Business intelligence through marketing data is one of the biggest tools in a company’s arsenal when used correctly, and coming out of the pandemic, we’ve seen first-hand that more companies than ever before are now leveraging this advantage over their competitors. Having the right tools to manage your business, teams, and customers is the secret to a scalable business.
In any industry, marketing data is the key for business leaders to maximise value and profits to scale up their business. The reality is, you and your competition are going after the same people in the same market – if one has access to key industry intelligence and the other doesn’t, then one has a massive advantage over the other.
At Insight Data, we’ve mapped out six different strategies a company can deploy to add value and profitability to its business model. Depending on your business, you may want to focus your efforts on implementing one strategy at a time, whilst others may look at executing two or three at a time.
Organic business growth
You could have the best product on the market, set at the best price, and know exactly how you want to promote it, but if you’re not going to send that information to the right people then there’s no point.
Driving organic growth or generating new business leads is usually at the top of most businesses’ agenda. It’s important, when looking for new business prospects, that your business can pinpoint exact target customers using up-to-date and relevant information. Using highly accurate and targeted data will help identify your perfect customers and leave you more likely to generate high-quality leads.
Diversify your business
Having all your eggs in one basket can be risky. Bringing new products to market, or promoting existing products to wider audiences such as builders’ merchants, architects, or house builders, can spread the risk and create new revenue streams. To do this, however, you’ll need to know exactly where to promote your new products. Carrying out a market research campaign is often your best option to understand this.
Where your company sits in the market, what your target customers want, and how your competitors are doing, are all important elements to understand when conducting a successful market research campaign. Market research is the key to help business leaders make informed decisions, reducing both risk and costly mistakes. It can also help businesses understand their market, competitors, and customers better, improving their sales and marketing proposition while helping to better deploy resources.
Reduce your costs
Companies can waste tens of thousands of pounds on sales and marketing costs. When it comes to growing a business, marketing is one of the most critical areas to invest in – yet many companies often struggle to find the time and resources, or expertise necessary, to develop and execute a successful marketing strategy.
Outsourcing one or more of your marketing functions can result in many benefits—from reduced overhead expenses and the ability to quickly scale your marketing efforts, to gaining access to the latest tools and industry expertise. Most successful companies and experienced business leads view marketing as an investment in their growth.
Consolidate
Some companies talk about consolidation, but this shouldn’t mean standing still. Taking 6 months or a year to consolidate should mean putting in place the processes to fuel future growth.
A key priority could be restructuring your customer base and replacing high-maintenance, low-margin, or credit-risk customers with quality clients that are easier to manage and pay their bills, therefore improving your margins.
Get the right tools
Having the right tools to manage your business, teams, and customers is the secret to a scalable business. CRM systems can deliver a wealth of benefits to your business. They have the power to increase productivity, boost sales, and keep customer retention levels high. A centralised system increases your business growth whilst giving detailed analytics. When you choose the right CRM system for your industry, business type, and sales team, you can quickly and easily start to get an understanding of your return on investment.
Customer relationship management, CRM systems, have a vast list of benefits and high conversion rates, and sales prospecting is one of them. You can increase revenue by 41% per sales rep and drive lead conversion by an enormous 300%.
You can even bolt-on email marketing platforms to your CRM to send targeted marketing campaigns to your desired target audience. Having everything on one platform makes it so much easier for your teams to work smarter, not harder.
Industry Insight
Using business intelligence helps business leaders make more strategic, informed decisions about products, markets and competitors. It’s the practice of making data-driven decision-making a tangible actuality.
Team up with Insight Data and work smarter today
For more information about Insight Data and how you could deploy one or more of these strategies to your business, call us on 01934 808 293 or email at hello@insightdata.co.uk
Download the Industry Report here: https://www.insightdata.co.uk/reports/
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