New Survey Reveals Big Data is Helping Companies Capture Sales Growth
- Eighty-nine percent of executives believe sales reps miss opportunities because they can't keep up with information about customers and prospects;
- Ninety percent of executives expect great benefits to sales if insight was automated and delivered through one system;
- Seventy-one percent of participants who know about Big Data expect it to have significant impact on sales
SAN MATEO, Calif., Aug. 6, 2012 /PRNewswire/ -- Lattice Engines, the pioneer in Big Data for Sales, today announced the results of an independent survey that showcases the importance of Big Data in driving sales growth. Conducted by CSO Insights, a leading sales effectiveness research firm, the survey of more than 200 corporate and sales executives illuminates today's most critical sales organization challenges, including the need for new ways to manage and gain critical insight from the exponential amount of internal, external and social media data available.
Sales reps are struggling to find the information they need to close deals
- Eight-two percent of respondents feel sales reps are challenged by the amount of information available and the time it takes to research prospects before making a call.
- Sales reps may search as many as 15 different internal and external data sources including their CRM systems, Facebook, LinkedIn, search engines, Twitter and other business information providers to find crucial information on customers and prospects.
- In fact, 89 percent believe reps miss opportunities because they can't keep up with prospect information.
Existing technologies are not designed for a social, big data world
- While 80 percent have implemented a CRM system, only 44 percent believe it is effective at helping them find internal information (what it was meant for), and nearly 80 percent find CRM ineffective at helping them find external company information.
- More than half of the companies surveyed do not have technology in place that has the capability to bring internal AND external information to reps, meaning they are relying on the reps to do the research themselves.
- Yet 90 percent of executives foresee great benefits to sales if data access and insights were delivered via a single technology system.
Sales executives expect significant impact to sales if they had Big Data for sales technology
- Although only 16 percent of companies have Big Data strategies for sales, 71 percent expect Big Data technology to have a significant impact on sales.
- More specifically, the majority of respondents said that if they had a single technology system in place to gather the necessary data and insight, they would expect an improvement in: prospecting effectiveness, the amount of time reps spend actually selling, lead to first meeting conversions, first call to presentation conversions and win rates of forecast deals.
Comments on the news:
- "Big data needs to be a big deal for sales," said Jim Dickie, managing partner, CSO Insights. "The amount of prospect information out there today is a blessing and a curse for sales reps. Our research shows that there is a need for new tools to help reps find the needle in the haystack. Leading-edge sales teams are already taking advantage with solid returns."
- "Sales has more to gain from Big Data technology than perhaps any other part of an organization because the results directly impact the bottom line," said Shashi Upadhyay, CEO of Lattice Engines. "The findings in this survey reflect what our customers are telling us: they are overwhelmed by information and existing technologies aren't designed for the social and data-intensive world we do business in today. World-class organizations are already taking advantage of Big Data technology to increase sales productivity and win more deals."
Additional information on the survey:
- A total of 218 respondents completed the online survey titled, CSO Insights 2012 Impact of Data Access on Sales Performance Report: Why Big Data Should Be a Big Deal for Sales, sponsored by Lattice Engines in June, 2012.
- Respondents included CEOs, CSOs, sales executives and managers across a variety of company sizes and industry verticals.
- To access the full report, please visit: http://pages.lattice-engines.com/csoinsights-report-impact-of-big-data-on-sales-performance.html
About CSO Insights
CSO Insights is a sales and marketing effectiveness research firm that analyzes the challenges facing our sales and marketing teams today, understands why those problems exists, and then benchmarks how companies are leveraging people, process, technology and knowledge to successfully deal with those issues. The company headquarters is in Boulder, CO and their web site is www.csoinsights.com.
About Lattice Engines
Lattice Engines is revolutionizing sales by harnessing big data to develop the most informed sales pros, engaging the most receptive customers in the most compelling ways. The company's big data analytics platform, salesPRISM, delivers real-time, actionable, account-specific insight directly to sales reps via CRM, email, or mobile devices. Fortune 5000 companies rely on Lattice Engines to generate more pipeline opportunity and close more deals, improving sales performance by 15 percent or more. Lattice Engines is privately held and backed by Sequoia Capital with headquarters in San Mateo, CA. Learn more at www.lattice-engines.com and follow @Lattice_Engines.
SOURCE Lattice Engines