Think of all the ways your company uses business intelligence in order to win orders, grow market share and keep customers. Think of how important it is to keep that information up-to-date. Think about how your sales and marketing team benefits from that information. Now, think about how you're putting that information at risk without a marketing database software. Better yet, think about how much you're asking of your business development team when they don't have a platform capable of responding to the speed of your market.
You've spent a tremendous amount of time making sure your business intelligence gathering strategy is up to snuff, so why would you risk degrading the value of that intelligence by not having the right software? If you're one of those companies who does a fantastic job of gathering intel on your market, but haven't quite made the jump to getting a marketing database software, then this is a must read. Here are five ways marketing database software can increase BI.
1. Improved Response Times Means More Intel
When your speed of response increases, you beat your competitors, you win more business and you gather more intelligence. A marketing database software empowers your business development team because they have readily available information. While your competitors struggle to keep up, your team is proactively managing your customers' business needs in real-time. You're proactive and on the ball, instead of reactive and trying to catch up.
2. Stronger Proposals and Real-Time Competitor Price Tracking
All that intelligence helps you improve your offers and make your proposals more relevant to what's going on right now. You'll have a better understanding of your competition's strengths and weaknesses. You'll instantaneously be aware of competitive pricing, offers, and product introductions. You'll know what customers think, what they see as critical to winning their business, and you'll be able to match or beat competitor pricing because your information will be mobile and accessible at all times.
3. Better Content
No, content marketing is not dead, and no, content shock has not taken hold. Yes, there's more content available online and from multiple sources, but that just means your content has to be more focused on your buyer personas and what they need. A marketing database software ensures that you thoroughly understand the type of content that drives results. That content can then be promoted through your email lead generation strategies, through digital advertising and anytime a customer follows your call-to-action on a given landing page.
4. Proactive Online Reputation Management
There are countless ways that customers can express themselves online, numerous ways they can voice their opinion, and so many ways you can use that information. However, if you don't have a marketing database software, then you're not able to keep up with all that customer data. You'll be overwhelmed and unable to respond. It will adversely affect all of your digital strategies, forever positioning you behind the proverbial eight-ball.
5. Becoming the Market Expert
When you're a market expert you're able to read and react accordingly. The strongest enterprises focus on being market savvy and they use their customers' and market's Intel to become market experts. It's that knowledge that helps you decide when to be first, second or third to market, when to hold, when to wait, and when to abandon a given offering. Your business intelligence will help you become that expert if you have a repository for your data.
Having that all-important marketing database software is critical to keeping your data relevant and applicable. Operating with the same speed as your customers is vital so don't leave your business intelligence gathering strategy to nothing more than excel sheets and word documents. It's simply too valuable.