The document discusses how big data and analytics can help sales organizations by providing insights into customers and prospects. It notes that sales reps currently make guesses when engaging with customers due to a lack of relevant information. With big data, reps could intercept the right customer at the right time with the right insights. This would increase hit rates and conversions. However, sales teams currently struggle with too much information from various sources and outdated CRM systems. Implementing big data strategies could help organizations better analyze customer data and provide reps with the right insights to improve sales.
2. Contents
Introduction PAGE 3
What Is Big Data? PAGE 5
Why Is Big Data Important? PAGE 6
The Potential of Big Data PAGE 7
Top Challenges in Sales Organizations
and the Solutions PAGE 9
Top Productivity Tips from Experts PAGE 16
How Big Data Improves Sales PAGE 20
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3. Rich Analytics: The Pot of
Gold at the End of the Rainbow
Customers and sales reps are at loggerheads. Sales people want to engage customers—clearly to sell
more. Customers don’t want to deal with sales reps, but at the same time, customers are crying for insight
and ideas about their businesses. Are there opportunities to improve? How do we grow? How do we ad-
dress new markets? How do we better serve our customers? Dave Brock,
Partners in EXCELLENCE
There’s a lot of data that shows that sales reps who provide these insights and ideas perform significantly
better than those who don’t. So selling has changed. It’s all about a new engagement model. It’s about
providing customers with insight, ideas and solutions. It’s about nurturing the customer over time to help
them understand, implement and execute.
But where do sales reps get these insights and ideas? Sure, there are “general insights or ideas,” but
to me these are the modern equivalent of “Dear Occupant or Current Resident.” What customers want are
insight, ideas and data that are directly relevant to them.
Big Data and rich analytics provide sales and customers this capability. Today, sales makes
guesses: is this the right customer, is this the right time, and will this resonate with them. They may be
wild guesses in the case of prospects, they may be informed guesses based on past experience with them,
but they are guesses.
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4. Imagine a new world, where the sale rep can intercept the right customer, at the right time, in the right
place, with the right information, and the right offer. Imagine a world where we can identify the customer
that wants and needs to buy now, and we know what they want to buy and why.
This is not just the promise of rich analytics. This is what many leading edge organizations are doing
now! For example, a client of mine, a major Financial Services company has increased their hit rates and
conversions and they now consider their analytic capabilities their competitive advantage. Being able to
identify the right customer, at the right time with the right offer increases the quality of customer engage-
ment so much, that this process is the key to their differentiation.
Big Data and rich analytics, leveraged effectively, change all the rules—and all the results!
Dave Brock,
Partners in EXCELLENCE
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All charts and statistics referenced in this ebook are based on the CSO Insights Report: Impact of Big Data on Sales Performance.
5. What is Big Data?
Big Data is defined by 4 Vs
Volume. The terabytes of data
that most large companies acquire
Big Data seems to be the new buzzword in the tech circle today. But what is it exactly? And what regularly are too large to process
does it mean for sales and marketing teams? According to Google Executive Chairman Eric Schmidt, with conventional means. As
every two days the world produces the amount of data equivalent to all the data from the beginning of technology penetrates more aspects
civilization up to 2003, or almost five exabytes. of society, the information generated
from and about those devices is
This vast ocean of data contains the valuable insights that sales reps need to close sales. There rapidly expanding.
are numerous details about customers, businesses and prospects available to sales teams, but they must sift Velocity. Modern businesses may
through the useless data in order to find them, and that is where Big Data comes in. place more importance on the time
characteristic of Big Data than any
Big Data refers to the extremely large data sets, typically in the terabytes to petabytes range, that other dimension. Acquisition of
organizations acquire and the applications used to analyze and evaluate them. Big Data is the continuous, timely data is critical to many time
exponential growth in internal and external data gathered from and about customers and prospects that sensitive operations and provides a
exceed the ability of conventional database management tools to collect, store, search or analyze. Some competitive advantage.
of the most tangible examples include the terabytes of user data that Facebook acquires or that Walmart
collects about the millions of transactions it conducts hourly. Variety. This information may
be collected in a number of forms
including text, audio, video, statistical
data or sensor information.
