Four Ways Big Data Can Drive Your Sales To The Next Level

1. Four Ways Big Data Can Drive Your Sales To The Next Level https://activewizards.com

2. In the old days, there was an in-balance between the seller and the buyer, where the sales agent often had a lot more information at hand than the buyer. With B2C, but also more and more for B2B sales, this has changed drastically. Customers can scan a barcode or perform a simple search query to find similar products at different website for different prices. The balance has changed in favor of the buyer. Customers use the data to find the right product at the right price. Organizations can, however, do the same to increase their sales. As is for customers, more information is better, and sales people need to have the right information at hand to counter negotiation tactics used by the buyers. They need to have this information in real-time at their fingertips; who is the customer, what are the interactions, transaction history etc., which is important to determine the sales price.

3. Finding new markets and leads Analyzing your website statistics and social media can help your organization identify the products and services that are regularly viewed, but not as often bought. Traditional website analytics already provide a lot of information for companies, but being able to link that data to social data will help you understand barriers standing in the way of a purchase.Analyzing the social data of your customers or your target group using natural language processing, will provide you with valuable information about what people think of your products and/or services. Who are they and what are they, and their social networks, looking for? This could help you identify new markets, new target groups and therefore give you new leads.

4. Driving Repeat Sales Data from social networks can also be used in order to recommendation engines, such as Amazon is doing really well, you provide a valuable service to your customer that will result in increased repeat sales.

5. Reduced Prospect Research Time The best sales professionals understand that in order to win the customer, it is important to know as much as possible about them. According to a study by Aberdeen, sales representative spend 24% of their time doing research, resulting in lost sales opportunities. Big Data can do all this work for the sales representative and deliver automatically generated, detailed reports of prospects so that all your sales reps have the same information, in a fraction of the time. Plus, Big Data analytics can find the common traits among the best customers to determine new customers or better approach existing customers.

6. Predict future sales Analyzing sales data from local stores across the globe can help organizations accurately select the best selling products at product and/or store level. This information will help organizations determine which products to sell at what location and to make real-time adjustments if necessary. This will ensure for example that a store is not out-of-stock of a certain product when the product suddenly goes viral in a certain area, as Big Data analytics could have predicted it.

7. Many organizations are already using Big Data analytics to optimize their sales organization. One of them is Walmart is relying extremely heavily on Big Data to increase their sales by creating the Social Genome, a vast, constantly changing, up-to-date knowledge base, with hundreds of millions of entities and relationships, of their customers in order to recommend the right product at the right moment to the right customer.Big Data offers many different possibilities for your sales organization and if implemented correctly, the right Big Data Strategy can significantly improve your sales.