The Data Whirlpool Triggers Business Growth: Know its Good, Bad and Ugly Sides

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

Collecting valid Information

 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:

• Goal setting for creating a Database – What does the company wish to achieve with it?
• Review of the current records of customers
• Is there a possibility of segregating customer database from the prospective list?
• Prepare to invest in research or survey
• Reliance on market reports is tricky. If you have failed earlier to get forward, maybe consider an alternative method to obtain the list
• Will response reports be valuable with existing customers or potential ones to expand the territory?
• Once you have procured, will the list be used for email marketing, loyalty programs or direct contacts?

The above questions will steer you to make future plans related to business development.

Customers Bring More Business

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:

1. Examining the information at the entry level
2. Assumed names, misspelled names should be erased
3. Duplicate data should be deleted
4. Update the records as each year nearly 30% data gets outdated
5. Keep an eye on data invalid checks
6. If companies do not take sales calls, keep them earmarked for an alternative approach

Sound Insight of Data Segmentation

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.

1. Build up semantic layers along with strong metadata management. It makes information consistent and reliable to identify a genuine prospect. The semantic layer will define the parameters that make the ‘prospect’ approachable. It will help to constitutes segments of numerous customers.
2. As technology moves forward, Data modeling is undergoing simultaneous changes. NoSQL is equally important, in fact, it is fundamental that cannot be ignored. This is the only way the data can be normalized. When a report is generated, it brings out the common factor that associate marketing with the customers.
3. You cannot do much hard selling on social media. Hence, a social intelligence team will have to re-tweak their methods to approach online consumers. However, this is an excellent platform to forge relationships with various segments of different people.
4. Software is available to segregate customers who express their needs online.

There is a saying, “if the prospect fits, then you must not quit”.

The Business Connection Between Data Appending and Email Marketing

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:

1. Getting personal with authentic customer groups.
2. Offers a phased approach to contacting the new list
3. Offer segmentation and appropriate customer profile
4. Automated versions can even make data match with an accuracy
5. With the help of geo-locations, marketers can micro-target the prospects

The above tools ensure that there are no errors in shaking hands with new customers.

What about people Tracking Technology?

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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