Moneyball was a movie that depicted a baseball team that had been crushed by big budgets and big name players. The coach decided to do away with traditional recruiting methods in order to use computer-generated data. Using this data, he assembled a team that was capable of winning the championship.
Entrepreneurs have realized that they can adopt the same tactics in order to win more deals faster in their market. But using the moneyball method is easier said than done. Looking at the data and finding the trends is simple. There’s more to it than that. It’s about fundamentally altering the way you do business.
This guide is going to show you some of the ways in which the moneyball method can change your way of thinking when it comes to B2B sales.
Helping You Solve the Real Problem
It’s easy in the world of B2B selling to be overcome by rhetoric and emotions. You may be tempted to solve what you think are the relevant problems, but those problems may not be the true problems that need to be solved. You need to seek advice and perspective from outside your industry. Industry insiders are nearly all “drinking the Kool Aid” that leads to groupthink. In fact, most industries are disrupted by industry outsiders. Why? Because one is always hesitant to disrupt an industry that has been feeding us.
The Moneyball approach should teach you is that objectivity is the key.
In many ways, running a baseball team isn’t that different from running a B2B business. If you’re a startup, you’re going to be working under tight budget issues. You need to come up with ways to get around common problems.
Moneyball is about thinking differently and about bucking the status quo. You shouldn’t do something just because everyone else is doing it. Don’t play on the terms of your competitors. Play on your own terms using the hard figures that you have in front of them.
Is it Eye Candy?
B2B businesses are guilty of making decisions based on what they think works well when trying to sell to big partners. This can cause real problems because you are not making decisions for the right reasons. If something looks good, you need the evidence to back it up, and that’s where so many companies are falling short. What’s good for the goose (large partner) should be good for the gander (the large population you are selling to). Otherwise, you overfit your business for a select few partners and make your offering less attractive to your market at large.
Moneyball objectivity focuses on the hard facts. Just because you look at these facts doesn’t mean that you’re going to make the right decisions, though. It just means that you have everything you need to potentially make the right decision.
But there’s advantage to this approach.
Businesses buying from you are going to adopt the same tactics. They are going to want to see the hard facts. Studies have shown that businesses tend to prefer to do their research before ever engaging with a sales rep. 90% of them won’t respond to call calls. If they don’t see the hard facts and the data immediately, the sale is dead.
Buy Wins Not Players
In Moneyball, the coach was aiming to buy players that would help him win, as opposed to just buying players with big name value. That’s often a problem that sports teams run into today. They purchase veterans who had great playing days, but they are coming to the end of their careers.
In B2B, you can apply the same thinking to your sales strategy to maximize revenue. Don’t just hire members of the team just because they have a glowing resume. Make sure that they can fit in with your corporate culture. A solid team of average sellers with an excellent training system will always outperform a team with a few stars and no system.
How Do You Get Started with Moneyball?
Moneyball is a trend that is simply an extention of the big data trend. This movement has led companies down the path of trying to extract the most value from data that they have or buy. The data itself has become too large and useless without a system of mining the most relevant, actionable insights. One such system of increasing sales through data is the LeadCrunch data-driven lead gen system.
There’s a rapidly growing amount of data in your company and in the world. Rather than focusing only on collecting and storing more data, focus on tools that help you extract the most value from this data.
What do you think is in store for B2B selling this year?