For any enterprise business to be successful, accurate customer profiling and identifying target audience is a crucial thing as it directly impacts the growth or shrinking of sales. A good and accurate database is not only a valuable asset to growth of the company, but also the backbone of a sales team.
“Around 81% of sales reps believe it is important to have a connected view of customer data across their entire customer journey.”
A company which eliminates the idea of gaining 360-degree view of customers could pose a major risk to its business sales. Leveraging customer data – (contact and company level information) can lead to happier customers, reduced client churn and bigger profits.
Let’s comprehend how data affects sales with an example -An enterprise company delivering data protection and cloud infrastructure management wants to continue their position as market leader across market segments. Then they will have to consider several key factors in terms of specific audience targeting such as companies who are willing to migrate to cloud or companies who want a cloud management partner or start-ups who want to scale using cloud infrastructure capabilities. To market the product and their services, the company will have to execute a sales plan targeted for IT infra, IT security and IT admin in a particular as their target audience along with decision makers from the respective companies. The company must know how to effectively design and execute a sales strategy that would garner sales from the targeted group.
Therefore, to sell the product, the company needs to have a data to back the sales pitch as to how the product should be designed, costing and its packaging. If the company doesn’t have quality customer data, the company would end up targeting the wrong audience group, leading to a lack of sales.
Customer data influences overall product sales and enables sales team to:
Design a better product:
Data influences design of a product in a massive way. Because an insight from data gives companies the ability to comprehend the context of the product and how it should be evolved in a unique manner to create a customer experience.
Attract more audience knowing their expectations:
As a layman we knowingly or unknowingly have expectations when there is a sale of a product. Sales team get insights from customer data when they sell a product.
Have good communication with the customers:
Lack of precise communication causes organization-wide disconnects, missed opportunities, and lost revenue. Hence, a quality database supports a sales team in meeting audience needs.
Provide excellent customer service:
This happens when the audience is kept engaged with product updates and further services. Data helps sales team in improving customer experience.
According to NewVoice Media, an estimated 49% of customers say they’re put off by having the same conversation more than once with the same company and, as a result, 30% are inclined to take their business elsewhere. Implementing a solid personalized customer experience will help to create meaningful connections with customers.
Increase your conversions:
Customer Journey Analysis, Personalization and Testing are the three most popular methods that derive from Customer data. These factors help in improving conversion rates.
Most organizations still consider data to be their organizations’ most underutilized asset. It’s time you start preaching the significance of data gospel to your sales team and start implementing data-driven tactics to elevate business sales.