Value. The real impact of Big
Data stems from the insight that is
gleaned from the raw data. It's all
about value.
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6. Why is Big Data Important?
Management of large amounts of information about partner companies, their sales staff, How frequently does an event you weren’t
competitors and market conditions continues to tax even the largest of businesses. To more aware of occur in a prospect organization
effectively analyze and process this burgeoning pool of data, new tools, methodologies and analytics are derail or delay your sale? (e.g., merger, lawsuit,
required. It is no longer enough to collect volumes of information; it is increasingly important for competitive reduction in force, spending freeze)
businesses to analyze this information quickly, isolate key facts pertinent to business operations and distribute
conclusions and data packets to critical business personnel.
The majority of companies feel that their sales teams are failing to take advantage of sales
opportunities because of a lack of information. Almost 54.6% of respondents to the CSO Insights
study felt their sales teams were sometimes missing some opportunities due to a lack of external or so-
cial information, while almost 9.6% believed they were letting many opportunities for sales pass by very
frequently due to ignorance of external events. With the right Big Data tools, sales personnel could be
31.2%
Infrequently
transforming these missed opportunities into huge revenues.
Big Data analytics overcome these problems by employing software and methodology 54.6%
advances, including predictive analytics and data mining. These Big Data strategies enable Sometimes
companies to uncover hidden patterns or connections and produce operational advice in a timely and
actionable manner. Armed with the latest, most pertinent marketing information, sales staff can make 9.6%
Very frequently
more effective presentations to clients, integrate key selling points, and make reliable predictions about
client behavior.
Big Data analytics are the cornerstone of producing comprehensive, reliable business .5%
strategies. Accurate, up to the minute knowledge about clients and market conditions will separate 4.1% Never
elite companies from the competition. The enhanced power of Big Data allows the identification of Don't Know
new business opportunities, more rapid allocation of resources and the streamlining of sales operations.
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7. The Potential of Big Data
Big Data allows businesses to be more efficient, productive and nimble. These advantages are applicable
90%
Of sales leaders surveyed
across almost all industries, business sizes and models. expect to see a significant impact
from a Big Data strategy
The primary benefits of Big Data are:
16%
1. Social selling and Sales 2.0 become effective tools. Data that is unprocessed reduces sales
success. Successful evaluation and analysis allows key personnel to integrate salient data points
into the decision making process. The rapid analysis of larger blocks of social data allows personnel
to access customer insights and trigger appropriate responses. This facilitates account targeting,
access to decision makers and social referencing.
Of companies have
2. nticipate and identify opportunities. As the amount of data collected increases, the detail
A
a Big Data strategy in place
of minute business operations also sharpens. Minor elements of operations that were deemed
inconsequential in the past can now be thoroughly examined and modified accordingly.
3. Sales reps can receive real time prospect information.The profile of target consumers can
now be refined to unprecedented resolution. Improved customer and prospect information can
facilitate the development and implementation of more customized marketing strategies, products
or services. Sales reps no longer have to enter meetings with outdated or inaccurate information.
4. nhanced product development. The predictive power of Big Data delivers a more accurate
E
forecast of client needs and allows the product design and development to be more effective.
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8. 90%
5. Improved metrics of success. The holy grail of business strategy is to make insightful decisions
that anticipate the developing market. Greater access to more comprehensive models based on
more information facilitates the decision making process. How sales reps utilize this information
can be measured against potential winning rates, allowing a definitive analysis of sales strategies.
Conversion rates and closing rates can be more precisely compared to opportunities that permit Of sales leaders
a more expansive understanding of the return on investment in your CRM system. have missed opportunities
due to info overload
6. omprehensive analyses of customers and prospects. The traditional CRM system was
C
limited to data gathered by sales personnel. Big Data utilizes information collected from internal
15
data systems, external sources and social media which produce enhance customer insights.
