Introduction
5 reasons why your sales strategy has to be data-driven. Data is the new oil. It fuels every aspect of our lives and drives businesses forward daily.
Data-driven sales teams are more intelligent, effective, and successful than those who make decisions without considering data first.
The benefits of having a data-driven sales strategy are clear: they help you improve your customer experience, communicate with customers more effectively, understand what works and what doesn’t work in sales, reduce costs associated with making bad decisions, and improve long-term revenue growth by increasing responsiveness to customer needs and wants.”
1. Improves your customer experience
It’s no secret that customers are likelier to buy from companies that provide a superior customer experience. Data-driven sales strategies improve the quality of your customer interactions and increase retention and satisfaction rates.
Data is also essential for providing personalised experiences across every channel: phone calls, emails, web chat sessions and social media posts benefit from a solid foundation based on data insights.
2. Helps you communicate with customers more effectively
To get your message across, you need to know who your audience is and what they want. The first step in this process should be collecting the right data points using tools like Google Analytics or Mixpanel. These tools will help you understand the demographics of your visitors, their interests and buying habits, and where they spend time online (e.g., social media). This information can then be used when creating content such as blog posts or videos that cater directly towards these groups of people so that no one gets left behind when it comes down to making sales conversions!
3. Gives a deeper understanding of what works and what doesn’t work in sales
- A data-driven sales strategy gives a deeper understanding of what works and doesn’t in sales.
Data can help you make better decisions about your customers, competitors and the market as a whole. The data will also tell you what kinds of offers or products are most likely to be successful so that you can plan your marketing strategy accordingly.
For example: if there’s one thing we know from our experience with thousands of businesses all around the world is that when it comes to engaging customers on social media platforms such as Facebook or Twitter, there are certain times during the day (morning versus afternoon) when engagement rates tend to drop off significantly due to people being busy at work etcetera.”
4. Reduces costs associated with making bad decisions
A data-driven sales strategy can help you make better decisions, reducing the costs of making bad ones. Here are some examples:
- The cost of hiring the wrong person: If you hire someone who doesn’t fit into your culture or doesn’t have the right skill set for the job, they will likely leave within their first year on the job. This means that you spent money to bring them on board and lost time while they were there (and maybe even paid severance). A data-driven approach helps ensure that all candidates share common traits like experience and education level before bringing them in for an interview. Hence, you save time interviewing people who aren’t going to fit in well at your company.
- The cost of not understanding market conditions: If there is no clear direction from leadership about how to sell products or services at a given moment in time, then it’s straightforward for teams across departments (such as sales) within organisations to lose focus on what matters most right now–which could mean missing out on opportunities due simply because no one knew where they had been hiding!
5. Improves long-term revenue growth by increasing responsiveness to customer needs and wants
It’s no secret that customer experience is the most critical factor in customer retention, acquisition, loyalty and satisfaction. It has been shown that companies with high-quality customer experiences can increase revenue by up to 25%.
Suppose you want to improve your company’s long-term revenue growth by increasing responsiveness to customers’ needs and wants (and who doesn’t). In that case, you need a data-driven sales strategy that helps you understand your needs and wants to tailor your messaging accordingly.
Takeaway:
A data-driven sales strategy is not just about improving your customer experience; it’s also about helping you communicate with customers more effectively. Using data to inform your decisions, you can make smarter choices that reduce costs associated with making bad decisions and increase the likelihood of success.
The best part? It’s easier than ever before to use data in this way because tools like Google Analytics have made it easy for anyone–not just engineers or data scientists–to understand what works and what doesn’t work in their business model.
Bottom Line
The bottom line is that sales data can be your best friend or your worst enemy. The more you know about how customers buy and what they want and feel about their experience with your brand, the better equipped you’ll be to make decisions that align with those priorities. More is needed to collect data; it needs to be analysed and acted upon to impact sales growth over time.
Who am I?
I am Dotun Adeoye, a Business Growth Strategist & Author
I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 30 years.
Today, I consult with large businesses on how to sustainably grow their businesses, sustain infinite growth, and ensure business continuity irrespective of the business climate.
Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718 or dotun at dotunadeoye.com
