. 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, CA – August 6, 2012 – 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.
Top findings:
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-sa
les-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.
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