Your data needs you
Your Data Needs You
Managing customer data from different sources, identifying links between metrics, and determining how to put this information to best use is a challenge for many organisations. However, really knowing your prospects and customers is more important than ever in business. The larger the group of customers you have the more difficult this can be. If you can get to grips with your prospect and customer data this could lead to more informed decision-making, increased sales and stronger customer loyalty.
Here are three reasons we hear regularly from businesses around why they don’t capitalise on their existing data.
‘Our sales managers know their prospects and customers.’
This is all very well but you are then dependent on that individual or group of individuals staying with your company. In addition, by keeping knowledge about the customers in the sales manager’s head stops you from being able to see the whole picture around your prospects and customers. You are also relying on the gut feel of your sales manager to decide what action to take rather than acting on valid insight.
‘We don’t have the time.’
Lack of resources such as staff and time remains the biggest obstacle to successful B2B lead generation according to the B2B lead generation report 2015. A similar issue is cited for analysing data around existing customers. Often the perception of the time it will take to get your data working for your business is greater than the time it will save you in the long run. The reality however is with the right approach it doesn’t need to take a great deal of resource to get your data working for you which can lead to major business efficiencies in the long run.
‘We can’t afford a sophisticated system’
There are numerous data management platforms, customer analytics and data analysis platforms as well as other software solutions out there.
A lot of companies feel they have to go out and buy the ‘latest thing’ without really putting thought into what they want from a system. This becomes expensive as the system is not then used to its full potential and value for money is not delivered. By starting out with a clear view on what you want to get from your data and what business decisions, strategy and tactics you want it to support, will ensure you get the right fit when you go shopping for a system.
The symbiosis of good data and good sales is something that every business should take the time to consider. Mountains of information are collected from various sources over a period of time, nearly all of it is useful. It can however become a time vortex taking your staff out of their front line duties to complete. This is where Tricca can support you by using our skills and expertise to turn your data into money. Contact Fiona for more information 03330 063533 or email@example.com