Direct Selling Companies can now garner a multitude of data relevant for making business decisions.
Everything can be analyzed with digital analytics, from user behavior and preferences, all the way to performance projections.
While accessing data has never been easier, too much information can be overwhelming.
Recent surveys suggest that 65% of sales leaders admit that it’s hard to get insights from data, and around 38% report that they are at a loss on what to do with big data.
This shows that direct selling companies need to incorporate data-driven procedures that make life easier for their teams.
When used properly, data can give you an entire picture of your business’ performance. In fact, data can reduce lost sales by up to 27% and increase productivity at the same time.
Here are a few ways that big data can enhance your processes and growth potential:
Gain valuable customer insight
With data-driven strategies in marketing and sales, companies can implement more effective steps that really resonate with potential customers.
Think about it.
If you can keep track of customers’ likes and dislikes, aspirations, and purchasing behavior, you can find better ways to guide them through the sales funnel and retain them.
Big data can be used to increase leads and conversions and reduce churn rate. Data essentially takes the guesswork out of marketing.
Automate your sales process
When sales teams have access to big data, they can perform tasks more efficiently.
For instance, drip campaign follow-ups can be done faster, order management and inventory are automatically updated, and other administrative tasks can be accomplished right away.
Let’s say a new distributor is 100 points away from reaching the next level. Wouldn’t it be a helpful motivator for her to know this information?
Wouldn’t your consultants benefit from knowing who has not ordered a product in the last 30 days?
Data makes automation possible and gives your sales team more opportunities to interact with and send personalized messages to customers. With data-driven marketing, you get to engage more with customers at the optimal time. This can make a big difference in influencing the purchasing decisions of your customers.
Meet your customers at every purchasing stage
Customer data helps direct sellers figure out exactly where customers are on their buying journey. And when you know what stage they are in, you can meet their needs at that particular point to help ease them towards the goal – the purchase.
For instance, you could show ads to site visitors. Increasing brand awareness will help build trust for your product. From there, you can further connect through email campaigns or social media offers. Basically, data helps you identify who to target, when, and what marketing strategy is appropriate for each customer.
Satisfy existing customers
Aside from gaining new leads and landing new customers, data can also maintain satisfaction for your existing clients. One way to do so is by analyzing past purchasing behavior, which can estimate when a customer needs a re-purchase. You can engage during such time.
Post-sale contacts can be managed so that customers are reminded of your brand, but only at the right occasion so they don’t feel forced or neglected. Data can be used to plan successful promotions and sales calls.
Marketing requires considerable resources. If you want to save costs and succeed in your strategies, you should monitor your performance metrics. Of course, knowing which data points to track can be difficult in the beginning.
Researching your industry and observing which metrics give insight about your business will enable you to be smart about various decisions.
Direct selling companies have to maximize big data in order to get results. Information and tools are now available; it’s a matter of how you use it that will get you closer to your goals.