CMOs report that they currently spend 8% of their marketing budgets on marketing analytics and expect to increase this level in the next three years.
So much is happening online these days that corporate data buckets are overflowing with information and opportunity. CMOs are investing more in data and analytics because they understand the power of being able to listen to their target markets and more finely target niche audiences.
Below are a few important reasons why you need data and how you can leverage it to generate more sales.
1) Quicker Response Times
Research shows that 35-50% of sales go to the vendor that responds first.
Timely responses are effective responses, and with the help of data you can get a jump on everyone one else. You can analyze your customer’s habits and be pro-active with your approach to them instead of reacting to their needs. It doesn't get quicker than that.
Utilizing tools like Technology Spy that alert you when prospects are in need of certain technology are also great ways to increase response time using data.
2) Personalized Sales Messages
Personalized emails improve click-through rates by 14% and conversion rates by 10%, and the only way to personalize your messages is to get to know your customers.
And a great way to get to know your customers is by analyzing data.
Here are a few elements you can look for in your data to better enable you to personalize messages:
- Personal data (name, gender, location)
- User preferences (interests, hobbies)
- Purchase history
- General online behavior (how do they search the web?)
3) Optimize Online Experience
48% of marketers build a new landing page for each marketing campaign, 68% of B2B businesses use landing pages to garner a new sales lead for future conversion, and 71% of marketers use content marketing to generate leads.
B2B selling is relying more and more heavily on content to drive customers through the online sales funnel, and by using data, you can identify specific content that moves buyers most efficiently through that funnel. You can optimize their online experience to improve your chances of reeling them in for a sale.
Data and sales go hand-in-hand, and if you leverage data in the right ways, it can help you meet your quotas.
What are your thoughts on leveraging data to drive sales?
Share your thoughts in the comments!