Both salespeople and marketers have experienced a significant change in their roles in response to digital transformation.
The sales team has to equip itself with more detailed, individualised information about each prospect to meet expectations around tailored communications that leverage everything the company knows about a prospect to improve interactions. Sales teams are looking to turn quick sales into long-term value.
Marketers no longer focuses on brand-building alone; now, marketers are tasked with driving measurable business growth. This includes customer acquisition, conversion, retention, loyalty, and lifetime value.
Marketers also need to lead in digital commerce, customer experience, sales and business development. Consequently, marketers must succeed at data collection, analysis, integration, and activation.
More than this, data is the key to demonstrating a deep understanding of customers’ drivers, behaviours, needs, and perceptions. Demonstrating this is the price of entry for most businesses today; many customers simply won’t consider doing business with an organisation otherwise.
Despite being highly aware of the value of data, most marketers are frustrated by how hard it can be to extract valuable insights in a timely manner. While it would be great to implement a new, data-focused solution, they still need to leverage existing investments in systems such as CRM. They need a solution that helps unlock the hidden power of the existing CRM system and digital data.
A recent study by Dun & Bradstreet revealed that, despite organisations investing in data to improve their go-to-market activities, only half the buyers say they’ve noticed any real change in sales and marketing communications. Barriers to improving the marketing message can include data silos, lack of insight sharing across the organisation, or using outdated or incomplete data*.
We leave footprints with every digital transaction, which is why big data is so big and growing. The market is hungry for solutions that can read and analyse the growing amounts of data trapped inside core systems. Accessing real-time, relevant, complete datasets is a key challenge.
Many companies waste time and resources on customers that don’t deliver a strong return on investment. These companies would be better served by focusing those resources on the loyal customers that will help boost sales could become brand advocates. Understanding which customers are in which group is the key; that’s where data comes in.
Paradoxically, the more data marketers have, the harder it is to use that data effectively. And, if they can’t use data effectively, or if it costs too much to access the data, then the business will struggle to generate a strong sales performance.
Cicilie Arentz, Marketing and Communications Manager, Empired