#HelpMe
I Want To Help Buyers Buy my Solutions
We have 3 examples of real businesses that we have dealt with at Larato to show you the key mistakes firms make, and the impact of getting it wrong.
Warning: the wrong data will kill you by Liam Weedon
One organisation we spoke to invested in buying tens of thousands of company records and associated contact details. They had given a detailed request and clearly explained who their target customer profile would be. But this data did not achieve the return it needed. Not only did this cost the business a significant amount of money, they wasted 12 months using this data with very poor results.
What went wrong? Analysis of the purchased database revealed 36% of the information was inaccurate. They failed to check whether it was correct and up to date before buying. But the biggest mistake was believing their real addressable market was over 10,000 companies. In fact the real true-fit figure was 2,500. Quantity does not beat quality. Learning this meant a smaller sales and marketing team with less budget delivered an eight-fold increase in sales.
#2/ Nobody takes ownership of CRM data
Another example we have is one firm who failed to properly manage their existing data. About to launch a new sales and marketing campaign, they had hired and appointed a new commercial lead to take charge. Luckily the problem was identified before they launched their strategy having analysed the data accuracy.
The result? Only 40% of their CRM data was actually fit for purpose. 60% of their sales and marketing budget would have been immediately wasted had they not have made the analysis. With the new commercial lead now taking responsibility, the firm is investing heavily into data intelligence to inform their commercial strategy at a prospect-specific level.
#3/ Data quality is not managed consistently
Another organisation with a complex operating infrastructure actually ran multiple CRM systems in parallel but they did not talk to each other. Upon setting out on a new upsell campaign it came to light that only one CRM had clean, usable data. But it didn’t have all the customer details on it.
Data on the other systems was either out of date, or duplicated in erroneous ways. Reconciling the data took almost a year before they could use it in their upsell/cross-sell campaigns.
So remember, good data is not just about saving you a few hours in sales and marketing efficiencies. You’re talking significant revenue loss, wasted resources, reputational damage and possibly breaching compliance. Bad data can, and will, kill your business.
About Liam Weedon
Liam Weedon is a seasoned sales professional now growing his own agency that helps start-ups increase revenue. Having moved into fintech after years in commercial banking, he’s played a part in large digital transformation projects and now specialises in CRM automation for sales teams.
What are your customers being told about you? by Liam Weedon
Actions speak louder than words. People will trust your previous customers’ experiences more than the pitch your sales team gives. Your brand reputation is much more influenced by the customer experience you deliver than it is by marketing campaigns.
40% of decision makers cite word of mouth as their preferred channel of hearing about new products and services. It was also the most influential. Investing in serving your customers can often achieve a higher ROI than any marketing campaign.
About Liam Weedon
Liam Weedon is a seasoned sales professional now growing his own agency that helps start-ups increase revenue. Having moved into fintech after years in commercial banking, he’s played a part in large digital transformation projects and now specialises in CRM automation for sales teams.
If you are not aligned with your customers, you are wasting your time by Stephen Thurston
Many salespeople will see this as a nonproblem and dismiss their buyers concerns. Of course you can just plug in an API and reap the rewards with little operational friction. But companies simply don’t want to deal with multiple suppliers. They want an expert at hand that can teach them how to get the most from their technology – and this requires a more well rounded-view of how they operate.
70% of technology buyers said streamlining their supply chain was of high importance. The shift is already happening, with the average number of services purchased from a single firm rising above 3 in the UK for the first time. Companies will generally put up with the cost and a few extra procurement headaches to have multiple suppliers if they see value in multiple solutions. But the perception of value has changed – buyers want to get more out of their existing systems, not add more to them.
About Stephen Thurston
Stephen has been a sales professional for the past 38 years but started his career ‘the other side of the fence’, training as a senior purchasing officer. The purpose was to learn what makes a good buyer and, from a buyer’s perspective, a good salesperson. Using this knowledge, he set up a technology company with one partner in 1988 which grew to become the largest and most successful of its type in the UK. The concept of win-win underpins most successful negotiations and Stephen’s training and experience has given him a hugely valuable understanding of how to achieve it.
#Helpme Action Plan - Here is how to stay aligned with your customers' needs by Dr. Lucy Green
DO:
- Be an expert partner, not just a supplier
- Continuously invest in improving the customer experience
- Look for upsell/cross-sell opportunities with existing clients
- Level the information playing field (educate prospects at every touch point)
Don't:
- Assume existing software equals existing knowledge
- Try to pitch your solution without providing value first
- Be ignorant to buyers concerns, even if they seem irrelevant
- Sell benefits without demonstrating them