Using Data Analysis to Build Your Business
All companies, whatever their size, have a phenomenal amount of data at their disposal.
What they choose to do with this data, and how they analyse it, varies from company to company, and businesses which are smart at using their data often find that they gain a much greater understanding of how to best grow their business.
A good example of this is a business which supplies fresh flowers and plants to corporate clients. They get new business using a direct sales force, who call leads or go to visit them and try to sell them the services on offer. The business uses a software package designed to analyse the sales performance data, and once the company’s Sales Manager started to mine the data, some surprising trends emerged.
It immediately became obvious that the data showed a far higher conversion rate for new customers when the sales person had had a chance to meet with the customer in person as opposed to just talking to them on the phone or emailing them.
The company also noticed that before getting to the stage of a face to face meeting, the bulk of the work was done over the phone or email in qualifying the lead and setting the meeting up.
The company’s management responded to these findings by setting up a dedicated lead generation department, based in a cheaper location than New York, where most of the customers are located. The people employed to staff the lead generation are extremely sales focused individuals, and spend their days setting up meetings for the city based account managers, who then go to meet the customers in person.
It is hoped that by following this business model a high percentage of the face to face meetings will result not only in sales, but in ongoing contracts for the supply and maintenance of flowers and plants.