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
-- 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
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
-- "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
-- Respondents included CEOs, CSOs, sales executives and managers across a
variety of company sizes and industry verticals.
-- To access the full report, please visit:
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.
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