Analysis Paralysis or Useful Metrics?
Understanding research and survey data with Momentum
Worldwide, every one of us is creating 2Mb worth of data every second. Just take that in: for one second.
With the advent of 5G communications, the dream (or nightmare) of ‘the internet of things’ constantly communicating, means that data volumes are set to increase exponentially for the foreseeable future. While some companies struggle to understand the basics of data (and where to store all these numbers!), Momentum have been working on doing more with data for over twenty years.
In this short blog, we look at the value of data in helping your company’s growth strategy and the importance of data stratification – in other words, putting the best prospects in the crosshairs of your sales teams.
We also consider why data accessibility and mobility is important – and essential. We hate to tell you this, but emailing contact data on spreadsheets is definitely not the done thing in 2021!
The real value of data
As we’ve mentioned, there’s a lot of data being created today, and every day. Whether your company creates automated data (such as via a back-office process) or via marketing campaigns (such as a subscriber database), your data will almost certainly fall into at least five pots:
- Valuable for sales and marketing use.
- Valuable for internal use.
- Valuable for statutory use.
- Valuable for reporting.
- Valuable for integrity checking.
In these five pot scenarios, you’ll note that there is no mention of a ‘trash bin’ or other ‘miscellaneous’ pot as we believe that 99.99% of what you create can help your company do more or do better at some point in the future.
It’s worth noting that a famous online retailer retains 100% of data ad-infinitum as they believe that everything will be worth something, one day.
Momentum are involved in all five pots with many of our partners, but understanding how best to use data to improve sales or support the sales effort is usually of prime importance.
Doing more with data: the basics
These five core data deliverables will help your company achieve more from the data you currently own, or could easily develop from straightforward marketing activities.
Prospect Profiling – understanding who is on your contact database, the position they hold in the targeted enterprise, their sphere of influence and understanding their potential.
Market Profiling – understanding the size of the prize and potentially your share of the market.
Data Cleansing – understanding the quality of your data by undertaking various data hygiene techniques (including telemarketing) to help you work with the best possible data in your marketing and sales campaigns. (Check out our unique VACUUM principle online now)
Quality surveying – understanding your company performance by undertaking research surveys, ensuring you’ll keep your best-performing clients (advocates) and help you convert more from your marginal performers.
CRM – putting everything in one place, allowing real-time input, analysis, sharing and collaboration on any device, on any connection and at any time!
You’ve done the data, now develop and implementation strategy
Implementing a marketing and sales strategy is part of a long-term journey for your company. Seldom does a social media campaign go viral on day one or a blog get syndicated in its first week. It’s also true that there remains an element of luck in any strategy (we’ve all hit on that lucky lead just at the right time, haven’t we?) but for many of us, setting a strategy is an essential part of the business.
Setting a sales strategy when combined with a powerful data platform will allow your company to understand the best route to market or the best way to develop a new channel. It will also help with setting a longer-term plan, with an eye on future funding, product launches or resourcing.
Implementation is seldom a single event, but a string of planning, deliveries, learnings, amendments and repeat journeys. Over time, these inputs and outputs will help define your ‘business as usual’, including setting aside contingency time and accommodating for future change management.
What if we don’t have the capacity to do more with data?
We’re experts in working with partners of all sizes, from OMB’s to multinational enterprises. Whether you’re working on your own or as part of a team, outsourcing some or all of your data analysis and sales/marketing strategy to Momentum can help you see ‘the wood from the trees.’
Getting going with your strategy can start with a brief meeting, which allows our team to understand your aims. We’ll then collaborate to define a support strategy and potential outcomes and get moving straight away.
How do we get going?
If you think you know what you need, give us a call to chat it through. We can get going straight away. Call us now on 02476 662 004.
If you would like some advice to talk through where Momentum can help your company flatten the waves of business in 2021, book a Discovery Meeting with Heather. Email us with your details and we’ll do the rest: firstname.lastname@example.org