It is almost a cliché to say that “data is the new oil.” But it has its foundation, especially in the world of digital marketing and sales.
When we talk about digital strategies and campaigns, the data gives a unified view of the behavior of prospects and clients. Understanding this behavior allows us to create better, more segmented strategies that speak directly to the interests of the potential customer. And this, in turn, increases the probability of winning more business and generating more revenue for companies that use Big Data and Data Analytics in their digital sales strategies.
Generate and interpret the data
Today’s advancements in digital sales and marketing technologies allow us to access an ever-increasing volume of prospect and customer data. Each call, email, download, like, and visit to the website represents a new “data point” to generate deeper knowledge of the behavior patterns and preferences of our target audience.
However, while all this wealth of data can help us better interact with consumers, most companies do not get enough of this valuable information. Data, on its own and without the intentional and collaborative effort to interpret it, is of little use.
Collaboration between Marketing and Sales
Companies must invest both in technology and in training their teams to be able to exploit the full potential of their data.
There must be an intentional and well-orchestrated synergy between the teams that generate and consume the data (mainly marketing and sales) to have the greatest potential for this data to be reflected in more revenue for the company.
A good first point of collaboration between the marketing and sales teams would be to define the common metrics and indicators to evaluate the results of digital efforts. For example, they can start from total income as the main indicator and from there define other metrics that influence the process:
- Conversion rates
- Sales cycle time
- Average ticket
- Profiling percentage (how many leads were converted to business opportunities)
We agree that data is extremely valuable, it allows us to better understand customers, there are more and better technologies to collect and interpret data, but none of that is of much use if we do not have the right mindset and intentional collaboration, among the teams that most need that data to create value: marketing and sales.