Data isn’t helpful only for understanding your consumers. It can also provide powerful insight to your markets.
When you understand how to use data to tap into your market or to reach new ones, you can grow your revenue strategy significantly.
Here are some practical ways that you can use data to build a revenue strategy.
Establish Data Driven Goals
You need to know how to apply data to your business practices and goals in order to develop strategies that sell. Maybe this means you need to harness the power of data to reveal new insights to customer spending habits in territories where you’re already working in order to grab a larger portion of each clients’ wallet share.
Or maybe your goals lead you to explore new markets that have untapped earning potential for your brand. To understand how to unlock new market shares, you need to know where your products are likely to be valuable - data analysis can provide this insight. Then you need to equip your sales and marketing teams to get out there and make connections.
Articulate Standards for Success
In a similar vein, you need to be able to spell out exactly what success looks like when you’re devising a new revenue strategy. Goals like “improve the bottom line” or “make more sales” are great in theory, but they don’t tell you anything.
Instead of relying on old jargon or setting general goals that you may or may not be able to meet, get specific with your language. Articulate your goals in clear terms by laying out details like how much growth you want to see within a specific time-frame. Specific goals allow for actionable next steps that will unite your team and help you to achieve the growth you’re looking for.
Data analysis is essential here, both so that you can see where you are and examine growth potential. The right data sets and tools can put the power of data viewing and market analysis in your hands so that you can make real time decisions about where to invest time, talent and dollars in the next sales cycle.
Translate Data for Marketing and Sales Teams
Data driven strategies make goals clear to management and high level decision makers. But when it comes to implementing a revenue strategy that helps you to grow your company’s market share, it’s up to the teams that are on the ground to do the heavy lifting.
Once you’ve developed an overarching revenue strategy, you need to further break that strategy down into actionable steps for your team members. Remember, it’s your sales and marketing teams that are going to put tactics and strategies in action to win new territories and capture sales for your brand.
Equip your marketing and sales teams with the tools that they need to be successful in achieving company-wide goals. While this likely won’t entail handing them thick data sets or login credentials to your data mapping software, it might include detailed reports on new markets or new buyer personas.
Get creative in making data driven strategies accessible and actionable to your sales and marketing teams to help them succeed.