Unfortunately, the only free cheese is in the mousetrap. You pay for everything you use. Even the free applications and subscriptions you enjoy every day have their price – the data. It’s also the natural component of using services and applications you pay for. While some people are terrified of the idea that someone’s using their data, others find it a norm because they understand why data is valuable and how it circulates in the Internet World. In this blog, we’re looking at the value of data.
Crisis Management
Since every business is exposed to a huge number of risks, data plays a vital role in crisis management. Suppose you want to stay on top of things and plan out risk mitigation and crisis prevention. In that case, data should be involved in your plan A, not D. For businesses to prepare for the worst-case scenario and make firm plans, they need data because it supports strategizing and predicting.
Data helps to forecast
The sales team will tell you that data helps them analyze and forecast the sales numbers for the company. What is a busy period? What is the best time to reach out? When can we host mass demos and workshops? When is it best to take a few steps back? All these questions can be answered relying on data. It also helps align the financial and operational decision-making for most companies and find answers to these burning questions: What is a good time to hire new employees? When do we get to our busiest season?
Data helps tailor-make ads served up for you
You know this scary feeling when it feels like bots follow you when you are shopping and keep reminding you to buy them. But imagine how you would feel if all day, every day, you were served generic ads promoting things that actually don’t interest you. As everything evolves, you get served content that is smart and relevant to your needs and lifestyle. No more cookie-cutter ads. As scary as that sounds, isn’t it better to get ads that are meant for you rather than something that doesn’t hold your interest?
Keeping up with market trends
Data helps B2Bs know about their leads, prospects, and competitors. It also contributes to building strong B2B marketing strategies. To stay on top of their competitors and to remain relevant and keep growing, companies and businesses need data and analytics. What makes customers stay? What has them move on? Is it the pricing or the service itself? Data plays a significant role in answering these questions, not just shaping market trends and defining what’s hot but also helping businesses stay away from what’s not hot at all.
Do you know more ways to use data for your B2B? Share with us, we can't wait to hear from you!