The importance of b2b contacts
Midatlantic B2B
A reliable partner for Lead Generation, debt collection, direct sales & customer service.
Data is essentially the plain facts and statistics collected during the operations of a business. They can be used to measure/record a wide range of business activities - both internal and external. While the data itself may not be very informative, it is the basis for all reporting and as such is crucial in business.
This blog post?examines in more depth why Data is important in your business also how b2b data has benefited/changed the modern business.
Today, gathering data to help you better understand your customers and business is relatively easy. In fact, it’s become so easy there’s the danger of having too much data to deal with but to take full advantages of data and analytics, ?you need to know how to get the most value from your data.
Data helps you make better decisions
As the Deloitte survey respondents made clear, even small startups generate data. Any business with a website, a social media presence, and accepts electronic payments of any kind is collecting data about customers, user habits, web traffic, demographics, and more. All that data is filled with potential if you can learn to get at it.
While there are many influences when making a decision--what’s happening in the company, global news, your gut--there is nothing as persuasive as having hard data to back you up. That’s profit-increasing power you can’t afford to pass up.
A business can gain the same advantages as larger organizations when using data the right way. Businesses can harness data to make decisions about:
In sum, data helps leaders make smarter decisions about where to take their companies.
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Data helps you solve problems
After experiencing a slow sales month or watching a poor-performing?marketing campaign, how do you pinpoint what went wrong? Tracking and reviewing data from business processes helps you uncover performance breakdowns so you can better understand each part of the process and know which steps need to be fixed and which are performing well.
Data helps you understand performance
Simply put, data helps you see performance. Sports teams are a great example of businesses that collect performance data to make their teams better. There isn’t a professional team, today, that does not employ a team of data collectors and analysts to help support and improve play on the field. They are always updating data about who’s doing what well and how that can help the team excel, overall.
Have you ever wondered how your team, department, company, marketing efforts, customer service, shipping, or other parts of your company are doing? Collecting and reviewing data can show you how all of this is performing, and more.
Data helps you improve processes
Data helps you understand and improve business processes so you can reduce wasted money and time. Every company feels the effects of waste. It depletes resources, squanders time, and ultimately impacts the bottom line.
For example, bad advertising decisions can be one of the greatest wastes of resources in a company. With data showing how different marketing channels are performing, however, you can see which ones offer the greatest ROI and focus on those. Or you could dig into why other channels are not performing as well and work to improve their performance. This would allow you budget to generate more leads without having to increase the advertising spend.
Data helps you understand consumers
Without data, how do you know who your customers are? Without data, how do you know if consumers like your products or if your marketing efforts are effective? Without data, how do you know how much money you are making or spending? Data is key to understanding your customers and market.
However, it can be easy to get lost in all the data you have if you don’t have the right tools to help you understand it. Especially for SMBs, a?BI solution?designed for them is the best way to access and interpret consumer data so you can leverage it for higher sales.