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Posted by Jimmy R. - 19 July, 2018

How Big Data Can Significantly Improve Your Sales Effectiveness

Big data became quite a buzzword recently. It seems like every company is trying to take advantage of the new business intelligence model, which is not surprising if your business is capable of generating enormous volumes of customer information.

A study revealed that 1.7 megabytes of data will be created every second for every person on earth by 2020. Obviously, it’s not that difficult to collect information - but the real question is how to gain tangible results.

Digital Big Data Behavior

B2B sales organizations are particularly careful about data intelligence because most managers don’t know how to exploit it. In this post, we will show you how big data can significantly improve your sales effectiveness.

9 Ways to Boost Sales Using Big Data

Aaron Campbell, a data scientist at Resumes Planet, told us about his professional experiences: “The best thing about data science is that you start from scratch and have no idea what comes next. But as you go further, you make surprising discoveries that seemed impossible at the beginning of your quest.”

Big data has the power to determine behavioral patterns and establish correlations between seemingly unrelated elements. But how exactly do you improve sales business with big data? Here are the nine most productive ways to do it:

Audience targeting

Your clients leave all sorts of digital footprints while browsing through the company website and social media accounts. These traces may deem irrelevant at first glance, but you can actually use them for precise audience targeting. Modern businesses don’t analyze customers as a group of like-minded individuals.

On the contrary, you need to conduct micro-segmentation and understand the requirements of each buyer individually. Big data can reveal a lot about the needs and interests of potential clients, meaning that you can customize offer to fit their specific demands.

Location-based analytics

Big data is not only capable of analyzing basic traits of each customer, but it’s also able to give you valuable insights into location-based business opportunities. You can target different towns, regions, or even countries using different tactics and promote specific products based on the preferences of local residents. This is very important for markets with significant cultural differences where it is hard to find the lowest common denominator.

Pricing strategy

B2B companies lose a lot of money because they are unable to make distinctions between clients and prepare different pricing strategies. It happens because time-consuming, manual practices for setting prices make it virtually impossible to see the pricing patterns that can unlock value.

This can change if you utilize big data. You’ll be able to vary prices depending on importance and purchasing potential of the clients, which will bring you a higher profit in the long run.

Improve cost-effectiveness

Sales teams spend too much time analyzing potential customers, which makes it almost impossible to fully focus on sales duties. However, big data solves this issue by creating thorough and straightforward client reports. The system provides you with a complete overview of customer status, your history of cooperation, previous purchases, and other detail relevant to your business. This means that your sales representatives can spend more time strengthening customer relations, thus improving the overall cost-effectiveness of their unit. 

Reduce customer churn

As a serious company, you must have many subscribers who receive your products, services, or marketing materials on a regular basis. Customer retention is the most significant indicator of a stable business, so you need to give your best to prevent customer churn. This is where data analysis can help you - it determines the reasons for attrition and highlights areas that demand immediate improvements.

Enhance customer relations

Avoiding client churn goes hand in hand with good customer relations. Data science is incredible at identifying critical spots in buyer’s journey, which helps organizations to enhance relations with their partners.

You can predict their demands and complaints, so you are always one step ahead of your clients. This is crucial since predictive marketers are almost twice as likely to consistently exceed shared organizational goals. Using a dominant business intelligence model, you will keep the customers satisfied and fulfill financial goals of your company.

Upselling opportunities

Upselling is the easiest way to give an additional boost to your sales results. You already know the client and their purchasing history, so it’s not difficult to find and offer another product or service that could perfectly suit the same customer.

The process is even more straightforward when you use big data analysis. The only difference is that you automatically get precise upselling suggestions, so it’s possible to address numerous clients within a limited amount of time.

Discover marketing trends

Big data is highly predictive, which is one of the most significant advantages of this system. It gives you the opportunity to stay up to date with the latest trends and sometimes even discover new marketing models. A research proved that year-over-year growth in unique site traffic is 7.8 times higher for content marketing leaders compared to followers. For this reason, you should use big data to get the foot in the door and keep competitors one step behind you.

Improve SEO

Search engine optimization is constantly evolving, so it’s getting harder to follow Google’s algorithms and adapt your SEO strategy. Big data can give you a hand in this field as well and make your marketing content adequately optimized. This will not only improve your search ranking but also generate more leads and conversions.

Conclusion

It’s easy to accumulate tons of customer-related information these days, but it’s not easy to draw meaningful conclusions out of it. Most B2B companies don’t know how to make use of modern business intelligence, so we decided to show you how big data can significantly improve your sales effectiveness. 

B2B Sales eBook to Increase Revenues

Eva Wislow-01.pngAbout the author: Eva Wislow is a career coach and entrepreneur from Pittsburgh. She is focusing on helping people break down their limits, find a dream job and achieve career success. Eva maintains a strong interest in bringing the digital revolution into human resources. She finds her inspiration in writing and peace of mind through yoga. Follow Eva on Twitter.

Topics: B2B Sales, Sales & Marketing