Al Pacino in Godfather famously said, “I might have to bring a few men over and make him an offer he can't refuse.”
If only closing deals by making offers was this simple for a manufacturing firm? 😋
Hold on, it could be possible by leveraging RevOps to achieve business goals.
How? For starters, here are a few resources:
RevOps can help manufacturing businesses align their KPIs.
Using demand forecasting to boost the bottom line.
Aligning Sales & Production
Syncing with interdepartmental goals
Thus, looking at the possibilities, it’s crucial to have an in-depth understanding of the role of RevOps in manufacturing to augment your B2B sales.
Market research is pivotal for identifying opportunities, risk reduction, and overall strategic planning for higher conversion rates. It includes:
Competitive intelligence: Helps analyze competitors, industry trends, and the overall market to improve strategy building.
For instance, SWOT analysis helps identify competitors' strengths, weaknesses, opportunities, and threats. And then, you can compare your performance metrics against competitors to fine-tune your sales strategy.
Attribution modeling: It can be used to identify the critical touchpoints in your prospects' journey. It gives a clear picture of the sales efforts that are leading to maximum conversions.
HubSpot recommends CallRail, Wicked Reports, Dreamdata, and Attribution for Attribution modeling.
Source: CallRail
Some useful tools for Market research are Similarweb, SEMrush, Owler, SurveyMonkey, and LinkedIn Sales Navigator.
It is a targeted approach to marketing in which you narrow down to high-value accounts for higher conversions. So, rather than using the traditional approach like cold calling, you use a customized marketing approach tailored for a specific set of audiences.
It also helps with streamlining marketing budgets and measuring ROI. According to Salesforce, 87% of B2B marketers agree that ABM increases ROI.
With the advent of machine learning and AI, the significance of ABM has increased multifold. For instance, Salesforce Einstein Key Account Identification prepares a “tier ranking” for individual accounts. It helps you with insights on account attributes and engagement metrics to improve your sales strategy.
ABM platforms leverage advanced algorithms and analytics to prioritize target accounts based on multi-channel account engagement data and unified reporting.
Get started with account-based marketing with these two amazing tips.
RevOps helps to unify the missing data pieces and isolated systems. This becomes particularly important in manufacturing where businesses experience data silos across CRM, ERP, and supply chain systems.
It streamlines data across complex B2B sales cycles, helping to track customer journeys in their entirety through data audit and warehousing.
RevOps makes sure that your sales, marketing, and customer success teams use the same data for consensus-based decisions and cross-functional collaboration.
Integration platforms like Zapier, MuleSoft, IBM InfoSphere DataStage, etc. sync data across systems. Connect sales data (CRM) with inventory and production data (ERP) for real-time order tracking.
Salesforce, HubSpot, Snowflake, etc can be clubbed with manufacturing-specific tools such as SAP or Oracle ERP for seamless data flow.
Data centralization is also essential for accurate forecasting and predictive analytics.
One key prerequisite for accurate forecasting is aligning cross-functional teams, in which data centralization plays a key role as discussed.
Forecasting based on unified data helps figure out future production and resource allocation needs.
It uses techniques like Machine Learning (Neural Networks, Random Forests and Decision Trees, Support Vector Machines), Time-Series Models, Scenario Analysis, etc.
One of the key applications of forecasting is predictive analytics, which improves decision-making by identifying patterns, leveraging statistical algorithms, and providing actionable insights to the sales team.
Here’s how to leverage predictive analytics with Pardot for improved conversions.
Forecasting-led revenue predictability optimizes pricing strategies and sales efforts. This helps align production costs and profit margins.
With demand planning you can adjust inventory levels and raw material procurement to minimize losses, enhance efficiency, and improve overall supply chain management for better sales efforts.
For this, the sales team can update CRM with expected orders, the marketing team can share campaign data, the operations team can align production schedules with consolidated forecasts, and the top leadership can use dashboards to make strategic adjustments.
It’s no secret that to be able to optimize sales, you need to cater to your customers’ needs.
One of the easiest yet most effective methods is utilizing buyer personas. These help create a clear picture of your target audience, making it easy to tailor marketing campaigns accordingly.
However, internal conversations and brainstorming sessions don’t guarantee an accurate persona. Thus, it’s crucial to validate your hypothesis.
With buyer persona, you can improve the experience customers have with your brand through journey mapping. Some stages in the customer journey are awareness, consideration, purchase, retention, and advocacy.
For mapping, you need to identify the key touchpoints the customers have with your brand at each stage. It could be through websites, social media, email campaigns, or customer service.
Here’s how to map your content to every stage of the buyer's journey, which becomes crucial, particularly at the awareness stage.
Establish key performance indicators (KPIs) that measure customer satisfaction and loyalty. Based on that, you should reward your employees who demonstrate exceptional customer-centric behavior.
Cross-functional collaboration is pivotal for maximized touchpoint efficiency as it involves a unified approach, shared insights, and a feedback loop. It also facilitates a shared vision while maintaining brand consistency, crucial for amplifying B2B sales in the long run.
Lengthy sales cycles, complex deals, scattered data, changing dynamics, and intense competition make B2B sales endeavors challenging in the manufacturing sector.
Our RevOps experts will help you navigate through all of these to close more deals swiftly. They will ensure that you build strong relationships with prospects by leveraging all touchpoints with a highly tailored approach.