Smart Data of Customers: How to control the flow of information generated by Big Data in order to make it a real strategic asset for the commercial function? Digital transformation makes it possible to increase daily the volume of data that a company is able to collect. Is this, however, synonymous with efficiency in terms of commercial steering? According to an EY – Big Data study, where are the French companies – 45% of companies collect data without it being structured.
Big Data| SMART Data Client Information
The era of Big Data emphasized the value of information as a vehicle for influence, customer satisfaction and anticipation. However how to avoid drowning in over-information? Is it possible to always take advantage of the data you collect? In this article, we explain the key steps to make SMART Data the new strategic asset of your business relationships.
“Operation downsizing” Streamline data collection
Your first challenge will be to transform the way you collect your data. There are a number of powerful and capable tools to provide your sales people with maximum customer data. However, multiplying sources and variables will not increase their ability to digest and take advantage of skilled information. On average, salespersons spend more than 30% of their time searching for missing data in your CRM. The urgency is then to the consolidation of existing data. To do this:
Define with your sales people the sources and type of information most useful to them. Then focus your attention on the most relevant sources of information for obtaining and updating it over the long term.
Then create filters to process the incoming “funnel” information. Consolidate the information until it becomes “valid” before proposing it to the consultation. For example, if a salesperson is able to meet 20 new prospects per month, opt for a filtering system that allows you to show the 20 new leads that has been filled in. De-encumber it of the 80 others that you will have simply identified but not sufficiently informed.
Exit “the Data”, hello “Customer Information”
Then define indicators that will allow you to automate the immediate processing of data. The idea is not to overload your database with raw data (data) in order to offer only information (structured data, analyzed and interpreted). Find the keys to building high – value information. (Customer behavior, opportunity track with high potential, arrival of a new competitive offer …). The digital solutions available in the Data Science offer are very diverse: scoring, text mining, data mining, etc. They will allow you to make the best use of the raw data in an automated way. Then make sure to formulate the information produced more efficiently. Do not hesitate to schematize your data. The new real-time data visualization solutions can save you valuable analysis time.
Connect information to your strategic options
Moreover, the interest of SMART Data is also based on the immediate transformation of data into shares. Once you have built and validated your information, clear the “signals” that will allow you to better anticipate certain customer behaviors. You will be able to connect them immediately to a plan prepared in advance. This technique will allow your salespeople to know what to do directly in case of “alert”. For example, you have identified in your market that a buyer is ready to make his first strategic decisions between the 4th and the 5th month after his entry (information). As soon as you announce a new recruitment (signal), trigger the action plan to be implemented. You will maximize your chances of developing this new lead in a timely manner.
Manager in the era of SMART Data: Extract the right objectives
Finally, it is sometimes difficult to explain predictions based on the data you are analyzing. Most of your analysis tools are based on phenomena: these can themselves depend on other exogenous variables. Also, the task is not easy when it comes to turning your predictions into goals. For example, it may be difficult to explain to your sales people that they will maximize their chances of winning a customer visit if they make a call between weeks 37 and 42. This also requires a lot of adaptation. Make sure to decline goals as you go, focusing on the most reliable information. As you will understand, intelligently exploiting customer information requires a lot of creativity, time and strategic retreat.
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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