What are the best sales data sources for cross-functional teams?

Because of poor CRM strategy and governance, CRM data is often considered poor quality. And then it's not leveraged or used as much or as well as it should be. I have seen teams spend a great deal of resources/ time on cleaning and de-duping the data vs. having clear strategy, processes, and governance around the data in the CRM. If the quality of your CRM data is less than ideal, start making plans to improve the quality. Don't try to "boil the ocean" or wait until everything is "perfect"; instead, make plans (in phases) to start improving the quality through initiatives with outcomes, actions, timelines defined. Process, policy, governance, and also enablement and communication, too.

Whether you are using the CRM or any other alternatives(google forms etc), you must first collate all the data points that you want the sales team to collect and then narrow down the set into those data points which are of relevance across the cross functional teams. Secondly the purpose and analysis of collecting the data points must be clear and further clearly imparted to the sales team with a direction of how it would further fuel up their funnel Instead of Forcing the team to fill in data you can convey the impact the data creates along with linking perks related to daily sales dynamics with the required data sets. This helps to create a paradigm of asking relevant questions to the client than merely selling

The best sales data sources for cross-functional teams include a combination of internal and external resources. Internally, a robust Customer Relationship Management (CRM) system is essential for tracking customer interactions, sales trends, and pipeline status. Integrating data from marketing campaigns, customer support tickets, and product usage statistics can offer a comprehensive view of the customer journey. Externally, market research reports, industry benchmarks, and competitor analyses provide valuable insights into market trends and positioning. Combining these diverse data sources gives cross-functional teams a holistic understanding of the sales landscape, facilitating informed decision-making.

Utilize customer relationship management (CRM) systems, sales analytics tools, and market research reports for comprehensive sales data. Collaborate with teams to leverage diverse sources like Salesforce, HubSpot, and industry-specific databases for a holistic view.

The biggest mistake I see with sales analytics is the creation of dozens (if not hundreds) of dashboards that no one ever uses or looks at. Sales analytics data is powerful. But if you just create data for the sake of having data, then it's useless and meaningless. Focus on outcomes. What is the business trying to achieve? What goals? What targets? Then provide analytics that demonstrate how we are performing towards and against those outcomes. And then the "WHY". Why are we missing targets? Why are we hitting the targets? Why are we trending in the wrong direction? When you understand the "why", then you can leverage the data to pivot, adjust, and/or lean in.

Gather quantitative and qualitative data from your customers. -> Quantitative a.) Sales Velocity b.) Annual Margin Revenue c.) Net Recurring Revenue d.) Annual Net Revenue -> Qualitative: a.) Speak with Account Executives and Customer Success Managers -> Interview them and ask about the customers they like to work with the most. You'll get insanely valuable feedback. b.) Select the customers mentioned by AE and CSM. Then figure out the Jobs-To-Be-Done scenarios your product covers for them.

Customer data is gold. I have said this dozens and dozens of times all year. Why customers choose to buy from you, stay with you, expand with you, or even why they leave -- this is incredibly important data that can inform your product roadmap, GTM strategy, ICP, messaging, sales process, onboarding process, implementation process....etc. , etc. All areas across the funnel. We often talk about "customer journey" or "customer experience", but as revenue leaders, we still focus on top of funnel! :-) Spend more time learning from your customers to improve your overall GTM engine.

Employ a variety of data collection methods to gather comprehensive feedback. This can include surveys, interviews, social media monitoring, online reviews, and customer support interactions. Diversifying methods provides a well-rounded view of customer sentiments. Make sure to collect customer feedback regularly and in a timely manner. Implement continuous feedback mechanisms to capture real-time insights. Regular feedback helps identify trends and changes in customer perceptions over time.

Market data can come in a variety of formats from multiple sources. If you aren't leveraging market data to inform your strategy, your processes, and your content, you are missing out! It's not just about TAM or about competition --- how the market is trending can have an affect on your prospects, customers, suppliers, partners, investors, etc. Market review should be a shared responsibility across engineering, product, finance, marketing, sales, customer success, support... etc.

We have all seen the impact of social media in our personal and professional lives. It's everywhere. And it's here to stay. For revenue teams, social is playing an increasingly significant role in every part of the funnel. If you don't have a comprehensive social media strategy for the data and insights, I recommend that you get started now!