The advent of the internet has revolutionized the way in which companies market and sell their products or services. According to the Telegraph, the new "information age" exposes us to the equivalent of 174 newspapers per day. From websites and blogs to social media, email and other digital channels, we are exposed to a lot of information.
Rather than turning a blind eye to this influx of data, however, you should use it as part of your company's marketing strategy. Using market intelligence -- data collected, curated and analyzed for marketing and sales opportunities -- you can improve and streamline your company's sales cadence.
According to a study conducted by SiriusDecisions, 65% of companies say their sales reps exhaust too much time and resources on non-sales-related activities like manual data entry. When sales reps become bogged down with tedious and time-consuming tasks, it creates a sluggish sales cadence. Therefore, sales reps should work smarter, not harder. For instance, there are tools available to automate data entry. Using these tools, sales reps can focus on connecting with prospects and convincing them to buy their products or services.
Sales reps won't always convert a prospect into a customer during the initial contact. Whether they make contact with a prospect over the phone, email, in person or online, it often takes multiple contacts to generate a sale. In fact, a study conducted by TOPO suggests that sales reps should make up to a dozen contacts with a prospect over a period of two to four weeks for maximum effect. The bottom line is that sales reps need to continue contacting prospects. Even if a prospect rejects an offer, the sales rep should continue pursuing him or her.
Not surprisingly, the time it takes for sales reps to respond to prospect inquires will directly influence their level of success. Statistics show that responding to a prospect within five minutes yields 400% higher conversion rates than responding in 10 minutes. A five-minute difference may sound insignificant, but it can greatly affect a sales rep's ability to sell a product or service. This is why it's important for sales reps to use the right market intelligence solutions to track prospect inquiries, and when possible, automate followups.