As companies strive to stay ahead of the competition, incorporating external market intelligence (EMI) data into sales strategy has become increasingly important. However, this also presents a challenge for sales teams, often overwhelmed by the sheer volume of data available. How can organisations ensure that EMI is effectively utilised without overwhelming their sales teams?
The key is to strike a balance between the amount of data collected and the sales team’s capacity to process it. This requires a strategic approach, including:
- Prioritising relevant data sources
- Simplifying data through visualisation and summarisation
- Establishing a clear process for using EMI data in the sales strategy
Prioritising Relevant Data Sources
First and foremost, it is essential to identify the most valuable data sources and prioritise them over others. This means focusing on sources that provide the most reliable and relevant information for your industry, competitors, and target market. This can be accomplished through a thorough analysis of data providers and their offerings.
Simplifying the Data
Next, it is crucial to simplify the data to make it easily understandable and actionable for the sales team. This can be achieved through the use of data visualisation tools, as well as by summarising key insights in concise reports. This will not only make the data more manageable but also help to ensure that the sales team is focusing on the most important information.
Establishing a Clear Process
Finally, a clear process for using EMI data in the sales strategy must be established. This can include regular meetings for the sales team to review the data and discuss its implications for their strategy, as well as clear communication and collaboration with other stakeholders within the organisation.
In conclusion, incorporating external market intelligence data into the sales strategy is essential for staying competitive. Organisations can effectively incorporate this data into their sales strategy without overwhelming their teams by prioritising relevant data, simplifying the information, and establishing a clear process for utilising EMI. However, it is important to strike a balance between the amount of data collected and the sales team’s capacity to process it.