7. eliver insights, not raw data. Flooding sales teams with unprocessed data only impedes
D
successful sales. Big Data manages data, analyzes it and produces meaningful, actionable insights
and recommendations that enhance sales effectiveness.
Reps search as many
as 15 sources prior to
picking up the phone
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9. Top Challenges within Sales
Organizations and the Solutions Do you and your sales team feel challenged by
the amount of data available and time it takes
Too Much Information to research a prospect before making a call?
Too much information is a burgeoning problem for big business. The influx of data from new
sources like web resources and social networking sites is growing at a geometric rate and threatens to
overwhelm sales reps and conventional data management systems. This translates into overworked staff,
demoralization, lowered sales closings, lost opportunities and diminished revenue.
Information overload can affect sales reps in three ways. Reps faced with too much information
will treat new data superficially, which prevents insights and innovations that are essential to sales success.
24.3%
Yes, we feel
Secondly, too many choices can overwhelm the decision making process. Too many choices for a client will very
result in paralysis and downgrade sales productivity. Lastly, option similarity can halt decision making. Pro- challenged
viding stark choices permits differentiation of options and greater decisiveness, while offering a multitude
of choices with subtle or indiscernible differences can undermine the decision making process, paralyze the 57.4%
client and encourage the client to withdraw from the shopping process. Yes, we feel
somewhat 17.4%
challenged No, we do
Social media is the wedge issue for many companies to invest in Big Data analytics. As the not feel
users on popular networking sites rise into the hundreds of millions, companies are falling behind in the challenged
at all
capture of pertinent trends. Salespeople are trying to tap social media sites for insight into consumer
behavior, but are instead drowning in a sea of unmanageable data. Due to the unstructured nature of
social data, many companies lack the storage facilities and corporate infrastructure to properly retain
this information. .9%
Not sure
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10. 44.5%
Issues with Customer Relationship Management Systems
Customer Relationship Management (CRM) systems are engineered to streamline the sales
process by providing actionable information for sales and customer relations personnel to utilize when
interacting with clients. This system is critical to company brand and reputation as it directly impacts Of companies stated that
how clients are managed. With almost 65.6% of sales personnel utilizing CRM systems to uncover key their CRM system needed to
information about prospects, a failure in this system can ripple out to the wider market segment. provide more comprehensive
internal information
80
72.5%
70 65.6% Where do your sales reps
60.6% find critical information on prospects?
60 (Check all that apply)
50 45.0%
40 37.6% 37.2%
35.8%
32.6%
30 26.1%
20 15.1%
10
1.8% 1.4%
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11. 44.3%
CRM systems are often poorly utilized. They are marketed for use by sales reps, but they are often
engineered for sales management. Sales reps spend less than 50% of their day selling because they are
hampered by the task of putting data into CRM systems. Because sales reps input the minimum amount
of data to keep managers satisfied, this data is often stale and out of date, and rarely updated due to the
Of companies stated that their
effort and lack of managing oversight. According to a study by Gartner, almost 25% of data in critical
CRM system needs to
business data systems is outdated or inaccurate.
provide more comprehensive
internal information
80
Rate how effective you feel your Rate how effective you feel your
CRM system is at helping to 70 CRM system is at helping to provide
provide you with all of your you with all of your EXTERNAL
76%
INTERNAL company information. 60 company information.
50
50 50
49.4% 44.3% 40 76.4%
30 Of respondents reported their
40 40 CRM system also needs to provide
20 better external information
30 30
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12. Data Integration
CRM systems that effectively integrate internal and external data sets are significantly more likely to
improve sales success. Data integration of external market conditions, customer profiles, client events and Do you have a single technology system
in place that enables sales reps to easily access
impending situations with internal multi-channel information has profound advantages for businesses. internal and external information on prospects
Data integration produces some significant benefits including: AND gain insight from it?
1. Decreasing complexity of data improves performance and reduces management costs.
2. Allows greater transparency and access for regulatory agencies.
3. Data security is enhanced by identification of critical data.
4.
