Accelerate automotive sales prospecting with lower spends
2 mins read
The secret to growing profitability? Optimize your sales model by identifying levers tailored to your business.
Attracting the right buyer can be the hardest and the most expensive part of an automotive OEM’s acquisition strategy. With the rapidly-changing landscape, sales prospecting has become harder. By 2030, OEMs can get disrupted by new competitors and lose over 30% of their revenue.1
As OEMs struggle to grow or maintain their market share, profitability becomes harder. There is a need to re-assess and realign their sales models.
To bring about this wholesale change in the way they work, the automotive OEM industry is increasingly looking towards intelligent analytics that improves efficiency and deliver non-linear outcomes through data-driven decision making. By utilizing advanced analytics,2 automotive OEMs and their decision-makers can make sense of the data, drive decisions backed by trends, and improve their overall competitiveness.
The path to efficient selling
In this age, the B2B buyer’s journey is informed through multiple loops of research. The companies winning the customer’s business finally are the ones that have optimized each touchpoint of the journey.3 That’s why most modern automotive OEMs use business intelligence platforms to manage their Salesforce sales data.
From pre-sales lead tracking to rep productivity, OEMs can draw critical insights to maximize their ROI from sales and marketing programs. The key to sales optimization lies in turning sales data silos into an integrated waterfall of analysis and insights. However, supporting this endeavor requires the use of predictive analysis that is easy to understand. Predictive analysis looks to forecast demand in the context of specific spending in a consumer cohort or a market or a specific channel.
For instance, by utilizing insights from the Salesforce sales data about the conversion rate of different distribution channels, an OEM could decisively deploy more spending on nurturing that channel.4 The sales team will benefit from applying this approach for various geography, products, and representatives – finding easy fixes to deliver impactful outcomes.
Illuminating the path
Automotive OEMs can also deploy their Salesforce sales data to get auto-generated insights that are tailored to the OEM. By accurately forecasting critical business metrics, an intelligent business intelligence platform will easen the user’s decision-making load.
That said, OEMs should not have to pore through mountains of data to track metrics – a business intelligence platform will easily deliver on that with pre-built, industry-specific templates. Moreover, the sales team benefits from a single-pane view of the efficacy of sales programs based on metrics like CAGR, pipeline ratio, and variance in projected demand versus actual sales.
OEMs can become more competitive in the industry through increased transparency in reporting and speed to insights. However, those looking for the edge, need to take a hard look at their existing analytics operations. The right business intelligence platform will:
Provide one-click intelligence into all aspects of sales
Allow quick access to insights from siloed data
Have conversational querying capabilities for speedy decision-making
Interested in learning more about how you can extract more value from your
Salesforce data? Check out our content center resources on Salesforce sales
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