“Carl, why are you so obssessed with data?”
“Because data tells you stories. Behind these stories, you will find actionable insights.”
Dalphine would always tease me on how data obsessive I am.
I certainly don’t think I’m being obsessive, I just feel that we’re not using data enough.
Let me ask you this, how many of you can actually find out:
- How many meetings did you meet on average to close a sale?
- What was the trigger point that lead to the sale?
- What was the items they viewed before proceeding to check out?
- After understanding all of the above, how can you improve?
If you’ve did telemarketing before (which I did), you would know that 8 out of 10 customers that you called would raise similar questions.
With these data, you would be to understand your customers better to craft out a proper response to certain questions which is helping you in closing sale or setting appointment.
This is what I call being data-driven.
Data-Driven is using data to validate your assumptions
Many companies have been sold on the concept such as big data and predictive analysis. I even got this:
“Look Carl, we understand why is it important, but we don’t really know how to do it.”
The telemarketing example I raised earlier is one simplified data-driven execution.
All we have was a spreadsheet and being consistent in documenting it.
Using salesforce doesn’t make naturally make you data-driven.
It’s the approach to data that counts. Being data-driven is a mindset that you validate your assumptions with data.
In essence, data helps you to identify few things:
- What leads to the purchase – the buyer’s journey.
- What are the questions raised by buyers in between.
- What pushed them to make the purchasing decision.
All you need to do is to collect the data, and analyse them.
What should I track for data?
From the number of offline meetings to closing of the sales. Everything in the process.
Find out the how your top 20% customers are behaving and study them carefully.
Think along the lines of:
- How did we get them to this stage?
- Any significant event that triggered certain action?
- What pushed them to take action?
Consider giving your customers a quick visit to understand how it worked and why it worked too (that is if you want a deeper insight).
Understand this – the ROI of data is highly correlated to your level of understanding. The more you understand about your customers, the better you will be able to make proper responses to your prospect.