Data is prioritized more easily by its stage in its lifecycle. More outdated information is transferred to
15.6%
Yes, info access
lower priority storage. and alerts
5. Enhanced organization allows all data sets to be searched easily which improves sales preparation.
52.3%
19.7%
No
6. Return on Investment is enhanced as key personnel improve productivity and sales representatives
will generate customer insights that solidify relationships and augment sales closings. Yes, easy
info access
According to the CSO Insights report, a mere 19.7% of companies have data management systems that 11.9%
integrate external and internal data. Planning to
implement
.5%
Do not know
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13. 90%
Only 15.6% of businesses possessed CRM systems that granted sales reps easy access to info and alerted
them to possible opportunities. While an additional 12% planned to implement this technology, 52.3% were
not providing sales reps with these critical tools. There is widespread support for unified data management,
with 90% of respondents voicing the opinion that integration would improve sales time for reps, and sales
effectiveness, there was a significant gap between support for the technology and actual implementation.
Of respondents voiced the
opinion that integration would
80 improve sales time for reps and sales
effectiveness
100 70
If your sales reps had all the external,
89.9% 91.2% internal and social information available
52.3%
60
in one system that highlighted what
81.2% prospect information is most important to
80 76.6%
73.5% 50
winning the sale, what impact on sales
perfomance would you expect?
68.3%
40 Of businesses were not providing
60 sales reps with critical sales
30 tools such as CRM
42.9%
40 38.0% 20
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14. 50%
Time Management
Time management plays a key role in sales force effectiveness. With almost 50% of sales personnel
time devoted to CRM input or other administrative duties, improved data capture and analysis methods
are integral to augmenting sales generation. The CSO Insights report found 81.7% of sales teams surveyed Sales reps' time is devoted
felt very or significantly challenged by the lack of information and the time needed to research prospect to CRM input or other
information. administrative duties
Sales suffers from lack of real time data. Even if processes for data management are implemented, in
many cases, they produce results well outside the time window for actionable sales operations. The acqui-
81.7%
sition and processing of incorrect, inconsistent or outdated information leads to prolonged wait times while
data management systems analyze information. The CSO Insights study reports that 57.4% of companies
feel somewhat challenged by lack of available data and the time required to research a prospect, while an
additional 24.3% felt very challenged.
Of sales teams felt very or
The window of opportunity for businesses to react is narrowing, so sales teams require significantly challenged by the lack
enhanced tools to take advantage of them. Opportunity costs lost to information retrieval can result of information and time needed to
in a company with 1000 workers losing $300,000 a week or $15 million annually. Poor data management research prospect information
can result in thousands of man-hours wasted weekly by sales personnel who must input and retrieve client
info. This can reduce productivity and increase operating costs due to higher number of employees, work
interruptions and poor decision making.
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15. Missing Opportunities
Do you feel your company has missed
The importance of pertinent, reliable data cannot be underestimated. According to SiriusDecisions, opportunities because sales representatives
companies with high quality data have 70% more revenue than those utilizing average quality data. CSO cannot effectively leverage all of the internal,
Insights reports that among respondents, 65.1% felt their company has missed some opportunities due to external and social inofmation available
on prospects?
ineffective utilization of internal, external and social data about prospects, while 22.9% felt they had missed
many opportunities.
Missed sales opportunities may be caused by the following key issues in data management:
1.
Poor integration strategy. Integration of data sets without a coherent strategy tries to provide too 65.1%
many things to too many people. All company stakeholders should present needs and integration Yes, some
opportunties
should focus on those objectives.
2. Garbage input. Various data acquisition mechanisms employ differing standards of data.
A high quality data management system will grade data and prioritize quality data from
unimportant information.
3.
Missing data sources. All data sets that can impact sales and business operations need to be
integrated. Missing key sources compromises the integrity of analytics.
