CRM Data Competitive Advantage

Why the Quality of CRM Data is the Keystone to Competitive Advantage

Recently, The Economist published an article titled “The World’s Most Valuable Resource Is No Longer Oil, But Data.” That article focuses on the market domination of internet giants like Facebook, Amazon, and Google (among others). These profitable titans use their vast stores of data to capitalize on their size and maintain their market advantage. “Google can see what people search for, Facebook what they share, Amazon what they buy.” Their market intelligence comes from the quantity they collect, with quality being a lot less important.

For the hundreds of thousands of businesses that aren’t one of the internet behemoths, organizations that face a treacherous competitive landscape and possess far fewer data points to rely on, the quality of data is the key to using it to your advantage.

We think of Customer Relations Management (“CRM”) system’s primary purpose as being the facilitation of the sales process. Your sales reps need something to keep track of their deals in a manner that is superior to a spreadsheet. But, the truth is, if we just want to keep track of things, a spreadsheet would work just fine.

Another, better way to define a CRM is: “CRM aligns business processes with customer strategies to build customer loyalty and increase profits over time.” That’s a pretty inclusive definition that is clearly more than just tracking a transaction. And yet, how many sales professionals treat the CRM as a tracking tool?

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Apple laptop. Business discussion.

Win Loss Analysis Best Practice Series: Six Strategic Recommendations to Apply to Your Program

Win loss programs are important at all levels of the organization because they help explain why buyers choose specific solutions and why they do not choose others. Win loss takes us beyond market research and competitive intelligence.

Win loss analysis is more than just gathering, analyzing, and interpreting information about a market. It’s more than just sizing a market and understanding the growth rate, competitors, and buying segments. Win loss research is a sales, product, and marketing enablement tool focused on improving sales, improving the product/service, and improving a company’s market presence as a result of listening to customers.

Here are six strategic recommendations you can apply to your win loss analysis.

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Share B2B Customer Experience Insights with Employees

Six Tips for Sharing B2B Customer Experience Insights with Employees

At Primary Intelligence, broad access to customer experience (CX) information is viewed as a best practice since this gives employees, managers, and executives deeper insights into customer perceptions of the organization. Widespread access also allows individuals at every level to construct possible remedies to address customer concerns and gives impetus and support for new initiatives.

Research from the State of Customer Experience revealed the groups with greatest access to customer experience information are executive management (81 percent), sales management and leadership (79 percent), and marketing (74 percent). Interestingly, less than half (49 percent) of organizations provide access to customer experience information to their sales support and enablement teams. “Other” groups with access to customer experience data include support, human resources, legal, quality, engineering, and operations.

Share B2B Customer Experience Insights with Employees Chart

 

Even if the desire exists to share CX data, however, putting a mechanism in place to ensure customer feedback is available throughout the organization can be challenging. In fact, it’s a stumbling block that many companies encounter, especially when they’re large and geographically dispersed.

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Outcomes 2017 Speaker Spotlight: Debbi Tillman

Outcomes 2017 conference focuses forward in this year’s collaborative presentations and workshops.

Our conference is bringing together seasoned experts in sales, marketing, and product management to discuss current issues facing business professionals.

This year’s program features presentations from executives who will offer their unique perspectives and approaches to win loss and customer experience analysis.

Speaker Spotlight:

Debbi Tillman

Director of Program Management for Mitchell International

Implementing an Effective Customer Success Strategy session

Outcomes 2017 Debbi Tillman Director of Program ManagementDebbi has built a career around passion for the customer experience and began using the Customer Experience Survey in 2017.

Her concentration on the customer began over a decade ago leading insights and internal operational metrics programs for Starbucks Coffee Company.

She is especially interested in building holistic programs that marry insights with brand, culture, operational excellence programs and innovation.

Debbi is looking forward to collaborating with other conference attendees and experts at this year’s Outcomes conference.

She shared, “Our program has pushed us as an organization to deepen our customer relationships and focus.

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Outcomes 2017 for Win Loss and Customer Experience Pros

Outcomes 2017 Speaker Spotlight: Penny Queller

If you want to clearly understand how to use sales acumen and competitive intelligence to position your company to close more deals, then sign up for Outcomes 2017 conference.

Outcomes 2017 will be filled with helpful information and valuable networking opportunities. Collaborate and generate innovative ideas with other sales, marketing, and product management professionals.

This conference is an intensive and intimate opportunity to connect with business leaders and listen to their strategies.

Speaker Spotlight:

Penny Queller

Senior Vice President and General Manager for Monster

Leveraging Win Loss & No Decision Analysis session

 

As a powerful thought leader and relentless innovator, Penny leads Monster’s Staffing business unit and brings more than 20 years’ experience in all facets of talent acquisition technology and solutions.

