There are 3 primary methods by which global companies develop the business. They all refer to acquire data from various sources. The information gathered is exploited for marketing, developing authentic leads and contacting people to expand the customer base. Currently, the concept of ‘people tracking technology’ has rapidly replaced conventional forms of gathering information or genuine data. No matter which way connections are established to build a business in an organic manner, everything revolves around big data.
Data collection remains a tricky business but definitely the bread, butter, and jam for expansion. There is something good, bad and ugly about it. This blog offers a three-way perspective to understand the data whirlpool to exploit its potential with innovative technology and tracking systems.
The bread, butter, and jam perspective
Growth is possible with the right leads and the marketing department first needs to recognize the process of collecting reliable information. If you represent this department, your bread, butter, and jam will be having a sophisticated CRM in place which will store details of customers.
Acquire the knack of moving in the precise direction and find out:
The above questions will steer you to make future plans related to business development.
Customers come to the retail store for shopping or even do the same online. The company collects data from their purchasing behavior. Millions of such records are analyzed, and its efficiency holds the key to expansion. All information derived from transactions and sales has to undergo the process of analyzing. It is an integral part of the data cleansing process.
Inaccurate records result in lost opportunities. Instead of hovering around the wrong prospects, it is better to chase positive leads and makes the sales effort count. Zeroing on the cleansing pattern with regularity. Market leaders should set goals and parameters on authentication at ground level. This will clear the misconception early on and mitigate risks of using wrong information.
When a possible prospect’s information comes in the system multiple times, it could be challenging to clarify the relationship he/she has with the brand. CRM systems need to be aligned to reduce efforts and perceive the patterns of behavior. You will need to figure out by analyzing their interaction.
Data cleansing will involve:
The records can be based on job title, different groups or communities, locations and also on past purchases. This provides a logical idea on how to approach the people. Such segmentation helps to get qualified leads. The use of marketing qualified lead (MQL) is a professional way to approach the prospect. Updating information is equally essential to keep the segments alive.
Over here are some more points to keep in mind to earn the bread, butter, and jam.
There is a saying, “if the prospect fits, then you must not quit”.
This brings us to appending and emailing techniques that should be designed to attract the right customers. Separate campaigns work best so that each person is approached individually. A mass email is quickly consigned to the bin. This is one reason why backup is required of all the addresses.
Keeping the data clean and smooth like butter, it will cause the desired responses. There is a sharp connection between data appending and business growth. Often the company will buy data to contact new customers This is a very common strategy for B2B marketers. Is it the need of the hour for your company? If you revisit the questions listed in the beginning, it could clear many doubts.
Appending is often done after cleansing is over, to update new records. There are many kinds of Data Appending Services (DAS) that are in existence. You can append data from emails, telephone directories, social media, postal addresses. On the other hand, the same can be done also with behavioral patterns, psychological profiling, firmographics/demographics and technological appending.
It helps to expand business by:
The above tools ensure that there are no errors in shaking hands with new customers.
Where does this advanced technology lead the business? Getting human assets and things connected is bringing a new alternative to managing data. Tracking is sensitive and draws a thin line between snooping on private lives. Can this be restricted to the milieu of customer information for the purpose of business growth only? Yes, if a company follows the best practices, it is viable. You can get smart trends of consumer behavior and help the sales teams to move forward.
While we see that data cleansing, appending and segmentation are good, the tracking system is an ugly part. Until it is necessary, this method should be avoided. There are perils of technology, but a sound insight is required to be ethical in the competitive business environment. Sticking to using the most hygienic methods that revolve around data should be your priority.
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