Too often, potential customers won over by marketing are needlessly lost in the sales process. In this article, we show how a service provider can use advanced sales analytics to prevent these losses and convert marketing leads to revenue.
Service providers invest substantial resources to attract new customer leads across a range of marketing channels including SEO, paid search, social media, digital ads, radio, and TV. Much of this spend is focused in competitive areas – to win business where customers have choices. Once a prospective customer inquires about a service, the sales team must take all the right actions to maximize their chances of closing the sale and initiating a long-lasting customer relationship.
Unfortunately, much too frequently, customers are lost for avoidable reasons. In these cases, marketing investments effectively attracted qualified leads, but the sales team did not translate them into new revenue. These unnecessary customer losses, most often due to poor experiences or ineffective needs identification, result in increased acquisition costs through a combination of reduced marketing efficiency and lower sales productivity.
How To Minimize Customer Churn
In today’s highly competitive environment, advanced sales analytics are essential to prevent avoidable sales losses. Service providers must leverage a range of available data sources and performance metrics to track and benchmark effectiveness across and within sales channels. This process should include the entire customer acquisition journey spanning consideration, purchase, onboarding, and initial usage.
Accurate and up-to-date sales performance metrics help identify, quantify, and remediate avoidable sales losses. These losses may be due to long-persisting issues that have not been properly addressed, or caused by emerging problems that should be quickly fixed before they have a substantial impact. In some cases, issues may be isolated within specific sales channels, while in others they may impact the entire sales organization. Regardless, thoughtful sales channel analytics will highlight them, making it easy to focus attention on the areas with the greatest ROI.
Once issues are identified and prioritized for further evaluation, predictive analytics can be used to determine their root causes and develop long-term scalable solutions. For example, predictive analytics can: