If you’re in sales, you’ve likely heard the age-old example situation given to a salesperson to test how convincing they are: “Sell me this pen.” But what if the person you’re hypothetically trying to sell the pen to doesn’t need a pen? This, at the surface level, is why data is critical in the sales process.
Data gives Context
Context in a sales situation may be the driving factor in whether a lead is able to evolve into a closed deal. This context comes from data, and the more quality data in your possession when going into a situation where a deal is possible, makes the outcome of the process more likely to end in your favor. To relate to the example with the sale of a pen to the life science space, things like pipeline information, press releases, and even real-life situations that impact the space (like we’ve seen this past year with the COVID-19 pandemic), gives context to whether a deal with a potential prospect is feasible in that situation. Beyond that, the data acquired from statements such as press releases or pipeline updates from the prospective company can help identify things such as timing and helps map out the correct times in the future to reach out to that company.
Speed of the Sales Process
One of the things that high-quality data can do as well is accelerate the sales process. Having the right data for contacts such as a direct phone number, a quality email address, and knowing the current role of the person you’re trying to contact can all play a factor into making sure the process starts with the right person at the right company. Information like the financial situation of the company and previous history of their studies can help with making sure the timing is ideal for both sides, and if it is, it could move along quite quickly.
Final Tips on How to Leverage Data
- Use platforms such as LinkedIn Sales Navigator to map an organization out and figure out the chain of command for decision making in a department
- High quality data comes from accurate data. Whether you are purchasing your data or building it organically, quality sources and continuous validation is essential
- Keep track of partnerships in studies to leverage potential past working relationships to start new ones
In the end, data is what you make of it. How will you use it to your advantage?
Wondering how leveraging Channel Methods’ unique Life Science data can support you? Let’s talk! Contact us at jillians@channelmethods.com
