Data is never lost. Knowing this fact, the ever-increasing huge chunks of data being generated offer a challenge. However, it also presents a business opportunity to sales and marketing professionals to small and mid-range companies.
Simply put, the era of "Big Data" is clearly upon us, and it refers to a collection of large and complex data sets that are difficult to process using conventional data processing applications. Data processing is no longer the domain of relational databases. Unstructured data, like the thousands of videos uploaded or shared, the millions of pictures, and generally digital media on social sites are increasing at a higher rate than structured data.
Therefore, it has led to the formation of an entirely new industry dedicated to storing, sorting, viewing and gleaning business insights from existing huge chunks of data.
Why Sales and Marketing?
As I mentioned earlier, why will sales and marketing agencies be affected by data chunks? Big data is a transformative paradigm shift to sales and marketing professionals, second only to the telephone. Traditionally, sales agents have relied heavily on the lack of information or data in order to close the deal. This is the same for marketing professionals who have made huge bets on brand advertising, with little empirical data supporting their cause.
This time, we have to think differently, let us see how having or accessing data can turn the tables, making sales and marketing more math-and-logic rather than magic.
Here are four ways Big Data will influence Sales and Marketing:
1. Marketing spend is significantly more precise, as insights from the data are leveraged and the best possible outcome outweighed and focused upon. Target prospects are accurately deployed with account-based marketing strategies.
2. Sales agents are incorporating data-driven methodologies to target high-value prospects, keep existing customers, and ultimately expand existing opportunities.
3. Sales forecasting accuracy has improved dramatically due to the sophisticated algorithms present. The usual "gut feel" as the weapon of choice for predicting sales is no more.
4. Real-time sales data visualization has emerged, empowering sales managers to adjust and/or introduce new battlefield tactics based on live data feeds.
In Conclusion
Now as I conclude, I'd like to offer some commentary on the above list. Large enterprises will undoubtedly be the first to adopt this measure as their need for exploration and gaining insight is far greater than anyone else’s. Small and mid-size will come later and benefit more in relation to their big brothers. Start-ups, on the other hand, will benefit the most from the handling of data can, and can turn the analysis into a business.
Indeed, most sales representatives would shun it. However, can you imagine being able to make predictive sales from intelligence gathered? This will lead to better performance and generate results in form of revenue for your business.
Whatever banner you fall under, sales or marketing, it’s time to be smart about it, predict and analyze past data on sales and/or marketing, and use it to your advantage.
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