Today, the sales and marketing department is experiencing a massive technology-driven transformation led by big data. Big data is transforming sales and marketing like never before. Sales and marketing teams can now see the effectiveness of their programs. Thanks to access to flood data, sales, and marketing professionals can see and interpret customer behavior.
But there is a downside to that. See for every marketing application that goes live, a new silo of data is created. The outcome is poor quality, disconnected marketing data that has a negative impact on our lead to revenue processes. This situation can be avoided if we have a better understanding of how big data is changing sales and marketing.
Ways Through Which Big Data Is Changing Marketing and Sales
Every day, sales and marketing professionals encounter a dizzying amount of data emanating from various external as well as internal sources. Think of CRM, third-party websites, social media sites, etc. But it's not just the amount of data that is increasing; nature is changing too. These changes are affecting marketing and sales trends in far more unprecedented and uneven levels.
With proper analytics, a business can use big data to add value to their products and services. This, in turn, will lead to an increase in the number of loyal customers. Eventually, loyalty leads to more sales, which means higher profit levels. Below are some of the ways through which big data is transforming sales and marketing.
Advanced Analytics Add Simplicity and Speed
Data is growing at a speedy rate. That is quite a challenge for sales and marketing professionals. However, there are technological solutions that allow for the creation of better, more relevant interactions with customers. Businesses can achieve that by employing machine learning, natural language mining, and predictive analytics to process large amounts of data.
Investing in a solution such as a set of Hadoop tools to crunch big data can go a long way towards achieving better interactions with the customers. Hadoop represents a collection of tools designed to store and reliably stream vast datasets. Analytics is a complex field. Employing advanced analytics protects employees from analytical complexity and speeds sales and marketing efforts.
Using Big Data to Identify New Customers and Retain Existing Ones
To fulfill a task, customers can use the vast array of technologies, devices, as well as multiple channels. These devices, channels, and technologies serve as big data sources for interested parties. Using the data they collect from these sources, businesses can understand a customer's decision journey. A business can then use the information to identify and convert new leads. In addition to that, the information can be used to retain existing clients.
An excellent example of businesses that understand the decision journey of a customer is B2B companies. B2Bs take their time to invest in social media to spot new sales opportunities, SEO technology to find new customers, a website that can effectively communicate to the consumer the value of the product. B2B companies do this because 35% of pre-sale activities are digital.
Identify Valuable Opportunities
You need a lot of data to identify new business opportunities. Big data, by itself, is not going to be of much help. It needs to be accompanied by good analytics, and oh, the data itself needs to be relevant. Instead of analyzing the data wholly, businesses used a technique known as 'destination thinking' to be more specific.
The analysts will note down, in very simple terms, the question they want to answer from the data. By going beyond vague and broad goals, big data and its analysis transform sales and marketing. Destination thinking makes it easier to identify new opportunities.
This is a guest post. We welcome guest posts about helping manufacturers increase sales and/or advance their marketing function. Email in your idea and you too could be a guest blogger on MMG.
Guest blogger - Samantha Higgins