4 Ways To Use Your Data The Right Way To Increase your Sales
Did you know that just 0.5% of data available is used by marketers who seem to be totally intimidated by the vast amount as well as its complexity?
Did you know that just 0.5% of data available is used by marketers who seem to be totally intimidated by the vast amount as well as its complexity?
It is misnomer that only large enterprises have the resources to utilize data because small businesses can easily take advantage of it as well and make a lot of difference to their bottom lines.
We are there to help you make sense of all the information which can no doubt become overwhelming. And once you discover a way to fit it into your own decision-making process, you’ll know what you were missing out on
Look at old data
Your historical sales data holds so much information that you’d be surprised. That data can easily be leveraged to expand sales efforts at each stage of the funnel. By discovering which sales tactics work best, you’ll be able to gradually refine your approach and improve conversion rates each time.
Old data can also be used to develop better sales forecasts, allowing you to identify high-value targets and better allocate potential opportunities and new leads.
Optimize pricing
Pricing it right can be one of the biggest challenges of introducing a new product. Too high a price is sure to drive customers away, and pricing too low can erode your profit margins and even customer perception.
In addition to external research, look at your past transactions and your customer base. Using data from your CRM, you can easily segment your customers by different price points to help narrow down the ideal price range based on each group’s price tolerance, behavior and demand.
Enhance the tone of your messaging
Customers have their preferences and choices and look forward to communications that are tailored to their specific needs, inclinations and desires. Most businesses do this by creating customer segments based on a wide range of attributes such as geographic location, age, sex, marital status, etc.
This can be conveniently achieved by A/B testing the various elements of each message. You can know and identify how customers respond to different headlines, offers, images and copy to find that works best.
Create compelling stories
Case studies are an operative way to inform potential customers of your capabilities and recent endeavors; they highlight real world examples and serve as enablers when closing new deals. Beyond combining core data points, make sure that you include visual elements such as charts and graphs that clearly highlight the key points and benefits.
Keeping your case studies brief and succinct with visual data will help you create impactful selling points.
Key Takeaways: Mining value from your data takes some time and perseverance, but once you do, the benefits are limitless. Regardless of the size of your business, learning to incorporate data into your sales processes will not only help you become a much better decision maker but also drive revenue growth.