4. Business evolution. Data management must change as the business model adapts to evolving 22.9%
conditions. Social media is now a rising concern with many companies, but many data management 8.3% Yes, many
opportunities
systems are incompatible with social data. No, we haven’t
missed any 3.7%
Do not know
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16. Top Sales Productivity
Tips from the Experts
Avoid “shiny” new distractions. Do you love “shiny” new things... the latest gadgets,
breakthrough technology, and the 10 newest steps to success? Don’t let your love of
novelty distract you from those things that will help you achieve your sales success.
Schedule time on your calendar for essential sales activities like prospecting, then keep
your appointment.
Create manageable monthly chunks of leads. If your annual sales goal seems steep,
try breaking it into manageable monthly chunks of leads you need and new prospects to
close. Remember to account for the length of your sales cycle. How many months do
you really have to make sales that will close this year?
Start the right conversation. Your prospects don't have the time to pay attention to
what you wish they could buy. So instead of going into the details of your service, mention
how you were able to solve a similar problem for other clients. You'll open the door to a
bigger, better conversation.
—Kendra Lee is a Top 50 Sales Marketing Influencer for 2012. She is a Prospect Attraction Expert,
president of KLA Group, and author of the award-winning book Selling Against the Goal and The Sales
Magnet (coming September 2012). Kendra Lee is a top IT Seller, Prospect Attraction Expert and author
of the award winning book Selling Against the Goal and president of KLA Group.
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17. The great seller doesn’t have to convince anyone to buy. The great seller facilitates
a heart to heart conversation within which a very magical thing occurs. . .the buyer ends up
convincing the seller to sell!
—GuruGanesha Khalsa is the founder and CEO of the Sandler Sales Institute of Virginia,
which is known as one of the world’s premiere high tech sales training organizations.
If you’ve ever been on the receiving end of a call from a sales rep who has
nothing more relevant to say than referencing a recent download from the
company’s website (and who hasn’t?), receiving a call that provides valuable
information would be a welcome experience. The best way to achieve this outcome
is to provide easy visibility into integrated data that will help improve whom sales decides
to call as well as the quality of the conversation. Sales conversations that don’t provide
reciprocal value for both parties will not move the buying process forward. But manual
processes for information gathering are time intensive and less effective. The solution to
both better conversations and sales productivity lies in the quality and usability of infor-
mation made available to your sales team.
— CEO of Marketing Interactions, Inc., helps B2B companies with complex sales create
Ardath Albee,
eMarketing strategies that use contagious content platforms to turn prospects into buyers. Ardath wrote
the book eMarketing Strategies for the Complex Sale, published by McGraw-Hill, and was recently
selected as one of the 50 Most Influential People in Sales and Marketing for 2012.
top tips? Making decisions with your gut no longer makes sense. There's lots
My
of data at your fingertips. Leading indicators are better than lagging indicators. Which
metrics are you looking at? SFDC works for your sales team. Your sales team does not
work for SFDC. A sales process without job aides is like a dentist without tools to clean
teeth. By the time you get the sales appointment, the customer has done lots of research.
—Greg Alexander serves as CEO of Sales Benchmark Index (SBI), a professional services firm focused
exclusively on sales force effectiveness. Greg’s recent client list includes: Adobe, Eloqua, Reed Elsevier,
Emerson Electric, Fairchild Semiconductor, Forrester Research, Integrated Device Technologies,
Terremark, Ryder, Phase Forward, Safety-Kleen, Genzyme Biomedical, ConocoPhillips, Dow Jones,
Kronos, and others.
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18. Sellers need to ensue that they are in control of their time, not the other way
around. Critical to that, is to put time aside for Fire Fighting, the need to deal with
REAL client related emergencies. It is easy to predict the time required, and setting that
aside, most don't as a result they still need to deal with client emergencies, but don't have
enough time to complete all the things they need to succeed and deliver revenue goals.
