Network Quotient (NQ) – what is it and why do you need it?
B2B sellers need IQ, EQ and now they also need NQ: Network Quotient. Network Quotient is the extent to which a B2B sales organisation has a clear understanding, and control over, their client relationship network. Thanks to the increasing number of digital channels and communication streams used in today’s B2B sales activities and the buyers being more knowledgeable with more opportunities to change provider than ever before, the universe has become larger and more complex. Relationships now need to be looked after to a much greater degree if they are to yield the same, or more, revenue. There are now more touch points required in the sales process, and more decision-makers brought into the process. Where it was once easy to identify champions, get a sense of the communication cadence needed and the chances of conversion; relationship loyalty and network understanding have become weaker, and sellers are missing opportunities and leaving money on the table.
Sellers therefore need what we call Network Quotient to deliver effective, perfectly timed sales in this challenging environment. NQ enables sellers to be at the front of buyers’ minds at the right time.
FeedStock provides sales teams with the Network Quotient they need to build loyal, long-term relationships with buyers, stay “front of mind” of the hot prospects, and leverage the entire organisation’s network to fully-capitalise on every opportunity.
The “Great Sales Transformation”
There has been lots of talk about the “Great Sales Transformation” being “consultative, digital-first and AI powered”. Research done by Salesforce found that nearly 90% of customers value the experience a company provides matters as much as the product or service it provides. Clearly, the sales journey is becoming more and more important for buyers, and sellers need to have the tools in place to support these rising requirements.
Gartner predicts that 65% of B2B sales organisations will transition from intuition to data-driven decision making by 2026. According to the research, technology solutions to simplify workflows and enable “Data to Action” methodologies will become critical for success in the coming years. FeedStock’s solution addresses both of those requirements by delivering “real-time knowledge” about client behaviours without any requirement for manual data inputs whatsoever. Our clients are already benefitting from our revolutionary approach to the new sales challenge: empowering their sales teams with network quotient so they can perform at their best.
Tools, tools and yet more tools
In amongst the whirr of increasing communication mediums and frequencies, there is also an ever-increasing number of tools which need populating. The expression “if it’s not in your CRM then it didn’t happen” is a saying which haunts (and irritates) most sales professionals. People don’t enjoy manual tasks, and generally speaking, one isn’t very good at tasks one doesn’t enjoy. Research done by Conexiom found that as well as preventing poor accuracy and human error, automating manual data tasks can save as much as 80% of cost of sales. As we progress into this increasingly complex and disparate sales environment it’s clear we need to use data to drive decision making, but adding more tools which don’t deliver instant value and continuously add to the list of non-revenue generating tasks is impacting performance.
That’s why, at FeedStock, we believe data analysis should not make you feel weary, it should empower you with instant, actionable, revenue-accretive insights. We promise to never cause you additional burden, rather provide you with customised and specific guidance for your next best step and highlight where in your client base the real opportunities lie. You never know, you might have missed it in the blur! Don’t worry though, we’ve got your back.
References
*Vala Afshar, ZDNet “The ‘Great Sales Transformation’ is consultative, digital-first and AI-powered” (June, 2022)