As competition is intensifying, generating growth from an increase in sales has never been so… difficult. Although everyone agrees that big data offers a lot of potential, it is still important to aim in the right direction. Firms like Aldo, Cooperators, and La Presse are asking themselves this question regularly: how can we sell more, how can we sell better?
While businesses, publicly traded or not, have their eyes firmly fixed on their return on investment ratio (ROI), technologies are well positioned to become a sales professional’s best friend. For this to happen however, they must speak the same language.
Many sales professionals are often baffled that their new toy for integrating trend indicators is not generating direct benefits as quickly as they believed it would. The truth is simple: to unleash the full potential of analytics, it is not as easy as owning the latest tool on the market. A good analytical tool cannot correct a decision or validate the opinions around the meeting room, but it contributes to decision-making if used properly in the context of a larger analytical process. It is therefore necessary to start by making investment decisions for the future, identifying the success and failure factors of a business or a product, etc. Data will then help you identify your marketing plan!
Analytics empowers users to correctly pinpoint their targets, to examine correlations, and especially to adapt marketing efforts based on the consumer’s actual behaviors. Data-driven marketing should be a continuous alliance!
At certain companies, it is not uncommon to notice that only 2 of 50 available indicators are used on state of the art technologies. Worse even, the indicators used were available in the past in a different format. IT teams have provided a new platform that, while supplying real-time information, does not bring value to the company that equals the technological investment. Having access to state of the art technology is not enough, the governance must follow.
It also generally seems to be the case that tools are used only by senior management. Yet, branch managers could also be well positioned to identify opportunities, and team members could use the analytical tools to validate their campaign, call into question past performances and imagine new solutions.
This demonstrates once again that the key success factor when it comes to the deployment of analytical tools is communication. Far from being an instrument of power, a good tool may provide substantial information to the entire value chain. The marketing department can unleash the full potential of the variety of data that flows through their function.
On March 20th, during this year’s edition of Datavore, professionals of analytics will have the opportunity to hear many speakers and exchange their thoughts on the contribution of their practice to the marketing function in organisations. The panel hosted by Sarah Legendre Bilodeau, data scientist and cofounder of Videns Analytics, examines real life cases at La Presse, Aldo and Cooperators, but also touches upon upcoming trends with consultant Stéphane Hamel, leader in digital analysis.
For more information, visit the Expert Zone page!