3 Ways to Exponentially Increase Your Sales by Using Data Science
- Shohreh R Aftahi, PhD
- Nov 9, 2018
- 3 min read
Selling is harder and more competitive than ever before, and it keeps getting harder to sell. In this digital market, customers have more access to product sources than was imagined before which makes it more difficult for salespeople to close the deal with potential customers. Companies and their sales teams have to be very analytical to identify their target market and study the customer behavior, understand their pain points before they even approach the prospect. Data science drives the analytics. Data science is the latest method of a statistical model which provides meaningful information from a large set of complex data.
Studies have proven this type of business analytics is expected to generate almost $170 billion in 2018. To have a stable business that is highly profitable, you must consider embracing data science in the way you approach sales. Here are three ways you use data science successfully.
Target Market
Artificial Intelligence is at the core of data science, and it is a powerful tool to give you incredible insights into the customer characteristics and buying behaviors of all prospects. By using data science, you can personalize your products and services to match the needs of each of your customers. For instance, data science will tell you the essential demographic features like gender, age, and location, however, it goes well beyond the necessary information, and it can reveal income levels, professional titles, or personal interests based on online searches or professional and personal affiliations.
All these inputs allow you to identify your target market, prioritize prospects based on company size, predicted revenue, long-term potential, industry influence, or any other feature you might consider relevant to your business. This way you can customize your marketing message and customize offers according to your client’s preferences. Doing this allows you to dedicate more time to the more critical prospects and increase profitability just because you know whom to talk to first.
Increase Sales within Existing Customers
Since you already developed a relationship with your current customer that trusts you, it is much easier and less expensive to sell products and services to existing customers than acquire new customers. Data science would help you sell more to existing customers and increasing profit. You already have your customer data which will help you analyze your customer’s buying habits and preferences, and you are aware of the changes in their business that would yield an opportunity for more products and services from you. Using the data, you can make sure you are staying relevant to your customer needs.
Establishing Ambitious Yet Realistic Sales Quotas
Creating sales quotas has always been a challenge. More products and services you sell, and the larger pool of prospects you target and clients you serve would make it more challenging to determine ambitious yet reasonable sales targets. Unrealistic sales targets are the reason for sales agents and sales managers to underperform and for the company to miss the revenue objectives. Using data science makes this process much easier as it does the research and accurately predicts what the sales targets should be.
Data science helps businesses to analyze prospects buying behavior, needs, and likes and dislikes, clients purchase history and experience with your products and services more comprehensively and increases the probabilities of sustaining high sales volume. It’s a perfect model for organizations and entrepreneurs who want to stay completive in the crowded marketplace of brands, produces, and services.
We believe these three ways would help you increase your sales exponentially. Please send us comments as to which tip helped you the most and ask any questions you may have.
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