Sales and marketing optimization can be a struggle for companies, regardless of size. Without a defined strategy in place, it can be difficult for marketers and sales teams to get on the same page, generate leads, and sustain the business’ overall bottom line.
That being said, big data is becoming one of the many keys to unlocking more productivity when it comes to sales and marketing. Let’s take a look at how businesses are using big data and analytics for sales and marketing optimization.
The obstacles of using big data
Analytics and big data, in general, can be helpful when it comes to deploying a more sophisticated marketing and sales strategy. With more information at their fingertips, marketers can gain a better idea of the target buyer and how to relieve their pain points. On the other end of the spectrum, salespeople can potentially generate and capture more leads.
That being said, marketers and salespeople alike still face challenges with analytics due to senior management. Many senior managers are reluctant to double down on their investment in big data because early efforts have not yielded a significant return. In the end, this results in frontline managers lacking the big data they need to improve their decision making.
Over time, many in frontline management have also learned not to trust data and analytics. In many cases, big data products are not user-friendly, which can turn off sales and marketing personnel. When big data services and products are not embedded into established workflows and processes, marketing and sales teams are even less likely to trust utilizing analytics in their everyday strategies.
Instituting change to reap the benefits of big data
Perhaps one of the easiest ways to begin reaping the benefits of big data is to integrate it where it can be most helpful within a company. Marketing and sales leaders can do this by asking themselves which functions or departments would benefit most from the use of analytics.
Redesigning positions to utilize big data may also be necessary to begin to see a positive impact from analytics. Marketers, for example, can begin to use big data to formulate specific buyer personas and understand where they fall within the sales funnel. Sales teams can start to use analytics to get a better idea of where their leads are coming from and how to better target these areas in the future.
Big data and sales optimization
Big data can be use in multiple ways by sales personnel to optimize their everyday processes. In addition to assisting with the discovery of new leads, analytics can help generate repeat sales. Data that is obtained from social networks, for example, can be used in “recommender systems.”
Big data can also effective in helping sales teams increase their conversion rates. Insights gained from analytics can assist with price optimization, planning, and developing customer engagement strategies.
Finally, big data can play a critical role in predicting future sales. For example, salespeople and marketers can gain insight into which products and services are selling best around the globe. In turn, this can give them a better idea of where to target next, ultimately resulting in more sales and a stronger bottom line.
Final thoughts
Whether businesses are looking to optimize pricing or improve lead generation, implementing big data can yield positive results in sales and marketing optimization. The use of analytics can provide marketers and salespeople with the insight they need to provide the right product or service to the right buyer. More importantly, it can help them reach these individuals at the perfect moment, increasing the chances of making a sale and boosting the overall bottom line.
Related Reading:
- How Blockchain Can Benefit B2B Distribution
- 4 Best Practices to Creating a Data-Driven Culture
- Artificial Intelligence and the Race Against Amazon.com
- Big Data and the Big Question: What Will the Impact Be on Healthcare? - May 6, 2019
- The Use of Big Data for Sales and Marketing Optimization - April 11, 2019
- How Hospitals Can Improve the Way Providers Interact with Technology - April 1, 2019
