Achieve Organic Growth Goals
For B2B companies with repeat purchase customers, transaction data holds a wealth of information about where and how to sell more. Unlocking insights about imminent customer churn and actionable white space is the holy grail of sales reporting, but is impossible to do using manual analysis. No one has enough time or the ability to assess tens of thousands of customer-product combinations effectively. As a result, transaction data remains an untapped source of growth.
A sales rep’s most valued asset is time. Tasked with managing dozens of accounts and selling a broad portfolio of products, sales reps rely on habit and intuition to decide where to focus, especially in the absence of useful tools or recommendations. As a result, the best opportunities to retain and grow accounts can pass undetected, sales reps struggle to make quota, and growth plans fall short.
For transactional businesses, churn is the silent killer of growth. Research shows that churn rates of 20 to 40 percent are common, which means companies start in a deep hole relative to top-line growth targets. With innumerable customer and product combinations, the only way to detect early stage churn from transaction data is by using a predictive model. By comparing actual purchases against what is expected, sales reps can engage customers at risk of defection before it’s too late, and improve customer retention rates.
Maximize Wallet Share
Which additional products should each of your customers buy from you? If every sales rep could answer this question for every account, companies could capture as much as 20 to 30 percent more revenue from their existing customer base. The proliferation of customers and products makes identifying white space extremely difficult. Only data science can cut through this complexity to produce purchase pattern profiles that reveal what every account should be buying, but is not.
Close the Strategy-Execution Gap
Achieving aggressive organic growth goals requires more than just active account management. It requires successful sales execution of growth strategies. Unfortunately, translating these strategies into specific activities for front-line sales reps is extremely difficult. With prescriptive guidance, management can communicate high-level strategies as actionable, context-specific opportunities, driving alignment and dramatically improving execution.