Neural Coding Your Business: How Analytics
Can Guide You to Sell Better
Can Guide You to Sell Better
Alan Ho, Director of Marketing for Asia Pacific and Japan at
TIBCO Software
TIBCO Software
Forrester noted in its
2016 report that as customers grow increasingly empowered
by new technologies and have greater access to rich information resources, they
now need brands to respond quicker, better, and more efficiently to stay
relevant.
Ask any marketer today what the latest “must-have” in their marketing
funnel is, and you will likely find data analytics as one of the top demands in
response to such pressing customer needs. While brands are getting better at
collecting and collating data sources, most in fact are still trying to play
catch-up with understanding the data and providing useful, actionable insights
for the sales organization.
funnel is, and you will likely find data analytics as one of the top demands in
response to such pressing customer needs. While brands are getting better at
collecting and collating data sources, most in fact are still trying to play
catch-up with understanding the data and providing useful, actionable insights
for the sales organization.
This trend is hardly something new. Similar
to buzzwords like “content marketing” and “account-based
marketing,” using data, understanding big data, and
applying it to business decisions have been on the to-do list of CIOs and CMOs
alike for as long as we can recall. (To be fair, the concept
of big data may date back as early as the 1940s, so it
has been a while.)
to buzzwords like “content marketing” and “account-based
marketing,” using data, understanding big data, and
applying it to business decisions have been on the to-do list of CIOs and CMOs
alike for as long as we can recall. (To be fair, the concept
of big data may date back as early as the 1940s, so it
has been a while.)
Data analytics today is being used across functions to
address varying levels of personalization in a multichannel market. Customer
experience (CX) teams may use this to address previously logged issues or
experiences and provide better recommendations when engaging the customer.
Digital experience teams may use online engagement statistics to drive their
next UX updates and map digital pathways across online channels and assets.
address varying levels of personalization in a multichannel market. Customer
experience (CX) teams may use this to address previously logged issues or
experiences and provide better recommendations when engaging the customer.
Digital experience teams may use online engagement statistics to drive their
next UX updates and map digital pathways across online channels and assets.
Sales teams tap on data such as demographics, spend history,
and likes to develop a look-a-like of their best customers. Marketing continues
to strive for better marketing return on investment, and more importantly, clear
attribution to the business’ bottom line.
and likes to develop a look-a-like of their best customers. Marketing continues
to strive for better marketing return on investment, and more importantly, clear
attribution to the business’ bottom line.
Data for me, data for you
So it looks like using data to make informed decisions is no
longer a privilege limited to big businesses. We know for a fact that knowing
where to look for the right information is the first step of getting on track
to delivering data-driven success. Customers know that too, and as knowledge
keepers of customer data within an organization, sales and marketing may hold
the key to pulling together the right technologies, people, and processes to truly
make data analytics work.
longer a privilege limited to big businesses. We know for a fact that knowing
where to look for the right information is the first step of getting on track
to delivering data-driven success. Customers know that too, and as knowledge
keepers of customer data within an organization, sales and marketing may hold
the key to pulling together the right technologies, people, and processes to truly
make data analytics work.
Ideally, sales and marketing each own clearly-delineated
sources of customer data and put these into a comprehensive database, supported
by sales and marketing automation tools that can help keep the leads pipeline healthy
and revenue projections on target.
sources of customer data and put these into a comprehensive database, supported
by sales and marketing automation tools that can help keep the leads pipeline healthy
and revenue projections on target.
In reality, data siloes—amongst other challenges—remain the
bane of organizations trying to move ahead in their pursuit of powerful
analytical insights.
bane of organizations trying to move ahead in their pursuit of powerful
analytical insights.
According to a survey of data
scientists, data preparation alone accounts for 80% of the work they
do, plus 60% of time spent on cleaning and organizing that data. Harvard
Business Review further cements these findings, listing out the multiple
reasons of how isolated data pools can lead to the impending failures of data
initiatives. All these statistics and findings make the hopes of tapping into
the immense potential of data look bleak. However, in more recent times,
finding a viable combination of software applications may just be the simple
answer to a complex question.
scientists, data preparation alone accounts for 80% of the work they
do, plus 60% of time spent on cleaning and organizing that data. Harvard
Business Review further cements these findings, listing out the multiple
reasons of how isolated data pools can lead to the impending failures of data
initiatives. All these statistics and findings make the hopes of tapping into
the immense potential of data look bleak. However, in more recent times,
finding a viable combination of software applications may just be the simple
answer to a complex question.
Working backward for the
right decision
right decision
Your data can be a gold mine if you’re able to put it to work
at every level of your organization. If you don’t know where to start, you
might want to consider working backward to re-enable your business with the
right knowledge and direction to move.
at every level of your organization. If you don’t know where to start, you
might want to consider working backward to re-enable your business with the
right knowledge and direction to move.
People
Firstly, with digital and physical interactions so tightly
intertwined, data can come from all sources of your customer-facing or non-customer-facing
teams. By identifying who plays a direct role in creating and collating your
data sources, users are able to distinguish relevant information for their
respective roles. Giving them the knowledge of how their inputs will influence
the way you delight customers in the long run will not only drive better collaboration
across function, but also rally your troops towards a shared objective.
intertwined, data can come from all sources of your customer-facing or non-customer-facing
teams. By identifying who plays a direct role in creating and collating your
data sources, users are able to distinguish relevant information for their
respective roles. Giving them the knowledge of how their inputs will influence
the way you delight customers in the long run will not only drive better collaboration
across function, but also rally your troops towards a shared objective.
Processes
Secondly, understanding data and processing information
should not be a limiting process. A CMO may already have a dashboard and
business objectives in mind, but introducing formalized processes can help
promote a data-driven culture within the organization. An intelligent insight
platform should be able to not only process data, but also have the
capabilities to create guided experiences through your data, helping explain
the most complex concepts in the simplest manner so that anyone can have access
to business intelligence
should not be a limiting process. A CMO may already have a dashboard and
business objectives in mind, but introducing formalized processes can help
promote a data-driven culture within the organization. An intelligent insight
platform should be able to not only process data, but also have the
capabilities to create guided experiences through your data, helping explain
the most complex concepts in the simplest manner so that anyone can have access
to business intelligence
Technologies
Lastly, identifying the right technology mix can be tricky.
Most often, service providers or solution vendors provide a piece of the puzzle
without fully understanding the greater picture. It is like reading a sign in a
different language. However, without your mind’s intelligent processing or the
ability to apply meaning to symbolic representation, all your eyes are doing is
collecting information about what is in front of you.
Most often, service providers or solution vendors provide a piece of the puzzle
without fully understanding the greater picture. It is like reading a sign in a
different language. However, without your mind’s intelligent processing or the
ability to apply meaning to symbolic representation, all your eyes are doing is
collecting information about what is in front of you.
Likewise, having an automation tool that just streamlines
your data sources and displays them into charts and figures doesn’t necessarily
solve your problems of needing actionable insights. If the brains of your
business are intelligent data analytics technologies, then marketing and sales
automation are your arms and legs, waiting for sensible signals in order to
execute their next move.
your data sources and displays them into charts and figures doesn’t necessarily
solve your problems of needing actionable insights. If the brains of your
business are intelligent data analytics technologies, then marketing and sales
automation are your arms and legs, waiting for sensible signals in order to
execute their next move.
Deeper insight and best
action changes everything
action changes everything
Working with a solution partner who can help you understand
and fit the pieces together not only helps you start fast and learn fast, but
also pick up the pace to easily address your customers’ needs.
and fit the pieces together not only helps you start fast and learn fast, but
also pick up the pace to easily address your customers’ needs.
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