With a new year upon us, it‘s the perfect time for sales and marketing teams to evaluate new technologies that can help improve performance. One innovation that should be on your radar is process mining – let me explain how it works and 6 ways it can really enhance your sales and marketing operations!
At a high level, process mining gives you complete visibility into the processes that drive sales and revenue for your business. It leverages data from your existing systems to create a digital twin of processes like marketing campaigns, sales funnels, and customer journeys.
This allows you to "see" bottlenecks, inefficiencies, and optimization opportunities you never could before. Just like having a crystal ball!
According to research by Gartner, over 70% of organizations are now using process mining to improve business processes and decision making. The sales and marketing use cases are especially high impact.
Let‘s explore six ways process mining can work wonders for sales and marketing performance:
1. Pinpoint Areas for Improvement in Your Sales Processes
One major challenge for sales leaders is ensuring reps follow best practices during customer interactions. It‘s tough to get visibility into every sales meeting, call, and email.
Process mining solves this by reconstructing your actual sales processes automatically using data from your CRM, email, and other systems.
You can see:
- Each step of the sales journey
- Where reps might be deviating from the ideal process
- Bottlenecks causing delays
For example, by analyzing their sales process flows, a global retailer discovered inefficiencies in order returns that were impacting customer satisfaction.
2. Understand Exactly Why Customers Are Dropping Off
Even the best sales and marketing teams have difficulty figuring out why promising prospects fail to convert. There are just so many variables across a customer journey.
Process mining provides a complete visualization of each customer path, from initial interest all the way through to purchase and beyond.
You can clearly see pain points and drop-off points in the sales funnel or across marketing channels. Focus your optimization efforts on the steps where most customers are churning.
3. Shorten Your B2B Sales Cycle
Long sales cycles are the bane of every B2B sales rep‘s existence. With multiple stakeholders and complex decision processes, B2B deals can drag on endlessly.
By mapping B2B sales processes, process mining reveals every slow down and speed bump. You can pinpoint unnecessary steps that add no value as well as areas of duplicated work.
According to studies, organizations that have implemented process mining have seen up to a 30% reduction in cycle times.
4. Diagnose Conversion Rate Killers in Your Funnel
Conversion rates represent a huge opportunity for improvement for most B2C organizations. Small gains can mean large revenue impacts.
But how do you know exactly where your funnel is leaking prospects?
Process mining provides an analytical view of the entire sales funnel journey. You can clearly see which steps and processes are hurting conversion rates so they can be urgently fixed.
5. Make Data-Driven Marketing Investments
Developing marketing strategies with real ROI analysis can be difficult when relying on qualitative data.
Process mining quantifies your historical marketing performance by mapping processes from lead to customer. You get hard metrics on which channels, campaigns, and segments are working.
Allocate your marketing budget where the data shows you‘ll get the highest return. It takes the guesswork out of strategic planning in sales and marketing!
6. Anticipate Customer Satisfaction Issues Before They Happen
It‘s every sales leader‘s worst nightmare – a huge customer complaint that results in cancellations or damages your brand reputation.
Process mining helps avoid these scenarios by using predictive capabilities based on historical data. Models can forecast downstream issues and churn risks before customers are ever impacted.
You can get in front of problems through process improvements, additional training, and customer success outreach. Being proactive preserves your revenue and customer satisfaction rates.
Hopefully you‘re convinced process mining could be a game changer for your sales and marketing performance! Here is a high level plan to roll it out successfully:
Step 1: Audit Your Processes and Data
Document your existing sales, marketing, and customer journey processes. Identify data sources like CRM systems that will need to connect. Clean up data issues beforehand.
Step 2: Select a Process Mining Tool
Leading options include Celonis, UiPath, Minit, QPR, and Signavio. Evaluate ease of use, data connectors, and visualization capabilities.
Step 3: Start with a Pilot Project
Focus your initial process mining project on a pain point area with high potential ROI, like B2B deal cycle time. Set a clear goal and timeline.
Step 4: Analyze and Interpret the Insights
Avoid making quick conclusions from the visualized flows. Work with reps to interpret process insights in context of real-world experience.
Step 5: Identify Quick Win Improvements
Prioritize 1-2 process improvements or changes identified that can show quick ROI and wins. Build internal support with fast results.
Step 6: Expand and Scale
With credibility earned through initial successes, roll out process mining across all sales, marketing, and customer journey processes.
Process mining might seem like just the latest buzzword, but it‘s potential impact is real. According to Gartner, over 75% of large organizations will have adopted process mining software by 2025.
The applications explored in this article represent just the beginning. With predictive capabilities, process mining can truly transform sales and marketing into proactive, data-driven functions.
Interested to see process mining in action? Most vendors offer free trials and demos. It‘s worth the hands-on experience!
And if you need any help getting started with process mining or selecting the right tools, don‘t hesitate to reach out. I‘d love to talk through best practices to ensure your sales and marketing teams see the full benefits.
Here‘s to even better sales and marketing performance in 2023!