One of the most advantageous aspects of digital marketing is the ability to form data-driven insights that inform your marketing strategy. With so many marketing data and analytics tools available, there should be no reason for your sales and marketing teams to fail to leverage the big data relevant to your business.
Big data is large sets of analytics and statistics that allow businesses, both big and small, to find patterns and trends relevant to their market. For example, you may find patterns in the types of website visitors your business is attracting, trends in the number of clicks certain pages are getting, and more.
Essentially, big data exists to help you better understand your customers and their behaviors.
Since we're focusing on how sales and marketing teams can seamlessly work together to increase business within a company, we want to talk about how big data can be used in sales and marketing to improve reporting and results.
1. Pricing optimization.
Although it's certainly not up to sales and marketing to set and determine overall pricing of products and services, there are certain times throughout the year that big data can help them to offer pricing optimization suggestions.
For example, let's say your business is trying to clear the shelves of a particular product in order to make room for a new launch or release. Taking a look at data from past sales and discounts to determine which pricing level generates the most sales can help your business get rid of the old product even faster.
2. Budget allocation.
It takes planning, calculating, measuring, and more to determine the best possible budget for a marketing team.
However, big data can help your marketing team to ensure that it's allocating the budget in all of the right areas. Instead of playing a guessing game based on studies of all businesses and their performance on each platform, your sales and marketing teams can instead take a look at your business's specific results. Then you can allocate your budget across channels based on where you've seen the best results in the past.
3. Customer relationships.
Data-driven insights can help your sales and marketing teams to understand each specific step customers take before they buy from your company. This allows you to personalize the buyer's journey even better for future customers, as well as know exactly where they may need just a bit more nurturing.
Understanding the customer journey can help improve customer relationships tenfold, improving customer loyalty and securing their trust in your company.
Furthermore, it provides insights into your customer's emotions throughout the buying process. By analyzing text within emails and social media posts, technology can help you grasp the underlying sentiments behind the words. This also assists your sales and marketing teams in providing better service based on how current and potential customers are actually feeling while going through your sales funnel.
Surprisingly, even with all of the options available with big data and data-driven insights, we're seeing a new shortage of data-driven marketers in the industry. This is only hurting their companies and the clients and customers they're serving. Contact us to learn more about how our data management software can help your company understand and leverage its data more effectively.