Leveraging Big Data for Sales and Marketing Profitability: Part I
Are you finding profit in your data?
Just about every decision we make in business today relies on data. Almost all of our decisions are based on data and the quantity and quality of that data can determine how effective we are. For the past 11 years, I have worked with hundreds of companies on their sales and marketing strategies. I am surprised at how many of these companies fail to have a big data strategy. What is more surprising is that these same companies pay consultants gobs of money to help them market and sell their products and services. Without data to analyze, you cannot define a baseline of your current state, you cannot accurately predict future success. Without data, marketing and sales is harder, much harder. So why do so many companies not invest in their data?
Data has always been important in the marketing and sales process but never before has it been so powerful. The ability to create data, collect data, massage it, analyze it and refine it to our benefit is unparalleled in history. So why then do so many sales and marketing teams fail to harness the power of big data? Why is data collection not the most important part of your marketing and sales effort? How can you succeed and surpass your competition if you are not making data informed decisions?
In today’s digital age almost everything we do is being tracked. Every credit card transaction, every rewards-card used, every internet search, phone call and web page we visit is being tracked in some way and those companies finding patterns in the data are seeing big profits.
We are watching you and tracking you.
Its scary to think how transparent our lives have become and how much information about us is being analyzed and quantified by others for corporate profit. I recently heard a speaker for a company that sells tickets for professional sporting events. According to Sam Gerace at Veritix, they can find patterns in when you buy tickets, what seats you prefer, when you arrive for the game, what you purchase at the game, what food you buy, whether you are a dedicated fan or just prefer playoff games, etc., etc. They do this all by tracking your credit card. They use this data to market specific products and offers to you. The question is are you acquiring and processing data for your corporate profitability?
Data is the Most Important Component to Sales and Marketing.
It is easier than ever to collect and process data in such a way that we can tell you exactly what your prospects and customers are thinking, what they want and what they are doing. We can identify patterns in your website’s visitor behavior to predict sales, trends and needs. What if you could track a sale at your company all the way back to the initial contact that customer had on your website or corporate social media presence. What if you could track how many sales dollars you generated from your Facebook page or LinkedIn account? What if you could take all of this data, identify patterns and make informed, educated decisions about how to optimize your entire marketing and sales effort? If you are not leveraging a big data approach to marketing and sales you are missing the majority of your opportunities.
Big data is here, its been here and it is getting more sophisticated every day. It is easier than ever to harness the power of data and integrate it into your business, no matter your business size. Consider data as one of your most valuable assets and experience the growth your business is capable of if you analyze and act on data.