Process mining makes it possible to efficiently identify and share best practices in marketing and sales processes. Leading your marketing and sales should not be just art and gut feeling, process mining is a fact-based analytic data-driven method to show you exactly what works and why.
Increase sales by 100%
How come our market share in Los Angeles is so small compared to our market share in New York? Process mining for marketing and sales process may be able to answer this question and increase your sales by 100% in the worst performing areas. How is this possible?
What is new?
As a CEO/COO in charge of sales, you probably already use a lot of time and resources in thinking about how to increase sales. You probably already see analyses done based on 1. data in your own IT systems, 2. competitor intelligence data, 3. market data and 4. gut feeling/interviews with sales and operations people working in customer front. However, there may be one unharnessed data dimension that you have not yet analyzed, which would give you the key to increasing sales of worst performing areas, and that is process mining.
How does it work?
With process mining, you analyze and understand the marketing & sales process to see what activities and actions are delivering new sales. Marketing and sales process is opportunistic, so it requires a different mindset compared to traditional business processes like Order-to-cash or procurement. For example, in Order-to-cash process, your goal is to get as close to 100% as possible in OnTimeDelivery, and for Procurement, you want 100% of purchase orders to process according to your organizations' authorization rules. This mindset leads to the situation wherein traditional processes the exceptions are "bad," and you want to streamline and even automate the process as much as possible. However, for marketing and sales process we talk about the sales funnel: the company gets a massive amount of web visitors, some of which turns to prospect customer leads, again some of which turn into sales opportunities and a certain eventual amount of those opportunities materialize as sales orders and new customers. Here the successful cases can be regarded as exceptions and purpose of process mining analysis of Lead to Order process is to find out standard best practices that typically increase the chance of winning the case.
How does it work in practice?
Process mining for marketing and sales process consists of the following steps
- Extract transactional data from your existing marketing and sales (CRM, Marketing automation) systems
- Transform data into process mining format containing exact information about what activities have occurred and when related to marketing campaigns, prospect leads, and opportunities.
- Identify successful cases – i.e., the cases where the marketing and sales process delivered a customer order.
- Conduct a root cause analysis to find out the best practices that work for your company, your business, your products, your customers.
- Let the worst performing marketing and sales teams learn best practices from best-performing groups and see the increase in sales
What does QPR offer?
QPR offers a ready-made solution for marketing and sales process. Whether your data exists in Salesforce.com, SAP, Microsoft Dynamics, Oracle, or any other ERP, CRM or marketing automation system we can connect, extract, transform, create the models and analyze with you to find out best practices and increase your sales!
Do we really get a 100% increase in sales?
Yes and No. Best practices will improve the performance of your worst performing teams — the more significant the difference, the more potential you have. We have seen increase of 50% in worst performing teams within 6 months and 100% within 1 year. However, the worst performing teams typically contribute only a small share of your total sales, so maybe your overall sales increase may be around 1-5%. Nevertheless, who wouldn’t want to increase sales just by introducing best practices that work and already deliver results in other parts of your organization? And how about the continuous effect – with process mining you continuously see based on actual marketing and sales data what works and what not, so you are able to share the new best practices as soon as they are invented – so within 5 years you indeed could double your current total sales reaching the 100% increase.
Are you interested in learning more? Check out our webinar below.