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The Power of Data in Sales

Most of us have that little plastic keychain card that saves us a few bucks at the local grocery store, but do you know these cards have become standard not only at every major retail chain in the world but also at small community businesses? Because these cards provide these companies with the most lucrative set of demographic and purchasing data you could imagine. 

This information is used to determine which products are popular in certain regions, which products have lost popularity, which coupons to print on your receipt and the effectiveness of ad campaigns. The cards have both saved and earned billions of dollars for these businesses.

An excellent example of the power of data collection is Amazon.com’s email marketing program. The information you receive is remarkably relevant to the recipient. How did Amazon know those books would interest you? How did they know to leave irrelevant books out of this valuable advertising space? Amazon.com is amazing at utilizing data to increase their outreach and ultimately their sales.

On the other hand, I receive marketing material containing products or services that I have absolutely no interest in purchasing or using (even from very well known companies). Intuitively, I think the company is crazy for spending the time and money on marketing these items to me.

There’s a good chance you are doing the same thing to your contacts. Ask yourself a few simple questions: Do they really have any need for what you are sending them? Is there relevant information in every communication that you send? Are they even involved in the buying process for what you sell? If so, have you appropriately related your material to their specific role in that process? Do you know what that role is?

Here’s an embarrassing scenario. Are your existing clients getting emails about buying a product they already own? If they are, you need to re-evaluate your marketing strategies. What does this relay to your clients about your professionalism?

I recently signed up for a workshop offered by a leading Internet Marketing firm. A few days later, I received an email asking why I hadn’t reserved a seat and stating that if I didn’t act soon the workshop would be filled. I wondered how a prominent internet marketing company could make such a simple mistake. They simply hadn’t utilized data properly.

Even the best businesses falter from time to time but it is important to be cognizant of how professional your efforts appear in the public domain. Data is the key.