Maximizing your company’s analysis in business development
Companies today face a multitude of challenges: increasing internal pressure to generate sales, reducing margins in an informed buyer’s market and increasing competition, which leads to higher customer acquisition costs. The growing solution to solving these challenges is to integrate data management systems and data-driven marketing campaigns.
According to Martindale NOLO, an estimated 74.5% of companies track lead activity using a variety of tools. Organizations that are able to leverage the power of business intelligence gain the upper hand and can accurately measure their efficiency, profit margins, and the value provided to the customer.
Is your company maximizing its data resources to align with your business goals? Here are 4 TIPS and ACTION STEPS How to use your company’s data:
- Market to your goal. Even companies that are successfully tracking their activities are still faced with the challenge of translating this data into a targeted marketing message. By segmenting your company’s data, you can better understand who you are talking to and their motives for buying. What is your industry, job title, demographics, or interests? What are their buying patterns, needs, and projected requirements in the future? The quality of the marketing message can only be as good as the data on which it is based.
Take action:: Analyze your customer data, improve your target buyer profiles and conduct a digital health check.
- Check online content such as web copies, blogs, and social media. Does your message meet the needs of your ideal customer?
- Assess website and search engine traffic either internally or through vendors for visitor trends. Do they find you and do you stay on the path of the customer journey?
- Assess trends and patterns in digital ad performance, click through and open Guess – are you attracting your target buyer? If not, what changes can be made?
- Leverage industry insights and indicators. The global economy is developing rapidly under COVID-19 and it is becoming increasingly important for companies to stay up to date on the industries they serve. Inclusion of a sectoral strategy can prove fruitful for some companies, depending on business objectives. Important key indicators are: current and forecast analysis of the volume and value of the industry; Trends with key stakeholders and decision makers; Industry developments; and emerging regional markets.
Take action:: Analyze trends and patterns in your company’s data to identify industry opportunities.
- Integrate a classification method into your lead tracking system and categorize customers by industry.
- Create an internal reference list of industry publications, websites, and news sources to follow and keep up to date.
- Use tools like Google Trends, Google Keywords Planner, and Google Alerts to track industry insights that matter most to your business.
- Sell your strategy by numbers. With the growing competition for work, buyers of legal services come to the table better informed and with a more critical eye. It is up to attorneys and law firms to come up with the same solid case that is being discussed in the courtroom. A proposal or pitch that contains actionable insights can add tremendous value to lawyers and corporations and ensure longer-term partnerships with a higher likelihood of repeat business.
Take action:: Review your company’s RFP workflow and include quantitative data where possible.
- Illustrate data that shows successful judgments and results.
- Integrate key insights into company and team member profiles.
- Present measurable, evidence-based advantages over the competition.
- Provide data-driven arguments for strategy, schedules, budgets, and results.
- After completing a quote, keep track of all of the client’s wins / losses, reasons, and profiles attached to the request.
- Refine the customer experience and use real-time information. Everything – everything – starts and ends with the customer experience. Whether it’s a divorce client or a multinational on an M&A, how satisfied are you with the way their case closed? Is there data to measure your company’s performance or is it missing? If so, what did the customer attribute to the success or failure?
Take action:: Collect and track customer feedback and take advantage of the results.
- Include an exit survey in your company’s case workflow and track the results in a CM, CRM or spreadsheet database.
- Take time regularly to review the results, compare them to business goals, and incorporate them into future marketing campaigns.
While companies can and should value “proven” marketing strategies and word-of-mouth recommendations, those who manage to incorporate a data-driven approach will remain stable for years to come and lay a solid foundation for the future.