Big data has revolutionized nearly every industry by giving business leaders unprecedented access to rich, granular information about its customers. This data can significantly improve your company's business development efforts, but you have to know how to properly gather and implement it.
To help you, we asked a panel of Forbes Business Development Council members how they’re using big data for their biz dev teams. Their best responses are below. Follow their recommendations to start implementing big data in a meaningful and effective way for your business.
Forbes Business Development Council members share how they're achieving success by using big data.
Photos courtesy of the individual members.1. Segmentation
Big data, as its name says, is no more than that: just a lot of data. We use it to create clusters in different segmentation models where we integrate different variables. The advantage of having a lot of data is you can really go deep and segment with more variables without losing the representative scope. - David Mahbub, Field Agent
2. Analyzing Usage Patterns of Partner-Integrated Solutions
On our SaaS platform, we track integration points with third-party solutions. By loading this data into Google BigQuery, we are able to isolate partner traffic and see which ones are really driving product usage. Customers won't always know what's important to them, but the truth is in the logs if you know how to look! - Kit Merker, Meshmark
3. Responsive Tracking
Using gated content, segmented lists, social media insights and Google Analytics allows our digital marketing team and our business development team to work together to move clients through the sales funnel. Tracking how and why clients visit our site helps us gauge engagement, needs and interests. Combining data with intel from the BD team allows us to craft meaningful content that provides our clients with value. - Lauren Homme, E4H Environments for Health Architecture
4. Sales Rep Workload Capacity
We use big data to segment accounts by tier based on monthly recurring revenue, average deal size, total new clients per month, win rates, sales cycle time and churn. We use predictive analytics to forecast future projections. We then use the data based on the number of accounts, rep productivity and total annual selling time to model the number of sales reps required by tier along with total compensation and cost of revenue. - Jeff Harris, Nomos One
5. Predicting Upcoming Trends
We use data history to anticipate upcoming trends. We then compare our historical data to client profiles we've generated with AI technology to better identify who we should be targeting. We can also use this data to anticipate the decisions a prospect will make based on what other companies do and why they're making the choices they are making. From there, we can adjust our strategy accordingly. - Christian Valiulis, Automatic Payroll Systems
6. Introducing New Products
We’re using big data to develop and introduce a new product. Research and analysis showed us that our independent associates and their customers are hungry for creating a seamless membership experience that provides value in the form of cash back on items and savings in the form of unpublished rates on travel like hotels, car rentals, cruises, condos and more. - Mark “Bouncer” Schiro, Kynect
7. Identifying The Right Sales Activities To Focus On
Good data is more important than big data. Identifying variables that can be reliably measured and have a strong correlation to desired outcomes is more important than the total number of variables measured. By focusing on good data, we target opportunities that are most likely to close, and we continue to hone in on the sales activities that are most likely to lead to closed business. - Brandon Rigoni, Lincoln Industries
8. Management And Coaching
The ability to understand how activities drive results is the No. 1 most powerful tool a sales leader has at their disposal. Use data collected to reverse engineer the optimal KPIs required to achieve milestones and targets. These same data points can also be used to drive more educated coaching conversations, optimizing a team's performance. - Scott Douglas Clary, ROI Overload
9. Analyzing Voice Data
The most impactful way we have used big data with our business development team is by using AI to analyze voice data from sales conversations. There is so much that is said and done in conversations that impact sales outcomes. By understanding how conversations influence revenue won or lost, we have been able to significantly improve our effectiveness. - Howard Brown, RingDNA | Inside sales & enterprise sales acceleration software
10. Dashboard Reporting
Big data, to me, is dashboard reporting. We use it daily to see everything that is closed and in the pipeline. It's important to have a handle on trends when they start and react accordingly. And that's the reason we've been looking at dashboard reporting for years. We can get new ways of seeing technology, but the strategy of looking at our numbers every day is more important than any program. - Wayne Elsey, Elsey Enterprises
11. Creating Optimal Customer Experiences
There are five core personality types that can align with the lead scoring system. This has been proven to improve conversion rates and improve customer experience dramatically. Using big data, you can align your web form data and customer journey all into the sales closer allocation to create the optimal experience and create the best win-win scenario for the customer and company. - Don Markland, 411Locals
12. Improving Marketing
Marketing is vital to the growth of a business, but many business owners struggle to design an effective strategy. The good news is that big data is opening a lot of doors to improve marketing. Using segmented lists, social media insights and analytics allow our marketing team and business development team to work collectively to make more informed decisions about marketing to our customers. - Sarah Knapp, Spruce Technology
13. Correlating Buying Patterns And Trends
We use big data to look at our customers' buying patterns and how they best correlate with industry events and trends and budget cycles. We have found patterns that are not readily obvious, and big data has allowed us to proactively approach clients with possible solutions that were timed right. - Manoj Tandon, Dark Rhino Security
14. Improving Website Conversions
One data point I always look at on our website is what pages are dropping traffic off the site. I then look at those pages and see what I can do to improve the conversion rate optimization (CRO) for those pages. Do I need to add a call to action to the page? Links to other pages? I make sure the website data we are collecting is as accurate as possible by filtering our employees’ IP addresses. - Janet Waring, Model B
15. Enhancing Advertiser Insights
Advertisers want more data and better data so they understand the incrementality, scale and return on ad spend (ROAS). We are building out our platform to include a customer data platform to enhance those insights for advertisers so they can make better decisions on their advertising dollars. As technology and advertisers get more sophisticated, data will be at the core of this quantitative world. - Gregory Kim, Slickdeals
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December 24, 2019 at 01:15AM
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15 Ways Business Development Leaders Are Leveraging Big Data - Forbes
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