Sales and marketing is the backbone of every business. If you can’t sell, your business cannot survive. Over the past few years, business intelligence in sales and marketing has evolved tremendously. As a sales professional, there is plenty you can do with the business intelligence available. For instance, with data, you can devise excellent strategies to target your potential customers. In this piece, we’ll demystify business intelligence and how it can benefit your sales and marketing.
What is business intelligence?
Business intelligence is a technology that leverages services and software that remolds data into actionable insights. Such information informs a business’s tactical and strategic decisions. BI tools are quite resourceful and can generate various reports, graphs, charts, summaries that help you understand your business more.
How business intelligence can benefit your sales and marketing
Your sales and marketing can benefit from business intelligence in the following ways:
Selling more to existing customers
If you run a reasonably successful business, the chances are that you have an established customer base. But are you getting enough out of your existing customers? Probably not. Studies show that it’s easier to sell products to existing customers than new customers. That said, business intelligence helps you learn the buying traits of your customers. These tools can help you tell what they are buying more and what they are not buying. All you need to do is track your sales data. Once you analyze this data, you can identify possible cross-selling opportunities and grow your sales.
Offer better customer service
Poor customer service robs millions of businesses plenty of sales. To sell better, you need to understand your customer’s needs. Tracking customer sales and analyzing them will help you paint a clear picture of your customers’ needs. After collecting actionable insight, your sales team will have a better response during customer meetings. They can demonstrate that they are already aware of the customer’s interests and the ability to them.
Make data-driven decisions
With business intelligence for sales, it is easy to identify which marketing campaigns are doing well. Be it social media or email marketing, you can track the data and tell where you excel. When you have access to this kind of information, your sales marketing team can focus on more productive campaigns. As such, you’ll spend less money hence run more effective campaigns.
Generating better reports
Sales and marketing results are significant. They paint a picture of what is selling and what’s not selling. Moreover, you can tell which age group or class is buying more of your products. The ultimate objective of reports is to show the areas that need improvement and the methods that work well for the company. Most importantly, BI tools help to generate detailed reports that are easy to understand.
Helps and identify and focus on high-value customers
It is too easy that think your value customers is the one who places a large order. Unfortunately, this is not always the truth. Data from BI systems may show otherwise. For instance, reports could indicate that the most dependable customers are those that buy repeatedly and not necessary in large quantities. These are the customers you need to focus on because they keep your business afloat.
Support other departments
For a company to thrive, the sales and marketing department needs to liaise with other departments. Actionable insight benefits your entire company. Different departments need to know how sales are faring, where the complaints about products or customer service lie. Various BI dashboards can help share this information. As such, the sales and marketing team can share intelligence and assist all departments in pushing the business agenda.