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How Big Data Is Helping Companies Sell and Market

Justin Steinle

Business development executive Justin Steinle possesses over 25 years of experience starting, building, and selling marketing service companies. Today, Justin Steinle helps companies use big data to improve their sales and marketing.

Big data is changing how marketers find prospects, interact with them, and close them. The volumes of market data available are helping marketers plan their territories, improve the quantity and quality of leads, and reduce customer acquisition costs. Here are other research-backed ways data is improving companies’ sales and marketing efforts:

i) Better price differentiation. The vast amounts of data available on consumer buying trends are helping marketers optimize their pricing to achieve the best results. According to McKinsey, a mere 1 percent price increase can lead to an 8.7 percent growth in operating profits. Sadly, 30 percent of pricing decisions that companies make fail. With the help of big data, companies can optimize their prices better.
ii) Improved customer responsiveness. A Forrester study revealed that 44 percent of B2C marketers used big data analytics to improve consumer responsiveness while 36 percent were using it to gain deeper consumer insights.

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