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Grow Revenue with Big Data


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Unite sales and marketing with Big Data to fuel revenue growth.

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Grow Revenue with Big Data

  1. 1. GROWREVENUEWITHBIG DATAUnite Sales and MarketingWith Big Data toFuel Revenue Growth
  2. 2. CONTENTSOne Word: Growth PAGE 3The Battle Over Lead Generation PAGE 5Why Sales and Marketing Alignment is Key PAGE 8The Role of Big Data PAGE 11How Marketing Can Bridge the Gap with Big Data PAGE 14About Lattice PAGE 17
  3. 3. One Word: Growth Revenue Growth Each year, companiesONE WORD IS ALWAYS TOP OF MIND FOR large and small focus onSENIOR EXECUTIVES—GROWTH. growing their revenues.• How do we grow our business? 8% Did not increase• How do we grow our audience? revenue targets• How do we increase our sales?• ow do we build a bigger H customer base? 92% Increased thier revenue targets over the previous year 3 s s s s
  4. 4. TO GROW REVENUE, BEST IN CLASS ORGANIZATIONS ARE FOCUSING ON:• Capturing new accounts • Increasing existing account penetration• Increasing sales effectiveness • Optimizing lead generation 80 70 65% Top Objectives for 60the Next 12 Months 51.6% 50 A variety of approachesare leveraged to achieve 40 35.9% 34.5% 2013 revenue goals. 30 23.7% 19.9% 17.6% 20 16.8% 12.2% 10.4% 9.2% 10 3.3% 0 e ion g e s ion ts ss er n g ll tim te tim tin se tio llin un ne th rat l ra rat ss- un fac O se co ve le up et ne wa ro co yc cti ac m tis en p- ll/c ge ne ll c dis ea ffe sa ew ram tp /re -se et d se er se ce en un lea m er ov ce up p du ale co ur re to rd ize pr du e- /re pt es ac us eo w Im siz im Re Ca ne ins ec as er g pt tin al re arg ce ov as de O Inc xis re du pr em ize ee Inc Im Re im ov as re pr pt 4 Inc Im O s s s s
  5. 5. The Battle Over The Challenge Nearly two-thirds of theLead Generation companies rated lead generation as needingWhile sales and marketing should be working 80 improvement.together to achieve higher revenue, in manyorganizations this is not the case. It’s no surprise 70 66.7%that CSO Insights uncovered that lead generation 60is one of the main challenges that sales andmarketing must overcome in 2013. 50 40 30 25.8% 20 10 4.4% 3.1% 0 ns cta ds w cta ts t ns ov ds en no pe ee tio pe ee tio pr ee em ex M tk ex Exc im N no o D 5 s s s s
  6. 6. Lead Gen Analysis Nearly 50 percent surveyed believe that the quantity and quality of marketing generated leads need improvement. 45% 24.5% Self-generated Other (partners, by sales reps press, referrals, etc.)IN MANY ORGANIZATIONS, MARKETING IS NOTGENERATING ENOUGH LEADS FOR SALES.This creates a tremendous gap leaving salespeopleon their own to create one off email campaigns,develop presentations, create microsites and hostwebinars without input or help from the marketing 30.5%team. Generated by marketing 6 s s s s
  7. 7. WHAT HAPPENS WITH LEADS THAT WERE The ChallengeGENERATED BUT AREN’T QUITE READY TO CLOSE? Lead incubationAfter spending time on lead generation, researching new continues to be aaccounts and trying to close deals, sales professionals weakness for sales.have little to no time left to nurture existing leads that 60have expressed interest in the product or service offered. 58.7% 50 Amount of time 25.8% 23.3% account research/leadgeneration is consuming Marketing: informal process Marketing sales: blended process 40 of the average rep’s work week 30.0% 30 2020% 6.3% 10 No one 8.1% responsible 3.1% 0 26.8% 23.3% ns cta ds w cta ts t ns ov ds en no pe ee tio pe ee tio pr ee em ex M tk Handled by Marketing sales: ex Exc im N no sales formal process o D 7 s s s s
  8. 8. Why Sales and Marketing Missing the Mark As the world’s economyAlignment is Key crashed in 2009, so did sales reps’ abilities to hitSales professionals are struggling to hit their quotas. their targets.According to CSO Insights, less than two-thirdsof sales reps made quota in 2012. This is stagnant Greater than 75% 51-75%over 2011. 30.7% 30.7% As the economy picks up speed and technology accelerates the sales process, companies are out of alignment. Gerhard Gschwandtner founder and CEO of Personal Selling Power, Inc., 26-50% Less than 25% 26.8% 11.8% 8 s s s s
  9. 9. Overall Plan Attainment Over 57 percent of companies failed to meet revenue goals for 2012. 75-89% 100-109% 15.3% 34.5% 90-99% 19.7%WHAT DOES THIS MEAN FOR REVENUEATTAINMENT FOR THE YEAR?Did missed quotas lead to poor company Less than 75% Greater than 110%performance? Was the effect big or small? 22.7% 7.8% 9 s s s s
  10. 10. ALIGNING SALES AND MARKETING Prioritize ResearchCAN HAVE A TREMENDOUS and Focus ExpectationsIMPACT ON REVENUE GROWTH. Sales teams struggle 42 percentSales professionals want help. with figuring out which surveyed need help accounts to target. with research. 50 50 50 50 Sales and marketing 46.2% 46.6% alignment continues to 44.6% 42.2% be a challenge for40 40 40 many 40 organizations, and even when sales and marketing 30 30 30 30 automation are supported by the same application, 20 20 20 there’s often a gap between 20 sales’ perceived needs and what marketing supplies. 10 10 10 10 7.3% 9.6% Rebecca Wettemann Vice President, Nucleus Research 1.9% 1.5% 0 0 0 0 ns ns cta ds cta ds w cta ts w cta ts t t ns ov ds ns ov ds en en no no pe ee pe ee tio tio pe ee pe ee tio tio pr ee pr ee em em ex M tk ex M tk ex Exc ex Exc im N im N no no o o D D 10 s s s s
