4 GIGO Principles for Capturing Lost Sales
What You Need to Know
- Was the sales lead information correct when it came in?
- Have you updated it?
- What tools are you using to validate lead information and keep it current?
There are a few principles that either contribute to sales success or hamper our goals.
Those include old adages like:
- People buy on emotion but are moved to action by logic.
- Salespeople sell the way they buy.
- Managers train the way they sell.
- Garbage in, garbage out (GIGO).
The phrase “garbage in, garbage out,” or GIGO, is often used to highlight the importance of data quality in any system or process, including sales.
In the context of sales, GIGO emphasizes that the quality of input data (from our prospect conversations or our own self-talk) directly affects the quality of the output, or results, generated by our sales activities.
Here’s how GIGO principles relate to sales.
1. Lead Generation
If you rely on inaccurate or incomplete lead data, that can lead to wasted efforts and poor results.
For example, if you have incorrect contact information or leads that are not relevant to your target audience, your efforts to convert those leads into customers will likely be ineffective.
2. Sales Forecasting
Getting accurate data is crucial for sales forecasting.
If you input inaccurate or unreliable information about deals, opportunities or sales projections, that can lead to misleading forecasts.
This can result in poor resource allocation, missed targets or unrealistic expectations.
3. Customer Profiling
Understanding your customers and their needs is essential for effective selling.
If you have incomplete or inaccurate customer data, the gaps can hinder your ability to segment your audience, tailor your messaging and provide personalized experiences.
This can lead to ineffective sales strategies and missed opportunities.
4. Sales Analytics
Data analysis plays a significant role in evaluating sales performance and identifying areas for improvement.
If the information you input for analysis is unreliable or incomplete, that can lead to incorrect conclusions and misguided decision-making.
This can hinder your ability to optimize your sales processes and drive better results.
To mitigate the GIGO problem in sales, it’s crucial to focus on data quality and accuracy.
What can you do about these problems?