Big data is helping tackle some of the biggest challenges brands face in 2019. Some of the biggest mistakes they have ever made could have been avoided if they were better informed. Big data gives them clearer insights into their challenges and helps them address them.
One example of a ways brands can use big data is by scaling sales more cost effectively. Too many brands make a number of mistakes that cost them a lot of money when they are trying to grow their customer base.
Big Data is Going to Make Growing Sales Easier than Ever
As an astute business owner or manager, you are likely to be aware of the reality that in today’s fast-paced marketplace there are, generally speaking, only two states of operation that virtually every business is likely to be in. That is to say, they are either growing or shrinking because the option to stand still in business has rapidly diminished over the last few decades.
Logic tends to dictate, therefore, that you will be constantly looking for ways to “scale” your operation. There are a number of ways to achieve this, from being able to consistently deliver organic sales leads (there are some useful tools in this article from Leadfeeder for inspiration) to having a mission statement that appeals to a super-targeted audience. Big data makes it easier to address these problems, but you need to be aware of the different options available to you and take advantage of them.
There are four common mistakes that new and growing businesses often make as they strive to increase their market share and move ahead of their competitors. You should use big data to get the most from your strategy.
Number one: A lack of clarity concerning the business’s mission, values, and goals
Wherever you live, you would be unlikely to set off on a journey to a place you have never visited before unless you had at least some idea of where you were going. It doesn’t matter whether you are a one-man online entrepreneur or the CEO of a top 100 company if you have no clear idea where you intend to take your business; you are likely to take it nowhere at all. The fact is, that what may work really well for your business when your start-up could actually become restrictive and even provide obstacles as you begin to scale-up. Therefore, having a mission, values, and goals that are inspired by growth in mind will be a key factor in the scalability of your operations.
Bill Schmarzo, the chief technology officer of the Big Data Practice of EMC Global Services, states that it is important to outline a vision for your company when developing a big data strategy. Neglecting to do this is one of the biggest mistakes companies make when trying to scale their sales.
Number two: Failing to adequately finance for growth
According to industry leaders Forbes, while as many as 80% of new businesses manage to survive years one to four, the casualty rate, surges after that. By year five more than half of them fold. Underfunding and cash flow issues are the most common culprits of this state of affairs as many businesses literally become starved of the vital cash, they need to keep the wheels of industry turning. The reality is that the business or organization virtually becomes a victim of its own success by gaining huge spikes in sales in an environment where their payments aren’t arriving fast enough to keep pace with them.
This is why “scalability” has recently become such a popular businesses notion.
It’s clear that businesses need to pursue a range of sales and marketing avenues, from Instagram to direct mail.
Big data helps you identify the challenges that you will face when you are trying to finance your business. You can use predictive analytics to estimate costs and make sure that you have enough financing to meet cost projections.
Number three: Running out of resources
Just as a business or other organization may run the risk of running out of available cash as it ramps up sales, in the same way, unchecked growth can also outstrip the available resources. From raw materials and the speed at which your suppliers can fulfill your orders to the available skills within the business and the speed at which you are able to up-skill, all have an impact. Understanding what skills and resources you are likely to need and planning to meet those needs as you scale-up could be essential to your survival.
Big data makes it easier to identify sources of new materials and make sure that they are adequately stocked. This is one of the reasons that so many organizations use big data to optimize their supply-chain models.
Number four: Misunderstanding your target market
In the fast-paced digital enhanced marketplace information are king and any business that “does the business” is going to create an ever-increasing amount of data. Not only does this “Big Data” need correct management, but it can also prove to be a valuable asset when you begin to scale-up your sales. Your business can access and analyze the valuable data that it needs using a modern BI (business intelligence) system. The right system is able to link with your existing accounting, sales, and marketing systems and collate the data to make accurate scalability predictions.
Big data is essential for getting better insights about customers. You can collect from a wide array of sources. You can also look at your own digital engagement data to see how customers respond to your offerings.
Big Data is Key to Developing a Successful Sales Strategy in 2019
Running a business has never been easy. The good news is that big data is making it easier to learn more about your customers and know how to scale your sales campaigns in the years to come. Companies can use data to collect insights on their customers, make sure they understand their financing models and other essential elements.