While data is set to play a key role in any organization’s success, we sometimes fail to acknowledge how it also acts as a cushion to all other business functions.
As the world gets surrounded by multiple layers of data, we have seen a great rise in how even the smallest data report can sometimes be crucial in strategy building for all small, medium, and large scale organizations.
One such data supporting other business functions is the sales data. While marketers are making data the center of all problem solving, sales data plays a vital role in accumulating a deeper insight into their audience. Sales data can help functions like product building, marketing, and relationship building, there is a long list as to why data acts as a pillar to all future strategy building.
From knowing your audience in and out to making growth decisions based on the statistical sales data, it also helps in analyzing the ongoing business activities and rectifying the bad practices in the organization.
Here’s how data adds value to almost all other business functions.
1. Creates a bridge between marketing and sales:
While these two functions may seem to overlap at times in the organization, there is actually a substantial gap between both. The difference comes through the kind of data received by departments.
It is significant to achieve the right kind of sales data which will also help determine the marketing team for a better lead generation strategy. Numerous moving elements influence the buying behavior of a customer. Accumulating sales feedback on the same can help the marketing team better understand the process and prepare their future campaigns accordingly.
Having a road map of customer behavior will help generate and capture better leads.
This will bridge the gap between the two functions of a business resulting in an effective future.
2. Helps gain a deeper understanding of your funnel:
Accumulation of regular sales data helps in identifying value addition points for the buyer in the process of customer behavior.
Sales data also helps you in gaining a deeper understanding of your funnel. Information about your product performance, pricing, and positioning can be accumulated through regular sales data.
All of this helps in a better ROI and justifies the methods of operating. The process of gaining true information from your buyers can help add value to the whole cycle.
3. Helps segment accounts:
It’s only natural to omit bad organizational practices during the course of their work. Customer behavior gets ignored in the lengthy sales cycle.
Capturing and analyzing sales data might help expose these practices or accounts which demand rectification. Priority accounts that need immediate attention can be filtered out and will be catered accordingly.
It’s essential to focus on such accounts in order to help buyers perceive the high-value experience. Account rectification will lead to a better retention rate, while also building a strong value proposition for future customers.
4. Increases growth rate:
Growth is an essential surviving factor for organizations. Sales data can help reveal untapped growth opportunities and future target segments in the market.
It will help you analyze new target markets and assist in shaping a strategic future roadmap. Having a clear understanding of growth prospects, sales data helps in better allocation of resources in order to expand the sales funnel as well as explore the uncharted business territories.