Technically speaking, lead data intelligence is mining information on your prospects to shorten your sales cycle. Through lead intel, you can figure out your prospect’s engagement levels with your brand, which gives you their purchase propensity. Once you know how close or far they are from conversion, you can come up with personalized strategies for egging them towards sales.
Sounds pretty straightforward? It is, but only if you have good quality lead intel, also called sales data. And, how do you measure its quality? Try these 5 metrics:
If you don’t want to go through the hassle and costs involved in capturing, storing, and analyzing sales data, procure it from a third-party data provider. These are organizations entirely dedicated to capturing top-quality lead data across industries that you can leverage to drive up sales within your sector.
Ok, now you know what sales data is and how to ensure it’s of exceptional quality. The next critical question that arises is – how can it drive up sales?
| Quality Sales data Parameters | What does it entail? | How to determine? |
|---|---|---|
| Erroneous data | Erroneous data includes typos and other silly mistakes entering your database at the time of capturing data. | Take out the data to error ratio by dividing the total mistakes against all data items. |
| Empty values | This parameter measures the amount of missing data. | Figure out how many fields are left empty within your database. |
| Dark data deposits | This metric reveals how much of your dataset is inutile. Dark data entails information that is raw, non-textual, or hard to interpret. | Look and isolate the data that is incomprehensible within your dataset. |
| Rate of data transformation errors | When you transform data from one source to another, like your CRM, etc., your team might make mistakes. This can severely bring down your sales data quality. | Check your conversion rates using a newly transformed dataset. |
| Email bounce rates | This happens when a chunk of your prospects doesn’t receive your emails. | Figure out your email deliverability rate. You can do so by dividing the total number of emails bounced by the total number of emails sent. Further, you can multiply this number by 100 to get a percentage value. |
How to Leverage Quality Sales Data for Boosting Conversions?
Possessing refined sales data is your edge over your competitors. After all, it allows you to gain in-depth knowledge about your prospects, thus boosting your personalization efforts. How exactly? In three simple steps:
1. Quality Sales Data Helps Create Ideal Customer Profiles (ICPs)
Source : Myk Pono
Why guess who and what your clients are like? Instead, use sales data to hammer out their detailed personas. Guesswork in marketing is passé, as often who you believe to be your prospects are far from it. So, bid adieu to hunches and feelings, and rely on data to flesh out ICPs. Doing this will help you determine your Total Addressable Market (TAM). And, this chunk of the market is where you need to channelize your sales efforts.
Moreover, if you’re a B2B account-based marketer, you can’t survive, let alone boost sales, without a robust ICP. These personas help you identify and target the right organizations as well as the individuals within them. You can then deliberate on how to approach these prospects and convert them.
2. Quality Sales Data Helps Identify Where a Prospect is in their Buying Journey
Source: Upland Software
If you can track down your prospects’ buying intent and how close they are to actually making a purchase, you can communicate with them accordingly. Imagine how silly it appears when you send a welcome email to a prospect who is already viewing and likely comparing your CRM solutions!
At this point, you should be emailing them an offer that fastens conversion, not an introductory newsletter. With sales data, you can figure out where your prospect is within their buying journey. And, this helps you zero in on your hyper-personalized approach.
3. Use Quality Sales Data for Cross and Upselling
Even within the B2B space, cross and upselling bring in more revenue right after conversion. For example, several SaaS companies cross-sell additional training modules or CRM plug-ins along with the main software application.
But, which items are most suitable to cross and upsell to a particular client? Detailed out sales data comes to the rescue here as well. As it can help you know your customers’ preferences minutely, you can offer the right products to upsell or cross-sell. Not only does cross selling and upselling boost client experience, but it also optimizes the value of each sale you make.
Over to you
Remember, it doesn’t matter how great your product or how hyper-personalized your pitch is; if your source sales data is substandard, it won’t bring home conversions. So, make sure you invest time and effort in collecting quality lead data intel, whether internally or through third-party sources.
In the end, it is the secret key to a lifetime of business success.