How To Convert Customer Data Into Meaningful Enterprise Growth

October 3, 2013

Detailed customer information continues to be one of the most valuable tools for sales professionals who want to increase long-term revenue. For decades, business people have relied on the ability to capture small data points about their individual clients to sell products and generate leads. In many cases, these details are personal. For example, sales employees can impress prospective clients by asking questions about family members or otherwise showing a genuine interest in their lives.

As business technology advances at a rapid pace, companies now have access to a much greater variety of customer information. Not only is it possible to use social media tools to gather data, sales teams can also use Web analytics to access valuable statistics about what websites their clients visit, how they arrive there and for what reasons.

In other words, small and medium-sized companies have a unique opportunity to experience a significant sales acceleration by thoroughly collecting and analyzing all of these data points. A recent survey from CompTIA, an information technology organization, measured the attitudes businesses have about Big Data and its potential to contribute to enterprise growth. The report found 78 percent of respondents believe their companies would be much stronger if they were able to effectively harness all of the available information related to their target customers. However, 73 percent of those participants said the ability to convert complex data into a sales acceleration continues to be a significant challenge.

What steps can managers and sales teams take to better analyze large troves of information and turn seemingly disparate pieces of data into a major business accelerator?

Understand that data takes multiple forms
According to Entrepreneur, the amount of information humans create has increased so much over the last few years that 90 percent of the world’s data was created in the last two years alone. While this fact may sound overwhelming to small and medium-sized enterprises with limited time and technological resources, the source said it’s important for sales teams to keep in mind that customer data takes on a variety of forms.

For example, businesses don’t necessarily have to drown themselves in difficult-to-understand Web analytics. Instead, they can look to social media to monitor discussions related to products. Sales teams can also make a specific effort to gather information on a personal level. This way, employees feel a stronger sense ownership over their customer data. They also get the opportunity to develop strong relationships with both potential and existing clients.

The benefits of sales outsourcing
Seeking outside help is another smart way for companies to leverage their databases. CMO.com, a digital marketing resource for businesses, said a truly effective analysis of complex information takes time and effort. Not every business has the time and the technical know-how to convert statistics into actual sales.

“The availability of this data can help me either make wise decisions or help me dig myself into a spot that I can’t easily remove myself from,” Julia Carcamo, vice president of brand marketing for Isle of Capri Casinos, explained to CMO. “I like to call it digging in the weeds. Data can only be as useful as you are thoughtful.”

The more information sales teams are able to access, the harder it can be to convert into measurable results. The risk of improperly analyzing customer information can have long-term negative effects on business success. Sales outsourcing is a smart way for companies to make sure they consistently get their data analysis right while eliminating the need to hire full-time employees and divert attention from other important tasks.