Big Data Marketing: Why Your Sales and Marketing is Always Late to the Game
There is nothing more frustrating for marketing and sales than to continually be late to the game. Hearing that a customer has already awarded a contract to a competitor can be demoralizing.
Here is the good news. Your marketing data can stop that from happening. In fact, if you take the time to review your marketing data, you might just find a way to ensure you are always first, and never last again.
Understanding What Your Marketing Data is Telling You
Your marketing data outlines past successes and failures. It shows you what digital strategies produced the highest number of leads and how quickly those leads were closed, which ultimately helps you define your sales cycle times.
You can also determine your customer retention rate from your marketing data, and can outline which landing pages have the highest conversion rates. The faster you convert a lead, the faster you have an “in” with the customer.
Knowing which segments of your market are willing to pay a premium is another benefit of analyzing your data. The answers you seek are embedded within your data and it is up to you to use that data to get that all-important first customer visit.
Pinpointing Past Successes
With what segment of your market have you had the most success? Did that success come from dealing with a particular buyer persona or was it driven by a unique product offering? Was that success driven entirely by your digital marketing strategies?
Focus on outlining why your sales and marketing team were so successful. It is possible that your success was driven by a single digital strategy, one that tapped into your customer’s needs and one that quickly incentivized that customer to buy. Understanding why you were successful helps you to duplicate success with other customers.
Sales Cycle Times
Knowing which sales close quickly and which take longer helps your sales and marketing team allocate their digital marketing resources wisely. Quick and easy sales help to pad your numbers. Sales with longer cycle times require more planning, take longer for lead generation, and take up more sales resources.
One way to leverage this insight may be to use your easiest selling product as a way into new customer accounts. Your marketing data will allow you to identify which products are easiest to sell and why. You can then focus on those products with a content marketing and digital strategy that nets quick and easy sales.
Identifying Low Hanging Fruit
Why are some of your customers willing to pay a higher price than others? Does it have something to do with their located, their business type, or your product? Does it have to do with your value proposition? Understanding why certain customers pay a premium over others will help you understand how to set appropriate pricing and offer it across your entire customer eco-system.
Your marketing data will help you identify the low hanging fruit in your market. There is a reason you keep winning this business and your data will help you discern how and why you got into a given account so quickly. Isolate why you were successful and use that same approach again and again.
The answers you seek are found within your marketing data. Use that data to isolate your best performing strategies, best content, and best landing pages. Isolating why conversions happen so quickly on some products and landing pages will ultimately help you stay ahead of competitors.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.