Fuel Revenue With Data Stories
If data is the fuel, storytelling in sales is the engine.
Great salespersons tell great stories to build rapport and engage with buyers. Powerful data storytelling is proven to improve business profits if done right.
Google, Facebook, Instagram, Snapchat, Amazon, and other tech giants are selling data as part of their revenue source.
E-commerce giants and startups such as Amazon, Taobao, JD, Lazada, Grab, Uber, and Airbnb knew the power of data intelligence since they started the company. These tech giants have teams of full-time data scientists, analysts, and tech engineers who develop machine learning algorithms to make smart decisions from the exabytes of data collected every day.
They have demonstrated the power of data when used correctly, can generate millions of revenue. Organizations with data-driven sales readiness strategies will outperform those without a sales strategy.
A data-driven approach is inevitable in this current world. Organizations that masterfully use technology to identify and close sales gaps will reap profits faster and capture market share from those who do not capitalize on available digital technologies.
How well you understand your customers will define the level of engagement and loyalty your customers have to you.
Sell better with data storytelling
Narellan Pools, an Australian-based swimming pool builder, decided to adopt a data-driven strategy for its marketing campaign in 2015. By analyzing seven terabytes of data over 100 million rows in total spanning five years, the data science team discovered that temperatures and the season of the year dramatically impact sales.
Sales and marketing content were then designed based on factors influencing sales, such as temperature and demographics.
The content was also selectively delivered to neighbourhoods that showed the highest chance of a conversion.
Throughout the campaign period, the marketing campaign was automatically turned on and off, triggered by temperature fluctuations in a particular region.
As a result, leads increased by 11%, while sales increased by 23% during this period.
The data-driven marketing campaign generated a ratio of revenue to an expenditure of 54:1, with only 70% of the marketing budget spent.
Source: How a small company used big data to increase its sales
https://www.imd.org/research-knowledge/articles/how-a-small-company-used-big-data-to-increase-its-sales/
Influence purchase decisions based on data storytelling
Researchers at McKinsey and MIT found that organizations committed to data-driven culture and decision-making “were, on average, 5 per cent more productive and 6 per cent more profitable than their competitors.”
Business development and sales professionals can leverage the value of data storytelling when selling to business decision-makers.
Make Meetings More Interactive and Dynamic
An insightful presentation can showcase your domain expertise and enhance your influence in steering business direction.
Data storytelling and data visualization can help turn your sales presentation into a more compelling and impactful storytelling session.
Develop a Data-driven Sales Strategy
Here are four critical questions you need to answer when you are developing a Data-Driven Sales Strategy are:
“What problem are you solving for your target audience?” – Is your business solution solving a unique problem effectively for your client? Can you support your business solutions with data such as testimonials, percentage increases, and improvements over time?
“Are your teams ready?” – with the skills, knowledge, and resources to be successful? Is everyone in your team able to manage the client effectively?
“Is it working?” – are your approaches leading to the revenue-generating results you expect?
“How can you improve the model?” – If it works, how can you scale up? If it doesn’t work, how can you improve it to make it deliver the intended results?
CADS help organizations develop a data-driven strategy to improve sales conversion, optimize business processes, enhance customer experience, and more.
Contact us for a one-to-one strategy consultation session to solve a business problem by formulating a data-driven strategy.