Here’s the truth: Data can make or break your business or it can be a single source of truth to your company. With the right tools, you can use data to break down silos, keep your customers happy, and point you to new business opportunities.
However, before you can even begin to understand how important data is, you have to know the difference it can make for your business. Use the information below to fully comprehend data’s critical role in your long-term business success.
If you have been watching the news, you know that artificial intelligence is making waves worldwide. You may have also noticed that AI will critically impact your business. Need more proof? Consider the following:
- AI is already making a significant difference: 80 percent of marketers use Chatbots. Eighty-five percent of customer service interactions started with Chatbots. You can use the data from these chatbots for future analysis (Semrush).
- The AI global market will grow to over $190 billion by 2025. This growth signifies the growing pressures on businesses to use this tool to provide better customer service and gain more insightful data (Semrush).
- Companies that use AI will see customer satisfaction grow 25 percent by 2025 (Gartner).
- Forty-eight percent of businesses already use AI to better grasp big data and increase profits (Exploding Topics).
What does this mean for your and your team? First, you must remember the importance of AI when selecting business tools. When configured correctly, artificial intelligence can provide insights unseen to the human eye. It can also assist account planning operations and ensure your business uses data properly.
AI will be the key to spotting customer trends and ensuring data operates as a single source of truth. You’ll need its insight to move forward as a business.
All too often in business, organizations invest in new customer recruitment. Instead, a better use of your limited finances may be investing in customer retention and reducing churn. Consider the following:
- Reducing churn by 5 percent can increase profits by 25-95 percent (Harvard Business School).
- The total cost of avoidable customer churn is $136 billion. As such, businesses across the nation are losing billions by failing to keep their customers satisfied (CallMiner).
- Reducing churn is more cost-effective than investing in new customers. It requires less upfront investment in marketing and sales time (Bain).
- Multiple tactics can reduce churn. Examples include increasing customer engagement, mapping relationships, rewarding certain behaviors with customer incentives, and better understanding your customer. Engaging in these tactics requires the right data (Entrepreneur).
You can find your customers’ pain points using the most accurate data. You can then build relationships with the right staff member at your customer and ensure you are doing everything you can to keep them happy.
White space refers to finding areas where you have products or services you can sell to your customers. How important is a white space analysis? Consider the following:
- Forty-three percent of sales representatives use revenue intelligence tools — such as Next Quarter — for revenue tracking. These tools can be critical to a white space analysis and identifying white space opportunities (LinkedIn).
- Filling white space is impossible if your customer is unhappy: 74 percent of customers will buy more from a brand if they are happy with it (Forbes).
- Sixty percent of businesses will buy more from a company if given a personalized business experience. Providing that experience requires your company to have access to the right data (Twilio).
- Expanding white space is often about helping customers find what they need: 75 percent of customers are looking for self-service options. As such, your brand must combine a personalized experience with self-service. Your business can achieve such an experience with accurate data (Emplifi).
However, conducting a white space analysis means having access to the right data that can enable you to see where you may be able to expand what you sell. It also means understanding when real-world circumstances are changing. As such, you need the data to understand the best proposals for a customer. This information requires a comprehensive data solution to help you achieve account growth.
What does this mean for your business? First, you need the right tools for appropriate planning and accurate forecasting. At Next Quarter, we believe all your business departments should have up-to-the-second data. Access to this information can increase profits and bring departments together. Data can ensure that everyone in your company uses data as a single source of truth. Next Quarter operates within Salesforce. We have a proven track record of increasing the accuracy of your forecast models and helping your business find spaces to increase its profit.
Ready to move forward? Contact us today to schedule a call and learn how we can help your business grow.