Ever wonder why everyone is talking about data all the time? By using business data, such as demographics, buyer personas, survey results or reports, decision-makers can execute better sales strategies. Data-driven decision-making is proven to result in higher sales as well as revenue. According to a CIO Insight report, 40% of companies feel that limited access to data directly affects their overall sales. Data, once properly analyzed and interpreted, can truly empower an organization. The management can use the research-backed insights to radically transform their existing sales processes. Through the use of qualified data, sales teams will waste less time designing new strategies and can spend more time closing lucrative deals. As a manager, one knows what works best for their particular business and what doesn’t.
Benefits of Data Collection and Analysis
An organization that regularly collects and analyzes data will enjoy the following benefits:
Boost in Client Retention
Drop in Employee Churn
Generation of Valuable Insights
Realignment of Business Priorities
Focus on Actionable Insights
Close the Gap between Goals and Achievements
Auditing Customer Database
An annual clean-up of the company’s customer database means the team is only reaching out to the relevant people and not wasting precious resources or energy. This is especially true if you are working in a sales environment making calls or sending messages to people. It makes sense to reach out to relevant people and not waste time on dead-ends.
Improving Data Collection and Maintenance
Using more than one data collection method makes it easier to analyze the data and to support the overall sales process and to enhance customer experience. Most businesses dedicate an in-house resource to run a comprehensive data maintenance solution. This resource is expected to ensure the collection, accuracy, categorization, and subsequent analysis of data that is relevant to key business objectives. Businesses can gather information about the needs of customers by opting for website-based chat services. By implementing live chat solutions, organizations can effortlessly gather key customer interests during a routine chat conversation. With live chat service providers, you can provide personalized customer experiences to every single website visitor while maintaining a high response rate.
Optimizing Operational Efficiency
Purposeful data collection and analysis can not only improve the bottom-line, but it can also reduce operational inefficiencies across the organization. Repetitive tasks can be reassigned to junior staff members or completely handed over to a reliable digital tool. Managers must also ensure that their team has access to all the applicable data in an actionable form – converted from raw statistics into meaningful insights.
A data-first approach can help businesses drive down costs by ensuring targeted marketing campaigns for their products and services. Data-reliant sales and marketing processes use customer behavior data to inform their next steps – be it online through an email campaign or on the floor through attractive banners and window displays. Using data-driven workflows within your sales pipeline is bound to transform the way your team closes leads.