16th Sep, 2020
Marcom, , Designation
Data is the fuel necessary for survival for any organisation. Being the most critical business asset, it becomes important for every organisation who wants to just not survive but thrive, to be able to utilise its database in the best possible manner.
In addition to the customer contact data, analytics also plays a crucial role in ensuring the best leverage of this critical asset, i.e. database. Especially, in times of uncertainty or any other tough market conditions (For example – the current scenario), a strategy based on the best utilisation of database and analytics is what ensures continuation and high efficiency.
As per a recent Mckinsey survey report, around 53% of the high performing organisations have rated themselves as effective users of analytics. These high performing companies use data analytics and artificial intelligence to expand the boundaries of value creation of sales strategy and generate remarkable results in lead generation, upselling, cross-selling and revenue maximisation.
Here are a few ways in which all businesses can explore a similar benefit lane & become more efficient if they leverage both, contactable database and smart analytics, in the right combination:
Increase in the success rate of email marketing
Email is considered to be one of the best ways to reach out to the large audience. Having an accurate database will help you to reach out to the right set of audience. It also reduces bounce rate of the emails thereby increasing the chances of prospects opening the mail and responding to it.
With the use of analytics, you can determine the exact subject line to be used which can make it more probable to getting any reaction. Similarly, it also gives insights on what type of messages should be shared which are more likely to generate phone calls ultimately leading to success. Analytics also helps you understand the best time and day to send emails to your database.
Personalisation of messaging
Prospects have their own set of features and therefore, it is important to customise your company’s messaging basis the requirement of your customers. A contactable database gives you the specific needs, preferences and desires of the client. It also categorises the customers’ basis geographic locations, age, sex etc. Proceeding with personalised outreach on the correct database through account-based marketing, you can leverage analytics to analyse how your customers are responding on different headlines, offers, images and which copy works the best.
Targeted & timely outreach
The prospecting needs to be in line with changes in market dynamics. Hence, an accurate, scalable, and contactable database is very important that can help businesses overcome the challenge of latency and action faster on go-to-market plans. Time is of utmost importance when it comes to getting maximum ROI of the efforts and resources. Reaching out to the targeted group at the right time can bring down the input cost and impact the outcome positively to ensure a better revenue.
Understanding & predicting customers’ behaviour
Using predictive analytics, businesses can find out its customer’s past behaviour and simultaneously predict the probable future response. For instance, using predictive analytics, businesses can analyse the past customer’s behaviour and reactions related to the similar products, basis these analysis, one can easily predict their likely reaction. Instead of wasting time and calling them for products/ services which have garnered poor performance in the past, efforts can be put for other categories of products which still have a chance.
However, analytics can help only if…
Collecting and analysing the data is just not enough, since the insights don’t create any impact till absorbed into actions. For example, you may be able to identify your most popular product by going through the supply volume but that doesn’t help you to sell more units of it. What is required is to use the information and insights to execute and deliver changes within the company.
Data coupled with analytics is a disruptive force which can propel organisations into a more profitable future. The whole idea is to discover and decipher data easily and thus, apply the insights for faster and better decision-making.
The article had appeared originally here.