  11. 11. The Role of Big DataWHAT IS BIG DATA? According to IDC, we are creating more data in a single daythan existed in the year 2000. Roughly two and a half exabytes of data were createdevery day last year. Simply put, this massive amount of data is referred to as Big Data. THE 3 Vs OF BIG DATA Volume Velocity Variety The terabytes of data that Modern businesses may place This information may be most large companies acquire more importance on the time collected in a number of forms regularly are too large to pro- characteristic of Big Data including text, audio, video, cess with conventional means. than any other dimension. statistical data or sensor As technology penetrates Acquisition of timely data is information. more aspects of society, the critical to many time sensitive information generated from operations and provides and about those devices is a competitive advantage. rapidly expanding. 11 s s s s
  12. 12. THE CONTINUOUS EXPONENTIAL GROWTH INTHE AMOUNT OF INTERNAL, EXTERNAL ANDSOCIAL MEDIA DATA ON YOUR CUSTOMERS ANDPROSPECTS ALSO RELATES TO BIG DATA.F or a given company, it is possibleto find over 1,000 attributes ofyour customers and prospectsacross all the data sources thatare available. LESS THAN Unfortunately, sales and .01% marketing dont have time of information is useful in to sift throught the data. discovering buyers intent. 12 s s s s
  13. 13. Big Time Benefitsfrom Big DataACCORDING TO MCKINSEY COMPANY’SDOMINIC BARTON AND DAVID COURT, COMPANIESCAN BENEFIT BY DEVELOPING THESE STRENGTHS:1. Multiple Data Sources: Creatively source Dominic Barton Global Managing Directorinternal and external data. McKinsey Company2. Prediction and Optimization Models: Focus onthe biggest drivers of performance. Build models thatbalance complexity with ease of use.3. Organization Transformation: Create simple,understandable tools for the people on the front lines.Update processes and develop internal capabilitiesto use the tools. David Court Director Global Marketing Knowledge LeaderSource: Making Advanced Analytics Work For You, Harvard Business Review October 2012 McKinsey Company 13 s s s s
  14. 14. How Marketing 42.2% Need improvementCan Bridge The Gap on account researchWith Big Data 20% Amount of time account research and lead gen• rm sales with the data and insight about accounts A is consuming average and opportunities reps work week• hed light on how to prioritize accounts S 44.6%on Need improvement prioritizing accounts• evelop content and support sales training to D improve rep ramp up time 35% Of sales organizations report ramp-up times of more than 10 months 14 s s s s
  15. 15. ACCORDING TO CSO INSIGHTS: Recognize Potential Buying Trigger Events How well are they being Big Data is poised to take trigger events leveraged? analysis to a new level by identifying 50 48.1% buying signals that firms may not know exist. Sales and marketing organizations 41.9% are using Big Data to identify trends that40 might be common across customers who buy or don’t buy from them. 30 20 10 7.5% 2.5% 0 ns cta ds w cta ts t ns ov ds en no pe ee tio pe ee tio pr ee em ex M tk ex Exc im N no o D 15 s s s s
  16. 16. Big Data is beginning to shed light on the phases ofthe buyer’s journey, according to Christine Crandell Big Data Analyticsof New Business Strategies. Is Here and Now A Big Data approach to sales and marketing can provide companies with a Marketing will more holistic view of their customers quickly embrace the insights and prospects. By analyzing from Big Data and change data from a variety of sources how they engage and including marketing automa- enable prospects and build tion, CRM, past purchase history, social media, news enduring relationships alerts and more, sales and with customers. marketing leaders can Christine Crandell have a better view into President of New Business Strategies what has previously been unpredictable— buyer’s intent. 16 s s s s
  17. 17. About LatticeLattice is revolutionizing sales and marketing through the power ofBig Data. The companys Big Data for Sales platform, salesPRISM,delivers real-time, predictive and actionable insight to sales andmarketing professionals wherever they are so they can engage themost receptive customers in the most compelling ways. Fortune 5000companies such as ADP, Dell, EMC and SunTrust rely on Lattice togenerate 75 percent more pipeline, triple conversion rates, and doublewin rates. Lattice is privately held and backed by NEA and SequoiaCapital with headquarters in San Mateo, CA.This ebook shares numerous statistics courtesy of the following sources:CSO Insights Sales Performance Optimization 2013—Sales Strategy AnalysisCSO Insights Sales Performance Optimization 2013—Key Trends AnalysisFor more information, visit 17 s s