The moneyball strategy comes from a movie where a baseball team makes decisions through facts and figures, rather than gut feeling. It sends the baseball team on a tear through the league, where they eventually win the whole thing. It led to a lot of businesses adopting the same strategies used here to generate more B2B sales.
Whether you’re trying to increase the number of social media leads or whether you want to drive more engagement, you can make killer decisions based on the numbers. These five tips are going to show you how you can use moneyball to win big with partners.
Learn to Give Before You Receive
Everything in business is about a trade-off. Someone gives you money in exchange for a great service. Buyers complete 67% of their buying decisions before ever contacting a sales rep. That means you may have a lot of ground to make up because they already have a firm image of you in their minds, and it may not be a good one.
The key to winning big with partners is to give before you receive. In the moneyball philosophy you’re using what’s known as a force multiplier. For everything you give back, everything you say from that point on is amplified many times over. This can strengthen your sales pitch and make it more likely that you’re going to land a sale.
Focus on One Point
Unless you’re a huge corporation, you can’t afford to hire someone to cover every specialization. Take a lesson from moneyball and hire someone with established expertise. Focus on the areas where they are strongest in and leave everything else to one side for now.
Use their previous numbers to figure out who the right professional for you is. This will always help sellers earn the right to close with buyers because they’re catering directly to them.
Making a killer sales pitch is about identifying with your buyer. With the right specialists in your company, you can increase your chances of landing a sale.
Stop Channel Conflict
The biggest killer of productivity is when your marketing and sales departments start to come into conflict with each other. It’s inevitable they’re going to compete on the same turf as them. The problem is this can quickly lead to serious problems because they’re constantly killing their own momentum.
One sales lesson you can learn from Apple is to be always working towards the same goal. Healthy competition can be beneficial, but it’s largely problematic. You need to incentivize all your partners to work together for the good of all, and you can do this through the numbers coming out of each department.
Get Rid of Pointless Meetings
Numbers can be used to get rid of those pointless meetings. These meetings are where all the partners get together to praise each other. Nothing gets done and everyone goes back to what they’re doing before. It’s waste of time and effort for all involved. These meetings should be eliminated.
You can mitigate these meetings by building up a process that automatically partners prospects with the best possible partner. Marketing automation is a big step in the industry and it’s about time your company starts to take advantage of it.
One basic business tips is abolishing these pointless meetings will do a lot for your company and your productivity.
Are You Measuring Success Correctly?
What makes moneyball such an effective strategy is the fact you can gather a lot of data, look back on that data, and make decisions based on the trends you’ve spotted. A lot of B2B vendors aren’t using the data they have to its fullest potential. They aren’t defining clear lines between success and failure.
Success metrics are metrics that ultimately lead to an increase in revenue. A good success metric is number of positive engagements with your sales reps. A bad success metric is the number of people visiting your website.
More importantly, when you do succeed or fail you need to use that experience to get better at what you do. Constantly tweaking and editing your approach is what will make your company into a success. That’s the true heart of why moneyball has been so successful.
Last Word – Using Moneyball to Benefit Your Business
It’s never too late to implement moneyball. This is the age of big data, so adopt this big company practice and start using it to benefit your company now. Look at the data and start to spot trends. Hire the right people and you’ll soon see your conversion rates rising.