENT LATTICE Proprietary & Confidential 5
  7. 7. AS HOW INSIDE SALES USES “BIG DATA” FOR “BIG RESULTS” SEGMENT BASED ON1 DYNAMIC ATTRIBUTES LATTICE Proprietary & Confidential 6
  8. 8. MM LESSON #1 SEGMENT BASED ON DYNAMIC ATTRIBUTESTraditionally, companies consider “industry” and “employee size” / “annual revenues” as meaningful segmentation criteria IT Spend 2011 All Categories | By Industry FINANCIAL MANUFACTURI HEALTHCARE SERVICES NG LATTICE Proprietary & Confidential 7
  9. 9. MM LESSON #1SEGMENT BASED ON DYNAMIC ATTRIBUTES However, “Big Data” elements such as “job postings” prove a more meaningful segmentation dimensionIT Spend 2011All Categories | By “Job Posting” Segment >50% 0-10% REDUCTION INCREASE INCREASE IN JOB IN JOB IN JOB POSTINGS POSTINGS POSTINGS LATTICE Proprietary & Confidential 8
  10. 10. MM LESSON #1SEGMENT BASED ON DYNAMIC ATTRIBUTES New customer acquisition rates are higher at engagement opportunities 100% - 300% HIGHER PROSPECTS PROSPECTS NOT OPERATING OPERATING AMIDST AMIDST “ENGAGEMENT “ENGAGEMENT OPPORTUNITIES” OPPORTUNITIES” LATTICE Proprietary & Confidential 9
  11. 11. AS HOW INSIDE SALES USES “BIG DATA” FOR “BIG RESULTS” SEGMENT BASED ON1 DYNAMIC ATTRIBUTES PROVIDE FRONTLINE PROPENSITY2 PROPENSITY VS. + WITH DYNAMIC CONTEXT CONTEXT LATTICE Proprietary & Confidential 10
  12. 12. MM LESSON #2 PROVIDE FRONTLINE WITH DYNAMIC CONTENT Cross-Sell Conversion Rate Business Services Example | 2-20 EmployeesENGAGEMENTOPPORTUNITY ? NO YES YES REP PROVIDED CONTEXT? N/A NO YES LATTICE Proprietary & Confidential 11
  13. 13. AS HOW INSIDE SALES USES “BIG DATA” FOR “BIG RESULTS” SEGMENT BASED ON1 DYNAMIC ATTRIBUTES PROVIDE FRONTLINE PROPENSITY2 PROPENSITY VS. + WITH DYNAMIC CONTEXT CONTEXT DECAY MAKE CLIENT3 INTERACTIONS TIMELY LATTICE Proprietary & Confidential 12
  14. 14. MM LESSON #3 MAKE YOUR INTERACTIONS TIMELY There is a “decay” in response rate – likely due to the need being “filled” by alternative sources 2.5Engagement Opportunity Conversion Rate per 2 1.5 1 0.5 0 1-2 3-4 5-6 7-8 9-10 11-12 Elapsed Weeks Since “Engagement Opportunity” LATTICE Proprietary & Confidential 10
  15. 15. AS HOW INSIDE SALES USES “BIG DATA” FOR “BIG RESULTS” SEGMENT BASED ON1 DYNAMIC ATTRIBUTES PROVIDE FRONTLINE PROPENSITY2 PROPENSITY VS. + WITH DYNAMIC CONTEXT CONTEXT DECAY MAKE YOUR CLIENT3 INTERACTIONS TIMELY BE INTELLIGENTLY4 PERSISTENT LATTICE Proprietary & Confidential 14
  16. 16. MM LESSON #4 BE “INTELLIGENTLY PERSISTENT” Conversion rates follow a consistent curve – though the peak (n=5) and trough (n=15) vary by industry 2.5Conversion Rate per Call 2 1.5 1 0.5 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Calls Received per Prospect LATTICE Proprietary & Confidential 15
  17. 17. MM LESSON #4 BE “INTELLIGENTLY PERSISTENT” Inbound leads should be pursued with context-appropriate levels of intensity LEAD #1 LEAD #2 LEAD #3 INDUSTRY MANUFACTURING MANUFACTURING MANUFACTURING OBSERVED X% CHANGE IN X% CHANGE IN X% CHANGE IN CHANGE AVERAGE BALANCE AVERAGE BALANCE AVERAGE BALANCE BALANCE $Y $Y $Y FIRST-TIME LEAD? YES YES YES HIRING 80 (-20% QOQ) 85 (+5% QOQ) 75 (+50% QOQ)NUMBER OF NEW OFFICES IN 12 1 1 5 MOS. NEW FINANCE EXECUTIVE No No 01/03/12INTERNATIONAL TRADE No Yes Yes … … … … LATTICE Proprietary & Confidential 6
  18. 18. AS HOW INSIDE SALES USES “BIG DATA” FOR “BIG RESULTS” SEGMENT BASED ON1 DYNAMIC ATTRIBUTES PROVIDE FRONTLINE PROPENSITY2 PROPENSITY VS. + WITH DYNAMIC CONTEXT CONTEXT DECAY MAKE YOUR CLIENT3 INTERACTIONS TIMELY BE INTELLIGENTLY4 PERSISTENT LATTICE Proprietary & Confidential 17

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