We live in a digital age, and the world is constantly bombarded with mammoth tons of data every single day. A startling statistics reveal that by the year 2020, new information that is generated for one human being per second will reach 1.7 megabytes.
So, what is the big deal about data? Can it make or break your chances of success in the business arena? Well, in the current digital era, there is no doubt that data is the fuel that can power your sales and customer service.
What Is Meant By Data-Driven Decision-Making?
Whether you are a small business owner, a budding entrepreneur, or an executive in a multi-national corporation, chances are high that you will need to make business decisions. Many times, you may be tempted to repeat business decisions taken in the past, or simply rely on your intuition to make a choice.
Data-driven decision-making is a strategy that ensures that business decisions are backed by solid intelligence and information analysis. Instead of going ahead with a strategy that a manager personally deems best, he may choose to conduct market research and take the help of automated software to make decisions.
Data-driven decision-making can increase business health and key performance indicators. Business organizations that take the aid of big data to make decisions report an increase of 8-10% in profits, and enjoy over 10% reduction in costs. It gives a boost to your sales pipeline and enhances customer service to deliver value to your organization.
Adopt Data-Driven Decision Making To Increase Sales And Customer Satisfaction:
Sales and customer support is the nerve center of any business organization. You need to constantly raise the bar high, and innovate to delight your target customers beyond their expectations. The ‘best-in-class’ companies – over 60% use data or corporate intelligence to make decisions that can impact business growth and diversification.
Building a data-driven sales and marketing department takes time, effort, and money. You need to drive a change in the traditional mindset, and emphasize on the importance of big data. Here are some smart techniques that can help your organization in the quest to implement data-driven decision-making for better sales and customer service:
Use Sales Force Automation Tools: Tracking sales activities manually can be a tedious and time-consuming task. Most sales managers find it wastage of precious time, as sales monitoring is a major challenge for most organizations. However, with the advent of advance sales force automation tools, there is no requirement of manual sales tracking.
Most sales force automation software can automate all repetitive tasks such as follow-up emails, deal tracking, and lead generation. SFA tools can integrate with existing customer relationship management software to dig deep into sales reports and provide managers with information on vital metrics.
When your sales managers will have immediate access to important key indicators such as the number of sales calls, call outcomes, and final closed deals, they will be able to assess business situations better. Sales representatives will be able to preserve their energy to focus on critical activities, and the level of customer service will reach an all-time high. So, it is time to ditch traditional age-old methods of sales tracking, and move down the automated route for data-driven efficiency!
Know Your Customer Well: Your customer is your kingpin – make sure to get your hands on every little detail about them so that you are armed to serve them better! Your sales representatives need to know who they are selling to, as this will help them understand the concern, and requirements of existing customers and prospects.
Most organizations can access client data information from a variety of channels such as CRM tools, customer directories, and social media platforms. Ensure that your sales team has access to important customer details such as preferences, past purchases, demographic data, and support issues so that they can add a personal touch to their service experience. Customer help desk software can help your support representatives have access to previous tickets so that they can resolve problems and issues in a speedy and proactive manner.
If you know your customer well, your organization will be able to address their pain points effectively, and convert them to life long clients by providing exceptional service!
Use Machine Learning For Proactive Customer Service: Machine learning is an innovative technology that allows computer-aided machines to think and act like human beings. Hence, these artificial intelligence-powered machines can serve customers, and reduce dependency on manual staff members.
Machine learning can greatly promote data-driven decisions in any business firm. They analyze past customer records and interactions to assess what led to positive outcomes. Automated tools use business intelligence to influence a successful outcome during customer conversations.
Data repositories put together information, and link all connected phases of the customer lifecycle. They ensure that customers are provided with products or services most suited to their lifestyle, and preference – this leads to a heavy spike in engagement levels and sales revenues.
Find, Present, And Store Relevant Data: The first step to intelligent data-driven decision making is to find sources of relevant information that can be presented and stored for future reference. Ask your sales and marketing team to analyze data that has already been gathered, so that they can gain deep market insights.
Make sure to collect data from a reliable source. Nowadays, many organizations outsource their data collection requirements to a third-party. The market is also filled with sophisticated marketing and sales solutions that can give companies access to sales data from multiple channels. Make sure to choose a tool that has advanced reporting features so that you can present the analyzed data in a simple and visual manner. This will enable managers to base their decisions on the reported data, and will help in better lead generation, higher sales, and ensure that agents provide quality customer service.
Build A Data-Driven Company Culture: Every company has an invisible, yet strong culture. Make sure that your team members are aware of how the world is moving towards big data, and machine learning for increased bottom results in every functional area.
Communicate with your employees and train them on how to go about making informed choices. Get all stakeholders on board, and ensure that senior management supports the transition to business intelligence tools. This will make it easier for teams to make data-based strategies that will be aligned with organizational goals. Once your team members understand the benefits of data-driven decisions, they will find it extremely helpful and enjoy the escalated performance parameters.
Although ‘Big Data’ and ‘Artificial Intelligence’ may seem to be alien concepts to you, they are taking over the business world. It is high time to leverage data and business intelligence to make a positive difference to your sales funnel and customer support.
Stop relying on your intuition to make business decisions- they may prove to be inaccurate and lead to disastrous results. Adopt a data-driven strategy to be certain that your organization will benefit from the decisions that you make.
As a business pioneer, you need to look out for new ways to capture customer interest and build up your sales game. As data continues to power nearly every aspect of modern life, make sure not to ignore it in the business domain. Deploy a data-driven approach to surge far ahead of the competition, and push up all your key performance indicators.