Are sales numbers important at your company? Numbers are important in many aspects of business. But they haven't always been given their proper due in the field of sales.
That's changing. Why—because numbers are the driving force behind one of the most successful styles of B2B management. And you can use this style of management to drive B2b sales.
This innovative management style came about thanks in large part to advancing technology and the need to boost lead generations capabilities. Without it, many companies saw only 2% of leads convert.
If you’re unsure of where the Moneyball name comes from, it comes from the movie Moneyball, which is about a baseball team that succeeded by using a highly advanced system of numbers.
The movie's message is that you can accomplish great things by using numbers as a tool. This idea resonated in the world in general. Now it's resonating in the field of sales and it's paying off big time for a lot of companies.
This article discusses the reality of the Monyball style of selling and the benefit style of selling your services on the Internet.
What it Means
The Moneyball style of selling uses today's advanced software tools to track everything from response rates to customer lifetime value. These numbers can be used to help you make informed decisions in a wide variety of ways, captured in what are called metrics. As technology has advanced over the years, the use of metrics has become part of the playing field more and more.
But the reason why the Moneyball style failed to dominate the industry until now is that many of the metrics weren’t accurate enough. But now with technology moving forward, the numbers have become more usable.
Simply put, case studies have revealed that using facts and figures is far more effective in selling than simply using a silver tongue to encourage someone to buy a product and service.
Sales Development Grows in Importance
The old-fashioned sales team had a group of people working their way through a list of numbers. Their only goal was to sell a product. But this is highly inefficient and the majority of sales time spent combing through leads that are never going to be converted wasn't productive.
To stop this from happening, the sales development team evolved to serve as a barrier between irrelevant prospects and those with a very real chance of turning into paying customers. The qualification process is the prime example of this.
Now the metrics of the sales development team are critical in the Moneyball style of selling for keeping efficiency levels high.
The Industry is More Predictable than Ever
In the movie, statistics were used to dictate absolutely everything about the game of baseball. Now 33% of businesses are now doing the same. It was almost like the human touch was taken out of proceedings.
To a certain extent, this is exactly what has happened in the B2B sales industry. More and more people are relying on the numbers in order to get a reasonably accurate idea of whether a sale can realistically be achieved.
There’s still a place for mastering the art of persuasion, but your closing team will only get at a prospect after they have met certain criteria.
The reality is that strike rates are much higher now because the sales team are only getting passed leads that have been shown to be interested via predictive analytics. The sales team no longer is it required to get someone interested in your product or services. Now sales people are dealing with people who have initial interest.
Even smaller businesses are realizing the benefits of employing an in-house tech team for intelligence gathering. The software needed for effective tracking intelligence is more affordable, so even starups have the budget to acquire it. In the case of platforms like Google Analytics, it’s completely free.
Businesses, therefore, are making their sales teams more technology orientated. Instead of having a team solely dedicated to sales, there will be a team that consists of sales qualifiers, the tech guys, and finally those dedicated to closing sales. This change in orientation has also led to another trend.
Sales used to be highly competitive. The strength of the individual was given prime importance, with the best talent commanding huge salaries. Today, B2B companies are more concerned with a team effort. That's because even the best salespeople can't achieve a higher conversion rate than a sales team can.
Is Moneyball the Future?
In terms of B2B sales, there’s no reason why the Moneyball style of selling won’t continue to become part of the future. For many companies, it’s already critical to their sales team. It has worked in every single way because conversion rates are higher and efficiency has reached levels previously thought impossible. With the Moneyball style of selling, all this can be achieved without breaking the bank.
Bigger companies are still leading the way when it comes to the amount of data they have available. So they're making more use of the Moneyball style of selling than smaller companies. But smaller organizations are quickly catching up as the cost of getting started decreases with every passing year.
Today, you have a chance to improve your B2B sales. Adopting the Moneyball sales technique is simple and it doesn’t require a great deal of investment. Try it. It works.
Will you be changing how your B2B team works today?