How Is Data Analytics Changing B2B Sales For the Better?
The last 10 years have been a blessing for all those companies that depended on technological advancements for their growth. Apart from that, the consumer market too witnessed a steady rise during the development of artificial intelligence and analytics technology. With the expansion of the market, organizations had access to more consumer data than ever to base their crucial decisions on. With the advent of these technologies, businesses now have a new and more credible way of analysing data in sales, marketing and all the other integral areas.
Why Do B2B Sales Need Data Analytics?
Understandably, B2C (business to consumers) sales have much more data sources to rely on than B2B companies. Nevertheless, when a company sells its services to another business, it comes across just enough data to generate actionable insights from. The rudimentary aim of incorporating data analytics in B2B marketing is to understand the buyer’s intent, persona and journey. It goes without saying that in B2B sales, the objectives transforming potential leads into profitable deals are numerous and diverse. Therefore, to find a pattern in these customer journeys and accordingly tailor their marketing strategies, companies must turn to data analytics and the right set of tools capable of refining the information available and converting it into valuable acumens.
Irrespective of the targeted audience, data analytics can improve operational efficiency, product development, and price optimization through its insights. Unlike the conventional methods of analysis that mostly depended on the human workforce and its experiences, data analytics lets machine learning algorithms take over to gather, sort and analyse data with reduced number of errors. These findings, in turn, help business leaders place their bets on the most viable solutions at a given point of time. Here are a few advantages of data analytics for B2B sales that will streamline your marketing efforts and reap higher profits.
How Can Data Analytics Improve B2B Sales?
Precise Product Recommendation
As opposed to B2C, B2B businesses cannot design and present a portfolio to their clients for sales. This infers that if their marketing campaigns are not directed in the right way, they might miss out on lucrative opportunities. However, if your sales team resorts to data analytics in this case, it could segregate its customers into different categories and offer them the most suitable services. Following this, the requirements of the consumer groups can be compared with one another to recommend relevant products and services to each one of them. Additionally, data analytics can spot cross-selling prospects amongst the different customer groups, if any, to increase revenue generation.
Improve Sales Forecasting
Just like any other organization, sales forecasting is more or less the nucleus of B2B businesses. Had it not been for data analytics, companies would have continued to use the complicated standalone applications and spreadsheets to predict market demand. Analytics allows companies to constantly update and improve their business models with accurate, historical data useful for the current consignments. By comparing the present and past scenarios, sales managers could accurately locate the profit points and predict what lies in the future. With a clear picture of the time ahead, it becomes easier for the company to manage stock, optimize time and resources, and most importantly, keep an eye on the rewarding openings.
Increase Website Traffic
Fetching traffic to your website is one of the most formidable ways of generating leads. The fact that the same strategy wouldn’t work across all marketing channels doesn’t have to be stated separately. Hence, when you are carving out more than one campaign, you must also have the necessary tools for gauging their rate of success at your disposal. When you know which approaches are bringing you the most number of leads, you could save a lot of time and money in the future by focusing on refining them only.
In fact, powerful data analytics tools like Microsoft Power BI could present these reports on real-time dashboards that simplify the process of turning raw data into intelligence. These reports could be accessed from any device that has a stable internet connection and updated anytime for users to keep track of the website traffic and new leads as soon as they are generated. Depending on your needs, you could customize the sales dashboards with different conversion metrics and uncover vital insights into which of your marketing campaigns are actually driving proper transactions.
The power of predictive analytics in B2B sales lies in its ability to skim thoroughly skim through past customer interactions and predict how effective the product would be in the market in the near future. Instead of investing time and efforts in convincing all its potential customers, the sales team of a B2B company, with the help of data analytics, could pull out the names of the organizations that are really interested and suggest them a list of products/services. Similarly, if you company is pitching to another business through presentations, data analytics could help you understand which of them created the most amount of impact and why. As mentioned before, relying on analytics rather than your instincts and experiences could provide more fruitful insights and close deals that assure better profits and improved customer relationships.