Modern marketing is competitive as it is, but more so now with the surge of digitization. As a result, every business marketer needs to face a challenge: how to stand out in this modern digital world. While this can be a significant drawback from the traditional marketing they’re used to, today’s digital representation also means data. These hard facts and statistics are crucial to driving sales if used and analyzed correctly.
This guide will show you the challenges of organizing data and how to take advantage of them to drive sales.
The Challenges of Organizing Data
Data is the most valuable resource on the planet and the most abundant. There is so much data that it’s becoming hard to consider. Unfortunately, aside from data, various information also floods most channels with marketing content often unfavorable to the image marketers want to project.
Bringing together the critical data sources to create a single, accurate image of each customer, target account, and the prospect is one of the most significant and crucial issues in B2B technology marketing. Collecting high-quality data is another challenge that every business needs to overcome.
To drive sales, companies must stop buying generated lead lists and instead invest in data-driven sales strategies. Building a data team is also a must, not an option. They will establish data integrity across all sources and align your goals and mission statements. A data-driven team can also save your company time, energy, and money, resources your organization doesn’t have to waste.
Having access to so much data is a good thing. The more you have it, the more action you can take. It’s only a matter of making sense of it and taking it to your advantage.
How to Transform Data Into Sales?
Sales is traditionally a profession that relies heavily on intuition and gut feeling. Sales representatives feel potential customers’ interests and decide whether they’re ideal customers. Yet, traditional methods like these don’t work well in today’s digital age. Data now exists, and using it to make sales decisions reduce the risk of gut feeling is wrong.
Below are helpful marketing tips that transform data into sales:
Collect useful data
Collecting useful data means knowing what problems you want them to solve. Before gathering them, ask whether such data can turn into information or knowledge that can help make decisions to improve services and reduce costs.
Data gathering helps marketers and businesses enhance their products and improve the value it offers to customers. A significant reason behind data collection is to learn more and get answers to questions without knowing whether others have experienced the same problems.
You can find data in customer relationship management (CRM) platforms, email marketing platforms, customer data platforms, and website analytics. Collecting data from other teams like marketing or customer service can also be helpful.
Use analytical tools
To help with data analyses, use some of the best analytical tools and software like Hubspot, Google Data Studio, Microsoft Power BI, Qlik Sense, and the traditional – but still relevant – Excel. These tools are helpful for marketers because they allow tapping into who the customers are and where they come from. Marketers can also identify which content drives traffic and which channels perform better.
Analytical tools are essential to the long-term growth and success of businesses. Businesses can make better and well-informed decisions backed by actual data instead of relying on gut feeling, which often turns out ineffective. As long as marketers put in the work and master how to use them, they will see returns on their efforts.
Get accurate data
Ensure that you have the right and accurate data, which you need to manage to avoid being overwhelmed with information or spending too much time getting the details corrected. Then, go back to your goals and focus on what you want to accomplish. Take note of what questions come up from your objectives. Doing so would help your team determine the specific metrics to support as you work to meet your targets.
This is where sales tools and automation technology come in, as manually entering data reports is outdated. Automated activity reports show 100% accuracy in real-time, preventing skewed information and making no room for mistakes.
Convert data to information.
Assessing and looking at all data across your business lets you quickly identify your products, strategies, and market plans. Then, you take the data you have and analyze or manipulate it to benefit your business by applying your experience and knowledge to convert it into something you can use to make a decision. For example, the following decisions you’ll make will be less risky, as accurate data and careful analysis back them.
Make data-driven sales decisions.
After you’ve gathered and analyzed your data and converted it into information, consider what’s essential to your decision. If you’re doubtful about the accuracy or completeness of your data, or if you are projecting using historical data, perform a variance analysis. Look into what worked and didn’t work from past projects and work on your strategies based on it.
Try asking these questions to make better data-driven sales decisions:
What aspects of the data are critical to your decision-making?
What effect will they have on the failure or success of your initiative?
How important are they in comparison to other factors?
Answering these can provide a clearer view and understanding of what you need to do and improve on. Knowing your most significant source of value is vital as you make various business decisions.
Taking Advantage of Data
Data is at the heart of today’s digital transformation. But don’t be overwhelmed by its capacity; instead, use its benefits. The key is consistency in gathering data, analyzing it, and performing on results. Relying on data rather than intuition and gut feeling points to better outcomes through increased sales and cut costs.
Yet, it’s still necessary to provide your team with the right tools to bridge the gap between collecting data and taking action. So invest in these tools and think of them as an opportunity to better equip your team and transform your business to achieve a competitive advantage.