Her progressive perspectives in talent management ensures HR and talent leaders represent a strategic role in driving organizational success regionally, globally and deliver true competitive advantage.

Penny is passionate about issues such as supporting women in the workforce, promoting diversity and inclusion, and corporate social responsibility and was recently recognized by HRO Today – Superstar Award.

She is often quoted in business publications and speaks frequently as a Subject Matter Expert on recruitment trends and solutions at various industry events.

 

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Outcomes 2017 Speaker Spotlight: Dave Morfas

Outcomes 2017 conference focuses forward in this year’s collaborative presentations and workshops.

Our conference is bringing together seasoned experts in sales, marketing, and product management to discuss current issues facing business professionals.

This year’s program features presentations from executives who will offer their unique perspectives and approaches to win loss and customer experience analysis.

Speaker Spotlight:

Dave Morfas

Director of Marketing for Plex

Be Mindful of Root Causes breakout session

 

Outcomes 2017 Dave Morfas Marketing Director

Dave has worked directly with both sales teams and customers for twenty years in marketing, pre- and post-sales roles in the telecom and software industries for Tellabs, Consona, Aptean and Plex Systems.

He develops informed sales strategies that align product and company differentiators to prospect business needs, and uses best practices and insights from Primary Intelligence to deliver the path of least resistance toward winning new customers.

Dave is looking forward to learning from peers and sharing his experiences with win loss analysis at Outcomes 2017.

 

 

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Outcomes 2017 Speaker Spotlight: Jeff Moloughney

Are you ready to get on the fast track to discovering insights and achieving results with win loss and customer experience programs?

Outcomes 2017 conference is just 12 weeks away.

We are excited to feature our clients as speakers at Outcomes 2017.

These speakers will be sharing best practices and insights on how they use Win Loss and Customer Experience analysis to close sales deals, accelerate revenue, and achieve customer success. They’ll be showing you the best ways to reach measurable business outcomes.

Speaker Spotlight:

JEFF MOLOUGHNEY

Vice President Product Marketing for CA Technologies

Being Consistent with the Scheduling Process breakout-session

Outcomes 2017 Jeff Moloughney Product Marketing

Jeff guides teams to define product positioning, craft unique messaging, and build creative content designed to drive lead generation, fill the sales pipeline, and help customers transform ideas to outcomes, quicker.

His win loss analysis program provides the necessary intelligence to accomplish these responsibilities. Jeff values the detailed competitive information he receives from the Primary Intelligence team. This allows him to focus on other areas of the business.

Jeff is excited to meet the attendees and hear first-hand how other teams are managing competitive win loss techniques and discover the latest trends.
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Unexpected Benefits of Customer Experience Programs

Four Unexpected Benefits of Customer Experience Programs

Win loss analysis is not the only form of buyer analysis. Another one occurs long after the sale. Customer experience interviews focus more on the product and solution than on the buying process and provide insights on key capabilities, missing capabilities, and ideal market profiles.

Customer experience touchpoints should occur immediately after the initial implementation of your solution and again periodically throughout the life of the solution’s use. A common practice is to engage with customers every six months to measure their satisfaction and identify areas for improvement in product, support, and training.

During its research, Primary Intelligence discovered four unexpected benefits from Customer Experience programs:

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Prescription pills spilled on table

Customer Experience Insight Saves 1.5 Billion Dollar Renewal

In the dog eat dog world of pharmaceuticals, winning or losing your renewal contract has heavy ramifications. Knowing your customers’ experience and the key decision drivers that keep them coming back is critical when playing at this level, as the competition is fierce, and loyalty is in no way guaranteed.

Knowing your customers’ experience and the key decision drivers that keep them coming back is critical when playing at this level, as the competition is fierce, and loyalty is in no way guaranteed.

We helped a major pharmaceutical company that needed to win that fight come hell or high water. All suspense aside, you already know by the title of this post that they were successful in exploring the voice of their customer to win the deal.

By incorporating a customer experience program, our client successfully renewed a billion dollar contract. Here’s how we helped them do it.

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Win Loss for Competitive Sales

Win Loss Analysis for Competitive Sales: When You Know More, You Win More

 

Why Win Loss Analysis for Competitive Sales?

Win loss analysis is a branch of market research focused on understanding why companies win or lose new business opportunities. By implementing a win loss program, you can obtain reliable, actionable, and unbiased feedback about how well your sales team performed in recent competitive opportunities. You can identify the best practices of your top performers, your competitive positioning within each opportunity, how well your solutions were received, and much more.

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Sales Presentations - Scripted or not?

