Sales and marketing departments of any firm are the most crucial for the businesses’ growth. Sales and marketing executives, therefore, need to stay ahead of the curve when it comes to gaining competitive advantage. For the past decade or so, giant companies, with massive marketing budgets, have been using digital technologies to boost sales and sustaining growth.
These technologies work on the premise of gathering market intelligence or sales intelligence data and then providing. In the past few years, more and more businesses, from large enterprises to small businesses, have started using softwares and services which are designed to provide business analytics that provide actionable insights, promoting growth.
Here are some of the ways in which data driven sales and marketing is changing the industry.
Business intelligence for Marketing
The market is constantly evolving, with new entries from competitors, changing needs of the consumers, changing buying behavior, and shifting demographics. To help the business stay ahead of these changes, business intelligence takes advantage of data mining and applies analytic science on the harnessed data, that is available from various agencies, and from a powerful marketing sphere- the social media.
Better customer service
Business intelligence has revolutionized the customer service industry. The redressal systems no longer wait for the consumer to encounter a grievance, but rather work proactively to find problems as the consumer behavior and needs evolve. Data analysis through intelligence systems helps in identifying trends in consumer satisfaction and performance of support personnel.
Reporting is very important for identifying problems with the plans and strategies. This is particularly important when the goals of a campaign are not met. A central database of the reports, enabled by the sales intelligence software, can help in monitoring problems with low conversion rates, and accordingly in planning better campaigns and tweaking the product/service, or analyzing the need to alter the pitch.
Ensure delivery from key departments
When as a sales manager, you understand, with the help of a sales intelligence software, as to which promises are being delivered to the client and which points are leaving the client dissatisfied, you can demand accountability from the departments responsible for deliverance, and also help them with feedback for enhancing performance.
Increase sales forecast accuracy
Insights from sales intelligence software, enable the sales managers to predict the sales in a more accurate manner. This helps them to take into account factors like periods of low demand, the impact of sales promotions, and items with low conversion rates.
As you may see, market or sales intelligence software are being used with increasing rigor for predicting the future and aligning the team actions, in a drive for the optimal achievement of overall organizational goals. Intelligence software and services, in this way, empower the executives and managers, to take effective, data-driven decisions.