There’s no underestimating just how important data is to your sales department. Running your business without accurate data is as dangerous as driving with your eyes closed.
Without proper data, you wouldn’t be able to measure past performance, much less gain insight into changes that can be made to improve future performance. That’s why we aim to make the process of gathering, reading and analyzing data within your CRM as efficient as possible.
But how do you determine whether or not the data you have is good? Surely, if you’ve invested quite a bit of money into a CRM, you want to believe you’re getting a quality dataset.
We’ll outline some basic tenets of good data, all of which are keystones of our sales platform. Here’s a test to figure out if your CRM is giving you the data you need to make winning decisions.
It’s called big data for a reason. By taking a quantitative look at your sales process, you can gauge true performance. If some data is missing for a few clients, your roadmap is already way off.
To have the ability to not only examine past performance but also predict future sales and prescribe meaningful sales insights, you need robust data collection.
Think back to the last 100 sales you’ve entered into your CRM. Of those, how many did you get full data from? 5 percent? 20 percent? In order to grow as a sales department, this number needs to fit the scientific threshold for data.
Simply measuring revenue or the gross number of sales isn’t enough. To fuel growth, you need to be tracking as many relative metrics as possible. Our platform tracks underrated, yet vital metrics such as time to first action and stage duration. If you have complete data on metrics like these, you’re ahead of your competition and winning more deals.
It’s always better to have too much data than too little. More companies are realizing this, but Base’s sales platform is able to take that firehose of data and turn it into actionable insights.
The only thing worse than not having enough data is having plenty of data that you can’t trust. In fact, according to Ovum Research, “dirty” data can cost businesses up to 30% of revenue.
Inaccurate data is created when reps either enter information incorrectly into your CRM, or leave out important pieces of the puzzle. Both of these scenarios are guaranteed to lead to poor decisions and lost deals, especially in an age where your customers expect highly relevant service and experiences.
Think about it: just one transposed number or rogue keystroke and you have dirty data. That’s why minimizing manual data entry wherever possible within your sales tools can have a huge impact on data quality. The ability to pass lead and contact information into your sales platform directly from other business systems like HubSpot or Zendesk also helps eliminate data entry errors, as well as keeps all relevant customer information in one place.
Another surefire way to fall prey to incomplete or inaccurate data entries is if your CRM isn’t mobile. By not giving sales teams the ability to easily enter data in real-time, businesses run the risk of reps forgetting to enter certain information once they’re back at their desks.
At Base, we live by an automated data capture process, thereby minimizing human error. We also champion mobility, as our best-in-class mobile sales app allows sales reps to take our powerful platform with them wherever they go. Our solution even helps sales reps avoid mistakes that may occur when re-entering information into multiple systems, corrupting the data stored.
Think of a huddle in football. The head coach relays the play to the quarterback, who spreads the message to the other players.
Though each player has a separate job, and may have learned the play differently, everyone knows the agreed-upon terminology. If even one player misreads the play, disaster can ensue.
That’s how your sales team needs to operate: in lockstep, based on uniform data. If your sales reps are using their own terminology or inputting data in their own way, the picture that gets painted will be blurred and distorted.
When you have uniformity in your data, the insights are simple to read — and complete.
One common problem with many CRMs is how they treat data related to deal failure. Think of all the synonyms for price point: “too expensive,” “competitor was cheaper,” “not ready for investment,” and so forth. Your company could have a problem with pricing, but without a uniform standard of quantifying this metric, it might not show up in analytics as the red flag it needs to be.
If you knew that a common complaint among missed customers was that your offerings are too expensive, maybe you could offer a more modest package or re-evaluate your pricing structure. Without that valuable data, you will continue to needlessly lose deals.
Our sales platform ensures that each sales rep is on the same page, enabling sales teams to create and enforce a standardized set of reasons why through custom pipelines, fields and tags.
The Five V’s
Overall, big data needs to be powered by the five V’s:
Here’s what this means: Do you have enough data? Are you generating it fast enough? Are you tracking more than just a handful of metrics? Is the data true? Is the data useful to your business objectives?
We’ve designed our CRM to ace all five V’s. We want to make sure that our platform gives you all of the data you need, when you need it. Base’s sales platform enables your managers and executives to make informed decisions based on a wide array of accurate data.
For more information around how to get the most out of your sales data, download the free resource Shedding Light on Dark Data: How to Unearth Actionable Sales Insights.