Tibor Shanto is a recognized speaker, sales leader, author and sought after trainer. Tibor is the coauthor of
—
an award winning book on Trigger Events Selling. A 25-year veteran of B2B sales with companies such
as Dow Jones, Reuters and others. Called a brilliant sales tactician, Tibor helps organizations execute their
strategy by using the EDGE Sales Process to create the perfect combination of strategy, tactics, skills to
ensure execution.
Don’t waste your time making 50 calls to 50 different prospects if there is no
way you can follow-up and repeat the process with the same 50 prospects at
least 4 more times. A huge mistake people make when prospecting is they think they’re
being efficient by calling or emailing a bunch of prospects once—and then they forget
about them.
Always have your plan in place before you start. With prospecting it’s better to
target and concentrate on the best prospects, rather than spraying and praying you’ll
have positive results. Successful prospecting happens when there is a plan, and when
you actually follow-up with the prospects you have contacted. In other words, don’t start
what you can’t finish.
Mark Hunter, “The Sales Hunter,” is author of High-Profit Selling: Win the Sale Without Compromising
—
on Price. He is a sales expert who speaks to thousands each year on how to increase their sales
profitability. He was named one of the Top 50 Influencers in Sales by Top Sales World. To receive a free
weekly sales tip and read his Sales Motivation Blog, visit www.TheSalesHunter.com. You can also follow
him on Twitter, on Facebook and on Linkedin.
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20. How Big Data Improves Sales
Companies are increasingly aware of the need for improved data acquisition across a
multitude of marketing channels. This data, especially from social media, is rising into the terabyte Which of the following statements best
range which is too large for conventional CRM systems to manage. In order to optimize customer reflects the impact that world class data
interaction with sales personnel, data management systems must be able to: access and real-time insights will have
on winning deals?
1.
Produce cross channel reporting, analytics, media and targeting
2.
Provide end-to-end metrics
3.
Provide real time, actionable insights
25.7%
4.
Reduce barriers between different teams, markets and brands Sometimes gives
an edge
5.
Improve time management
57.3%
Providing up to the minute information about prospects, their current market situation and Gives an
impending changes in the business environment helps prepare sales teams for critical sales advantage
15.6%
meetings. The majority of respondents in the CSO study believed that having world-class data and real Wins
time insights would improve sales. A total of 98.6% of respondents felt sales effectiveness would benefit
from Big Data.
1.4%
No impact
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21. Big Data would improve sales through increasing time devoted to making sales, prospecting
efficacy, lead conversions, shortened sell cycles and improved forecasting of win rates. In many What impact do you think a
companies the sales division is involved in Big Data strategies, but is relegated to participatory roles rather Big Data strategy could have
leading ones. on sales effectiveness?
In spite of a minor role in Big Data strategies, sales teams are expected to benefit from the
utilization of Big Data. With 49.5% of respondents supporting the view that sales would increase from
Big Data, while 22% stating the increase in sales would be substantial, the majority of professionals believe
Big Data would dramatically improve sales win rates.
49.5%
Increase
0%
12% 11% Who is responsible for your
29%
14% Big Data strategy?
39%
35% 22.0%
29% Noticeable
67% increase
57%
56%
15.6%
Minor increase
47% 43%
7.3%
n Leading Role
17% 14%
5.5%
n active participant
n not involved Do not know
No impact
en y
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Ex orp
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or
Inf
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22. About Lattice
Lattice is revolutionizing sales by harnessing Big Data to develop the most informed sales and marketing
professionals, engaging the most receptive customers in the most compelling ways. Our 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 to generate more pipeline opportunity
and close more deals, improving sales performance by 15 percent or more.
Our ‘secret sauce’ is the application of predictive analytics to extract deep, real-time insight about
customer needs and behavior. salesPRISM Big Data analytics platform makes it possible for inside and
field sales people to ground their every-day actions (i.e., who should I call, what should I say) based on
data-driven evidence.
Hundreds of thousands of sales pros worldwide have already become A players. It’s now time for you
to save time and sell more. Close more deals and meet your quotas every time by using salesPRISM
from Lattice.
For more information, visit www.lattice-engines.com or call 1-877-460-0010.
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