“Information and data is the oil of the 21st century, and analytics is the combustion engine” – Peter Sondergaard.
Data has changed the industry in many great ways, both in technology and in business. There are data companies out there like Splunk and Tableau, which help users in decision making through data collection, and data interpretation. Whereas in some other big companies they have huge teams of data analysts and data scientist professionals who would do data analysis effectively.
Big data analysis – why should a company use it?
Big data analytics helps every organization to gear up their data and with the processing of that raw data would help them in identifying various new opportunities. This, in turn, could also help in making smarter and innovative business moves, better operations, satisfied, happy customers and also good revenue. Nearly for every business function, big data has proven to be useful thus leaders around the world need to adopt it and put sales data and analytics into doing throughout the organization.
Data gap between sales and marketing:
“Hiding within those mounds of data is the knowledge that could change the life of a patient, or change the world.” -Atul Butte.
To have good data alignment of sales and marketing is challenging. But for a business to run effectively it is very important, therefore the gap between the sales and marketing must be eliminated and this would be challenging. But what is life with no challenges right!! So, using the feedback from the sales throughout the entire buying process could be of huge help to qualify their strategies and target customer groups more effectively. For this precise and UpToDate CRM data could be used.
First-hand insights from buyers:
“Every single interaction, the most minute details of the interaction you have with your customer are an opportunity for you to create something remarkable.”- Joey Coleman.
As customers are the key factor in every business, every organization’s sales representatives share a deep-rooted connection with their customers, getting to know their needs and wants and also studying through their good connection with them, if whether their products are significant, satisfactory to them, or if there are any gaps in the products and acceptance of pricing structure.
Customer metrics:
How you sell matters. What you sell matters. But how your customers feel when they engage with you matter more!!- Tiffani Bova
Segmentation and prioritizing of customers should be done based on customers metrics such as the customer lifetime value, retention rate, satisfactory level etc. This also helps in how marketing investments in the upselling, acquisition or cross-selling could take place. The insights from these metrics could also help businesses in finding out what type of customers have a lower or higher LTV and reframe the efforts accordingly.
Growth opportunities:
“courteous treatment will make a customer a walking advertisement”- James Cash.
Big business starts small…!! at a macro level insight from the sales data could help in the company growth, by shaping their strategies, focusing on the profitable areas, and leaving out the unprofitable ones. To identify potential company growth many of them use CRM data, but current spending has only given us a one-sided view. Looking at these precious data from another angle would help us spot other momentum signals, others than just hiring, opening new offices, or raising capital.