Win Loss Best Practice Series: Scripted versus Tailored Sales Presentations

Is it better to have a scripted sales presentation or a tailored one? The guiding principle in any sales process should be listening to your buyer and tailoring your sales presentations to meet your buyer’s unique business needs.

Then again, having a template for your presentation is helpful because you don’t have time to reinvent the wheel every time you need to present to a new prospect. Just plug and play, copy and paste. Makes sense, right?

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Buyers sense of urgency - fire alarm

Do Your Buyers Have A Sense Of Urgency?

When trying to get to the end of sales cycles, sellers always seem to be in a hurry. In stark contrast, buyers frequently drag their feet before making decisions to spend money. Consider how often close dates slip for opportunities in the forecast. This discrepancy in decision time frames can cause sellers to close prematurely, offer discounts to accelerate decisions and pressure buyers. In extreme situations, deals can be lost. It often comes down to the seller’s or vendor’s agenda of needing to book orders at month, quarter or year-end.

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Woman on phone

Does Your Sales Team Need to Love Your Product to Sell It?

The short answer? Yes.

Sure, we can all hold our noses and do things we don’t like, but few of us are also good at masking the discomfort. It’s obvious. You can’t appear engaged in that conversation while also thinking through tonight’s dinner plans in your head.

Of course, the long answer is it takes more than love. A sales rep also has to be confident in what they are doing in order to have the good intent, sincerity, and knowledge needed to close a deal with today’s B2B buyer (who has already Googled you for three weeks before calling).

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Selling to B2B Buyers

Highlight Industry Expertise When Selling to B2B Buyers

When selling to discerning B2B buyers, most sales reps focus on product or service attributes, an appropriate strategy since most selection decisions typically hinge on solution fit.

However sales teams can also distinguish themselves in buyers’ minds by knowing what non-solution factors are important to their prospects, including which factors are most important from an overall company perspective.

At Primary Intelligence, we recently completed research that examines Read more

Revenue Retention

Why Revenue Retention—Not Just Customer Retention—Is Important in CX Success

A Vice President of Marketing I once worked with had a saying that he would frequently use throughout his day: “Not that.”

His “Not that” saying was his way of staying focused on the most important tasks at hand and not getting sidetracked by extraneous events. “Not that” often comes to my mind as I juggle both professional and personal obligations. What’s most important – “that.” What can wait until later – “not that.”

As companies try to maximize revenue and profitability, they often try to determine which customers are most critical and must be retained (“that”), and which customers may not be as critical (“not that”) due to any number of reasons—misalignment between customer needs and solution capabilities, sky high support costs, or incompatibilities with future strategic direction.

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Revenue Leakage

How Well Are You Tracking Revenue Leakage?

Revenue leakage is a term gaining increased attention as companies try to shore up all potential sources of income. Revenue leakage is defined as customers spending less money with their providers than anticipated over the course of the contract. For example, if a provider signs a $1 million contract but can only invoice for 50% of the contract value by the end of the term, they’ve experience revenue leakage of $500,000.

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Business Growth with B2B Buyer Loyalty

B2B Buyer Loyalty: Lights the Way to Business Growth [Infographic]

How certain are you that your organization will be asked to bid in future opportunities with a coveted account? How sure are you that customers will recommend your brand to colleagues and friends?

Primary Intelligence’s latest industry report found that 46% of all B2B buyers say they’ll consider evaluated vendors for future business opportunities with their organizations.

The report also revealed that just 40% of buyers gave high marks to vendors when asked their opinion about product quality. Even fewer buyers—just 39%—said they’d recommend the vendors they evaluated to other companies and friends.

One key takeaway: Stay in touch with buyers, even when a sales deal is lost.

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Customer Retention

Customer Retention: Lessons Learned from my Auto Mechanic

When my car needed to be repaired recently, I asked friends and neighbors for their recommendations. Their responses were uniform: John at Island Center Auto.

I wasn’t surprised. We had used John for car repairs in the past. It didn’t matter that we had different makes and models of cars. It didn’t matter that we didn’t know John’s last name (he’s known in the community simply as “John”).

It didn’t matter that John never answers his phone and prefers to communicate by fax. (Fax!) It didn’t matter that John doesn’t have email. Or a website. Or a cell phone.

All that was important was John’s reputation as the go-to guy for car repair.

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Measure Sales Success - KPIs

B2B Buyer Loyalty: Measuring and Tracking Success

When my kids were young, I was constantly monitoring their growth. After each well child checkup with the pediatrician, I’d compare their height, weight, and body mass index (BMI) to those of their peers in government growth charts. Were they growing too fast? Too slow? Just right?

Height, weight, and BMI are all good indicators of childhood health. But what about businesses? How can they ensure they’re progressing at a healthy rate as well?

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