Data plays an important role in sales and marketing. Not only is it necessary to track strategies and plans, but it is also helpful in making decisions.
As the name suggests, information-based or data-driven decision-making refers to a strategy that uses data to make well-informed business decisions. To do this, group historical data. Then, look for and analyze trends. The results will be used in making decisions. In short, you will be using past observations to decide on the future instead of basing critical choices on opinion and gut feelings.
So, what type of business decisions can be made using data?
Companies can use the information to make decisions related to the growth of the business. It can also be applied in terms of finances, sales, marketing, and customer service.
It is important to note that data is only helpful if handled properly.
Here are three tips sales teams can try to improve the use of analytics for decision-making.
Data literacy refers to one’s ability to understand and communicate data. At the same time, it includes proper contextualization. It also includes data sources and analytical methods.
That said, many companies fail to develop data literacy. Thus, they lack the competency to apply the information gathered to gain business value. The sales team should be developing strategies to ensure better data literacy. Members may learn through training. The company should also offer internal support.
Data is necessary for reports. To improve data-driven decision-making, these reports should align with how the team works. In other words, reporting should be based on the use case and not the other way around.
Among the common use cases for sales analytics are pipeline management, seller coaching, and territory planning.
It is also important for sales teams to realize if certain areas need improvement. Look for inefficiencies.
Remember, bad data can lead a company down the wrong path. Thus, causing wrong decisions.
Define the goals you want to achieve. Then, focus on relevant and useful data. This way, you can prevent using bad data that may lead to business inefficiencies. Prioritize data based on value. Work on points that need to be resolved.
To ensure accurate and reliable data, it may help to partner with a trustworthy service provider. ThunderAct can help. Contact us now to find out more about customer data analytics and how you can use data to your advantage.
don’t miss any of our top articles