LinkedIn Launches “Sales Insights” to Offer More Reliable Market Data
Amidst the rising concerns for data privacy and new measures being taken to ensure it, the sales department is still struggling to discover the right accounts, get to know their consumers, and create better sales plans. And for all that, they need data – accurate and reliable data to be precise. In the middle of this data crisis, LinkedIn has come to the rescue.
The company is considering presenting the users with more ways to put their extensive professional dataset to use. LinkedIn has introduced a new tool called “Sales Insights,” a data analytics tool that offers a real-time overview of important business opportunities depending on your selected market niche and criteria. It allows users to tap into LinkedIn’s data pool of hundreds of millions of users worldwide. LinkedIn Sales Insights (LSI) is the second product the company has introduced in its Sales Solutions portfolio.
Getting your hands on good data that too from a reliable source has become more challenging now than ever. Third-party data will only get more and more difficult to access in the coming times. With the introduction of ad blockers and the end of third-party cookies, not only Marketing but Sales are suffering too. Obviously, there are still many companies willing to sell lists of organizations and contact, but who even trusts them now? Good reliable sources of data are getting harder to find day by day.
The Right Data is Crucial
Times have changed, and with that, things have also changed tremendously for the Sales companies. Before this pandemic took place, organizations used to analyze their businesses in terms of years, whereas now the window is more like 1-1.5 months. Therefore, programs should be built for speed now.
Companies need to have that quickness to make faster decisions and then work on those decisions equally or even faster. When things are not working right as expected, they need to turn quickly. To be able to do that, organizations need data, and by data, we don’t mean just any data – reliable and trustworthy data.
Leveraging the LinkedIn Membership Data
A lot of salespeople leverage LinkedIn Sales Navigator to discover and engage with potential customers. Incorporating Sales Insights above that takes them even further. With the release of LinkedIn’s new feature Sales Insights, they will be able to plan, research, and identify opportunities utilizing real-time data, make more conscious and informed decisions regarding where they should focus their efforts.
Sales Navigator offers the tools to carry out those plans. However, in order to use Sales Insights, you don’t need Sales Navigator – both of them are individual products.
Moreover, marketing people can also utilize LinkedIn Sales Insights to identify relevant accounts that match their ideal customer profile and create account lists for account-based marketing programs. As per the company, marketers and sales professionals have quite similar questions, such as which are the fastest-growing accounts, or which departments or functions are the biggest within a particular account or what are the most prominent opportunities available across their market niche, and so on.
In addition to all this, the data also displays areas where relationships already exist between sales professionals and contacts within accounts.
Using the LinkedIn Sales Insights
The Sales Insights dashboard allows users to concentrate on a particular set of data based on geographical locations, growth trends, job functions, and so on. This sort of data will help the sales and marketing professionals find significant opportunities to connect with the right companies at the right time.
That’s not just it. LinkedIn Sales Insights also lets you see which of your employees are connected to people associated with your target organizations, presenting you with an “in” to increase your response rates.
This is one of the latest efforts of the platform to put their unparalleled professional data to use. LinkedIn can offer users valuable in-depth insights into the operations of modern organizations, and ways in which salespeople can reach the ideal people, and discover the excellent opportunities to help you get the most out of your efforts.
No other platform except LinkedIn can offer insights to this extent. If the platform is able to harness these insights effectively, it can become a crucial element in multiple business processes.
Conclusion
The professional networking site, LinkedIn, offers an abundance of data about its members that organizations can utilize to discover and create the right accounts. Even though it is third-party data, it is the data that members of LinkedIn create themselves, so one can easily understand that it is accurate and, in most cases, up-to-date.
Plenty of sales companies are already utilizing LinkedIn’s Sales Navigator to reach and engage with users, so of course, the next logical step is to focus on accounts and the right markets.
This is an excellent tool for marketers as well as salespeople since it would save them a great deal of time and effort that they spend in searching for the right accounts and still many a time end up focusing on the wrong places. However, we are not quite sure about the LinkedIn members’ reaction considering that they will be outreached by different companies due to this, whether they want to engage with them or not.