“The global big data market will grow from $18.3B in 2014 to $92.2B by 2026, representing a compound annual growth rate of 14.4 percent.” – Forbes
So, is it a smart decision to ignore the importance of big data for your business? Of course not.
Since the last couple of years, big data becomes a buzzword across the globe. Everyone feels an attraction towards this word. Above figures also unveil the same. Big data market is going through a tremendous growth that will only go up in future as well.
Businesses, especially, have to be serious about the use of big data and BI (Business Intelligence) to attain enormous success by strategizing sales, marketing, operational and financial efforts. Big data is incredibly big.
Data is growing faster than ever before and by the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet. – Forbes
It’s a challenge for organizations to identify the relevant data from the bulk and take it forward for detailed analysis.
Let’s understand the essence of big data in terms of sales.
What Big Data Means to Sales?
Business landscape is turning out to be more and more competitive every day. Adopting consumer-centric, organizations starts focusing on exploring and penetrating in new markets, increasing target customers, and attain maximum consumer retention through optimal operational performance. Well, big data is one stop solution for all these requirements. It encompasses data from traditional (applications and software) as well as ultra-modern platforms (social media and mobile apps).
Core concern of the companies is to bifurcate relevant data out of the sheer volume of data from all different resources and utilize them effectively to monetize the sales performance. To filter the most appropriate data, organizations have to use predictive analytics technologies. It facilities businesses with immense information that ultimately help them to learn about future risks and opportunities in sales.
Key Impacts of Big Data On Sales Growth
Identification of Potential Prospects
Large amount of customer data enables companies to have detailed insights into their target audience. However, only relevant customers drive assured business. To identify reliable clients, organizations have to analyze customer’s frequently changing behaviours thoroughly.
Big data helps companies to reach out to the target audience, offer relevant products/services to them and generate assured sales. The predictive customer analytics help sales staff to visualize the future client base, build robust sales strategy, improve decision making and make greater revenue.
Boost Your Sales Funnel with More Accuracy
Predictive analysis of big data allows organizations to have deeper insights into traditional as well as advanced data sources. It helps companies to boost their sales funnel with the precise understanding of buyer’s behaviours and motivations while they make a purchase decision.
Utilizing the detailed information from big data, businesses can energize their sales practice. They can explore new ways to enhance sales, expand opportunities and increase client satisfaction. Design and implement a customized approach for selling products/services using the next generation capabilities of big data.
Improved Sales Productivity
Big data provides all essential information to the sales representatives in fractions of a second. Thus, sales professionals can focus more on selling part rather than finding out relevant data. It helps in impressing customers, reducing sales efforts, increasing conversion rate and ultimately generating maximum ROI.
Moreover, technology enhancements permit businesses to go for real-time data capturing as well. It helps organizations in automating their sales process via large-scale data analysis and processing without human intervention. Less human interference, more error free output.
Harness the power of big data and run your business with predictive sales intelligence. Set up concrete and profitable sales strategies based on data-driven predictions rather than intuitions. While your sales process relies on big data, there are less chances of business failure.
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