Data-Based Intelligence: Identify the Ideal Consumer for Your Product

To hit a target, you need to know what it looks like. Harnessing the cloud to pull data about your market gives context to the internal information available to you about existing clients. Market research firms like Dun & Bradstreet offer a variety of subscription data-sets designed to give more in-depth context to your current customers, and help identify other potential clients through various cross-selling opportunities.

Knowledge is power, and using a cloud-based data platform to perform market research is incredibly important to picturing your ideal consumer. Once you have analyzed the data, you’ll be able to paint a picture of your ideal customer and better identify them when you find them in the future. The more you know about your customer (purchasing habits, socioeconomic background, hierarchy of needs, etc.) the better position you’ll be in to identify and successfully sell that customer on your service or up-sell existing clients.

Clean-Data = Effective Data

According to ReachForce, “Dirty data can reduce lead conversions, and total costs can be high: $83 for every 100 records in a database.” Dirty data is information that’s outdated or duplicated across multiple channels. For example, your sales team might access the same list of leads hundreds of times a week. Inadvertent edits or updates of information with less accurate information can result in data becoming increasingly less valuable.

Even without regular access, data naturally expires. People change their phone numbers, change positions at companies and retire altogether. To better understand how data is changing in real-time, cloud data from multiple sources can allow you to cross-reference multiple sources to always have updated information at your fingertips.

Acquiring Lead Lists

The best leads combine human efforts with big-data. A list is just a list until someone with specific industry knowledge curates that information into a hyper-accurate set of leads. Purchasing raw data is almost never recommended, unless you have the human capital in-house to comb through the data and extract the 20% of information that might be relevant to your sales team.

Thankfully, companies like SystemID provide a marketplace for companies to quickly access leads that are relevant to their industry, with curated data from a variety of sources. The peer-to-peer big data sales model allows for industry experts to reach outside of their business and monetize the information they’ve collected over the years.

DaaS Sales Lead Model

As more and more companies enter the space, providing curated big-data solutions to common business problems, the Data as a Service (DaaS) business model is quickly gaining traction. Major players like Salesforce and SAP’s Lead Management Software offer constantly updated customer contact information and 3rd party lead generation data. Combining this information into one data set allows for companies to operate more efficiently with data that is accurate as of the moment it is accessed. The subscription model allows companies to effectively cover the costs of ongoing data curation, minimizing the amount of time internal teams spend curating raw data into actionable leads.

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This content is written by SF.