Sales & Marketing Set To Change Due Big Data
The word “Big Data” has been flying around for a good couple of years now and the era is definitely upon us as sales and marketing pros. For those of you not hooked into reality, big data has been hyped up over the past couple of years.
Big data refers to the collection of data, data so large that it is impossible to process using traditional methods via data processing applications. Though this is only an estimate, research carried out by CSC has concluded a 4,300% increase in annual data collection by 2020.
The ever increasing collection of data generated massive challenges but on the other hand it also generates some fantastic business opportunities. Data that is random and not structured at all such as photos, videos, social media are growing at a rapid pace, this has made way for a brand new industry to start which is formed around technologies that do the storing, sorting and gleaning business insights from big data.
Companies such as Hortonworks and Cloudera help businesses manage their data using a new open-source data framework called Hadoop. Companies like Tableau, Birst and Domo help their customers see and understand their data in profoundly new ways. Collectively, these companies have generated billions of dollars of financing from investors of all stripes interested in profiting from the explosion of big data. Image Credit
So, What Does This Mean For Sales & Marketing?
Well, for many years sales teams and salespeople have relied solely on the art of closing the deal. Much like Michael Lewis in the popular book “Moneyball: The Art of Winning an Unfair Game”, they have relied on relationships and other soft factors to close the deal.
Marketing professionals have made massive gambles on campaigns with little or no empirical data to support their spending habits. As we enter 2015 the time to start thinking differently begins, it is time to turn the tables on the house. in other words sales and marketing can finally become less about magic and more about maths with pinpoint accuracy.
Finally, 5 Ways Big Data Will Change Sales & Marketing
- Large corporations will be the first to jump on big data analysis technologies, but not to worry as the smalland medium businesses will follow and will benefit even more.
- Marketing campaign spend will become more precise with pinpoint accuracy by leveraging insights from big data.
- Salespeople will adopt the new data-driven technology to target high-value clients, as well as keeping existing custom on board and expand existing business opps.
- Forecasting sales will become more easier, faster and more accurate as sophisticated algo supplant “gut free” as the weapon of choice for predicting sales.
- Sales managers will be able to adjust battlefield tactics very easily as real-time data visualization will emerge.
Are you in sales or marketing, is your business looking to buy into this technology?