Despite being an essential element of business development, not more than 0.5% of data is utilized by companies. So how can this underutilized resource be used to increase sales? Read this blog and find out!
Using data in the right and effective manner can do wonders when it comes to boosting sales. Its effective integration into your business will make you realize how beneficial it can be and what it can bring to your plate.
Integration of data into business has become extremely crucial to increase sales. Not only big giants but also small firms around the globe have been using data to increase sales. But despite its tremendous benefits and popularity, some companies are still hesitant to utilize it to their advantage. And frankly speaking, most of them do not know how to.
So if you are not sure how to use data to increase sales, then you have landed in the right place. We are here to help you with five practical ways you can utilize data to increase sales. Now without further ado, let us get started. Come on in!
Pay Attention To Your Old Data
When we talk about sales conversions, analyzing old data holds great importance. It allows you to get insight into your previous sales track record, enabling you to decide which strategies to adopt and how to proceed further.
However, to get the most out of old data, consider compiling the vital information regarding previous leads, sales transactions, opportunities and enter it into the CRM(customer relationship management) software.
By putting all of your previous customer data into CRM software, you will have everything sorted and stored in one place. This will aid you in a compelling analysis of the data, consequently enabling you to gauge which strategy or procedure works best when reaching out to clients.
With the help of old data, not only you will be able to understand your audience better. But it can also help you determine high-value clients. And with this information by your side, you can make strides in your sales conversions. Great, is it not?
Optimize Pricing
When launching a new product in the market, one of the major challenges that companies often face is pricing.
Price and demand are inversely proportional to each other. According to the law of demand, an increase in the price of a product decreases its demand. But does it mean that companies should drastically drop their prices to increase sales? No, not at all. Instead, you should focus on adjusting prices.
While keeping prices too high can drive your customers away, keeping them too low can put a strain on your sales conversions. So how should you optimize pricing to increase sales?
Well, the right usage of data can indeed solve your problem of pricing. But how exactly?
All you need to do is access the data stored in your CRM software and segment your customers based on their behaviours, purchasing decisions, and demands. This will allow you to come up with a perfect market price that your customer will be happy to buy your product at. Thus, it will help in boosting sales.
Further, conduct your own research on the rates your competitors are offering, market opportunities, and customers’ buying patterns. By combining and utilizing both internal and external data, you will be able to devise the correct pricing structure for your customers.
Focus On Your Brand Messaging And Refine It According To The Needs Of Customers
Customers prefer engaging with the brand they find perfectly suitable to serve their purpose. They tend to communicate with the brand that knows what their problems, desires, and preferences are. Now, this is where the role of data to increase sales comes into play.
To begin with, consider segmenting your customers based on their location, age, marital status, gender, and so forth. But how does it solve the problem? How can you be sure what message works best for which customer?
Well, the answer is A/B testing. With the help of A/B testing, you will be able to analyze the different behaviours of your customers. And how they respond to your tag lines, pictures, offers, headlines, sales copy, etc.
So having this vital set of information by your side, you will be able to refine your brand messaging in a way best suited to your customers’ needs. And when customers will be happy with you, your bank account will be brimming.
Use Data Visualization
Gone are the days when employees used to spend hours analyzing raw data. Not only was it a tedious task, but it also had a great negative impact on employee’s productivity. But gladly, it is not the case anymore, as there are several data visualization tools that companies can benefit from.
With the help of such tools, even a tremendously large amount of data can be displayed in the form of easy to comprehend visuals and data charts.
One great example of a sterling data visualization tool is GeckoBoard. It is a dashboard app that converts complex data into easy-to-understand visuals, making it easy for sales teams to analyze data, track progress.
All in all, by using data visualization techniques and tools, you can make it easier for your team to make crucial decisions based on visual data with an aim to increase sales.
Focus On Creating Spellbinding Case Studies
If you want to boost your sales up, then using case studies is what we will highly recommend. Case studies(an organized form of data) are an excellent way to get the message across by highlighting real-world examples. Further, case studies can make customers aware of your capabilities and future goals.
You can use applications like SketchDeck to incorporate your different data elements into case studies to gain customers’ attention and persuade them.
Aside from incorporating text form of data, also ensure to include informative images and data charts representing benefits and key points into case studies.
Also, make sure to keep your case studies short and to the point, excluding less relevant information. Getting results out of case studies may take longer than you expect. But once it starts happening, you will begin to see the elevation in your sales graph.
Wrapping Up!
The right and proper usage of data can help companies to increase sales by leaps and bounds. By understanding how to utilize data properly, you can take your business to the next level.
Getting results out of effective data incorporation may take time. But you will eventually start seeing substantial growth in your sales. So use your data wisely and it will help increase sales.
We hope that the information provided in this blog has served your purpose. Do you want to read more? Check this blog out:
