To identify data driven revenue generating opportunities you must first get your data in shape. This is the grunt work necessary to give you the foundation to be a data driven Sales/ Revenue Operation.
As we start our work with clients, we routinely see the same data quality issues over and over. If most of these apply to you, you can greatly benefit by taking the time and effort to get your data in shape.
Common Data Issues
· Duplicate customer accounts
· Sales, marketing, finance and product use different data sets
· Accounts not assigned properly for your particular GTM strategy in terms of channels and/ or industries
· You cannot track customer revenue by product over time
· No clear linkage of parent-child relationships across accounts
· Missing industry, channel, account owners or other information
· Missing address information
· Renewal dates, customer service metrics, marketing contacts cannot easily be linked
· Ability to link all past and current opportunities across an account
· Lack or poor use of external data to enrich your knowledge of customers and prospects
Analysis gets Easier as you Go
When these data issues are addressed, you will be able to impact every aspect of revenue generation. In addition, several analyses can be done in a sequential order that makes each subsequent analysis easier as you go. While there are always immediate needs across a business that can preempt this order, if your analytics are done in this order, each will get easier as you go.
Ideal Order of Analysis
· Market Segmentation
· Account Segmentation/ Ideal Customer Profile (ICP)
· Customer Segmentation
· Targeting for Marketing Campaigns
· Next Best Product
· Territory Design
· Sales Org Design
· Talent Analytics
· Market Expansion
· Customer Health
· Churn analysis
· Revenue Plans & Forecasting
Any individual item above is typically enough to fund the effort of getting your data in shape. When multiples of the above are done, the benefits and reasons to get this done stack up. In addition, your organization will derive 2nd order benefits such as alignment to the market and internally across sales, marketing, product and corporate strategy. Wasted effort across the business will be minimized.
Questions to Answer before Getting your Data in Shape
Sit down with the right stakeholders to determine your data strategy by answering these questions.
· How can data driven revenue insights benefit your GTM strategy?
· Who will get it done?
· Who will own it?
· Where will the one source of truth live (CRM, Finance, Snowflake etc.)?
· Which data sources need to be connected?
· What do you wish you knew about the market? About your customers?
· What 3rd party or external data can help?
· How should your accounts and customers be defined? (parent vs child vs opportunities)
· Who will get the actual work done?
· How long will it take?
· Who can do the analysis once were done?
· How will the data, dashboards etc. be served to those who need it?
· What skills, tools etc. do we need?
· How should new accounts be cleansed on the way into the CRM?
· How should the data be maintained and governed?
Data analysis and insights give you the clarity you need in today’s frenetic pace. Slow down, get this done and speed up revenue.
To learn more or have your questions answered, please reach out for a 30-minute consultation.