How Data and Analytics Can Boost B2B Sales Growth for Chemical Producers
May 15, 2023
Discover how data and analytics can help chemical producers achieve above-market growth and increase EBITDA. Learn the five categories where leading data-driven performers excel and how your business can join the ranks of sales innovators.
Sales has always been a people business, and chemical producers are no exception. Traditionally, chemical B2B sales relied on personal interactions, such as in-person meetings and phone calls. However, as digital platforms and technology continue to expand, more data is becoming available, companies are stepping up their attempts to use it to benefit their sales growth.
A recent McKinsey study found that organizations using data-driven B2B sales growth engines report above-market growth and EBITDA (Earnings before interest, taxes, depreciation and amortization) increases ranging from 15 to 25%. With 64% of B2B enterprises anticipating increased spending on predictive analytics, it's clear that more and more businesses are recognizing the value of data and analytics in driving sales growth.
However, only a small number of growth champions have succeeded in unlocking the secret to long-term, data-driven commercial growth. What are these top achievers doing differently, and what can others learn from them?
High performance chemical companies utilize these data and analytics-driven strategies:
- Finding the chemical data value: By blending internal and external data and developing algorithms, successful chemical producers can discover and prioritize specific growth opportunities throughout the customer life cycle, from acquisition to retention. This means putting in the investment of filtering through the likes of customer, product, and selling data to find the trends and build the algorithms.
- Planning the campaign: To select and pursue growth prospects strategically and to make the best trade-offs to increase value at the customer level, successful companies construct a central "value cockpit." Data helps to plan which audience segments (i.e. industry, product type, geography) would be the best to target.
- Activating the chemical omnichannel journey: Top-performing chemical producers synchronize customer experiences and opportunities across channels and touchpoints to maximize sales ROI and increase conversion.
- Empowering the sales team: Successful chemical producers actively monitor progress on all prospects across all campaigns and provide the front lines with timely insights, feedback, and ideas for personalization and messaging.
- Getting better: Leading companies make it simple for their sales organization to incorporate data findings and feedback to enhance the sales process.
By using data and analytics, chemical producers can bring out the best in their sales teams and advance their company's commercial performance. Sales between businesses will always be a people business, but in the future, data and analytics will be critical tools for achieving success. By adopting the strategies of data-driven chemical leaders, your business can become a sales innovator and achieve above-market growth and increased EBITDA.
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