Putting the pieces together
Typically, creating an opportunity pipeline to sell to existing customers is a manual, time-consuming process that leads to poor results. Information silos result in limited customer information, analysis (if any) is typically done in spreadsheets, and salespersons end up calling customers without any context of why they should be calling, or knowledge of what they should be selling. Even worse, the feedback recorded from customers is not used to improve future iterations of this lengthy process. In the end, ROI is low and everyone is unhappy.
Here at Entytle, we take a simple approach to creating actionable opportunities to sell to the existing customer base. Each opportunity, presented in the CRM, displays the necessary information extracted from various systems, and provides salespersons enough context to make an effective call.
First, we integrate with our clients’ ERP system to pull information into our data model that primarily consists of data relevant to customers and products. We believe that the ERP system has the most accurate and up-to-date information required for our analysis. We also bring in data from their CRM system.
Next, we run this data through our proprietary analytical engine to answer 4 key questions in order to create actionable opportunities. These 4 questions are:
- Is there a clear correlation between the sale of a future item and the sale of a past item? This enables us to easily identify what items should be sold to customers based on their purchase history.
- Can we estimate the interval between the purchase of a future item and the sale of a past item? Using this, we can tell when customers have the highest propensity to buy an item.
- Based on the results of the above two points and the purchase history of a customer, why should the customer buy an item today?
- By examining the past interactions with each customer, who are the customers that will produce the highest ROI?
By answering the above 4 questions, Entytle creates actionable opportunities that can be immediately executed by sales teams. We integrate these directly into their CRM – currently, we have standard integrations for Microsoft Dynamics and Salesforce.
The process however, is still not complete. The last step involves receiving feedback about which opportunities closed or won, and then using that feedback to improve our answers to the 4 key questions.
Our current approach has worked successfully with multiple customers. We have analyzed millions of rows of data and have created opportunities with greater than 50% conversion rate. More importantly, these opportunities are creating new sources of revenue for our customers, creating very strong ROI.