Data is everywhere—and you are likely collecting more than ever on all areas of your business and your customers.
As we know, data is the new oil in the marketing world—but so many of us don't really know how to use it to drive revenue and growth strategies. It is reported that nearly 40% of CMOs worldwide use data and analytics in some capacity before making a decision.
So, how can we begin to align all this disparate data into something actionable? As a business owner, you're always looking for ways to increase revenue and grow your company. But have you ever thought about how data can help you achieve your goals?
This blog post will discuss the importance of understanding data-driven strategies and how they can help you drive performance in specific GTM functions.
Interpreting Data: Essential to Drive Revenue and Growth Strategies
You're missing out on a critical piece of the puzzle if you're not leveraging data to drive your business decisions. Data can help you understand what's working and what's not, identify areas of opportunity, and make better data-driven decisions to grow your business. It also enables you to know who your customer is by giving insight into their behaviours and preferences so you can provide them with tailored solutions.
One-way organisations use data to get ahead is by measuring marketing ROI, which leads me to my next point: measuring marketing performance.
McKinsey research has shown that companies that utilise analytics and data in their workflow have increased their ROI by 15% to 20%. And an additional 2/3 of all executives believe that analytics-driven strategies will be essential for achieving long-term growth.
Yet many businesses continue to spend thousands of dollars on investments that do not produce the desired results because they don't know how to evaluate the effectiveness of their marketing programs.
This is where the true power of data and analytics lies. Interpreting data is a fundamental process in the revenue cycle and across GTM functions, specifically sales and marketing.
With sales data, you can assess the value of each sale and compare it to the average or median value of similar products; this allows you to determine whether price points are aligned appropriately with value. It also lets you monitor factors like product demand (e.g., seasonality) or competitor activity (e.g., promotions) and respond quickly to changes in market conditions.
Data Can Be Used to Help Drive Performance in Specific GTM Functions
Whether you're looking to increase website traffic, improve conversion rates, or reduce customer churn, data can be your best friend. By understanding which GTM functions are most important to your business goals, you can start using data to drive performance in those areas.
For example, if you're looking to increase website traffic, you can use data to track which channels are sending the most visitors to your site and then focus your efforts on those channels.
To improve conversion rates, you can analyse data to see what content resonates with your audience and optimise that content accordingly. If you want to reduce customer churn, it's helpful to know where customers are falling off during the onboarding and adoption stages to provide them with a better experience as they interact with your company and help them realise the value of your product.
Motivation for the Sales Team
Most salespeople are always looking for an edge. That's why it's important to understand how the data from your sales cycle and marketing efforts can help drive revenue and customer success. Data is one of the most powerful tools in a company's arsenal for maximising revenue opportunities and minimising customer churn.
Data can help pinpoint areas in the sales process where motivation is lagging and identify which team members may struggle. In addition, data can be used to set targeted goals for the sales team and measure progress over time.
By understanding how data can be used to improve motivation and performance, companies can ensure that their sales teams are continually operating at peak levels. When it comes time to review sales results, data can provide critical insights into which motivators are most effective and where there may be room for improvement.
As the saying goes, knowledge is power. And when it comes to increasing motivation and boosting performance, data is king.
Implementing Changes According to Your Data to Drive Growth and Hyper-personalisation
To grow your business, you must have a firm understanding of your data. Without it, you're operating blindly and making informed decisions that can help drive growth will be difficult.
However, with data, you can see what's working and what isn't and make changes accordingly. Additionally, data can help hyper-personalise your sales and marketing efforts, leading to more conversions and happier customers.
It lets you know who is in the sales funnel and how they will react to specific messages or product offerings. The key is knowing where these prospects are in the process so you can focus on the right thing at the right time.
Always Measure, Test, and Evolve Your Process to Drive Profit
To drive profits, it is essential that you are constantly measuring, testing, and evolving your process. Doing so will enable you to assess what is working and what is not accurately. This is how you can make changes on the fly to improve results.
The bottom line is that if you want to drive profits, you must constantly monitor your process and make adjustments as necessary. Data can help you do this.
Focus on Your Customers to Get Better Data
After all, they're using your product or service and generating the data you need to improve your business. To get better data from your customers, start by talking to them. Ask them what they like and don't like about your product, what their pain points are, and how you can improve.
You can also look at customer feedback forums and social media to get an idea of what people say about you. While this may not be a large sample size, it's still an excellent way to see what your customers are thinking - and if you find one person with a problem, there might be thousands more just like them who have never complained.
Another way to collect data is through in-person or email surveys. For example, if someone has subscribed for a trial with us, we'll send out an email survey three days after they sign up, asking for feedback on how we could make the process smoother.
How Is This All Connected?
If you're like most people, you probably think of data as something dull and lifeless. But the truth is, data is anything but boring. It's a critical point in driving revenue and growth strategies.
Data can be used to help drive performance in specific GTM functions. It can be used for lead qualification and enrichment, targeting relevant audiences with personalised messages, or optimising media spending with insights from past campaigns.
Sales cycle and marketing data influence revenue because they reveal the prospects who are moving towards purchase intent or readiness more quickly than others so that you can take appropriate action sooner rather than later.
And customer success data tells you which customers require special attention to keep them satisfied and reduce customer churn.
When these three elements work together, companies see a boost in revenue and sales.
Is your organisation capturing the correct data and using it effectively? If you're ready to take your business to new heights, contact us today and let us show you what we can do.