Businesses are no longer in the dark about consumer wants and needs. Now more than ever before, we have a plethora of both consumer insights and the tools needed to analyze those data sets. Yet, with so many ways of accessing, assessing and then using that data, it can be difficult to navigate the strategies that can help set your company on the path to success.
Currently, "big data" is a term many in the business world are familiar with. But the real question is: “Does your business truly know how to use it?” Seven members of Forbes Business Development Council brought us up to speed about the ways big data can help bolster business development strategies.
1. Use sales automation tools.
We A/B test subject lines with different keywords to see what leads to higher open rates. We also track the essentials, like click rates, bounce rates, and unsubscribes. We take this data and change content based on what's resonating. It's important for us to use a sales automation tool that's purpose-built to track business development and sales data at a more granular level, instead of a marketing tool. - James Weitzman,Cockroach Labs
2. Analyze social media data.
One of the most effective use cases is the measurement of data, especially on social media platforms that have completely revolutionized marketing efforts. With such large data sets, companies are now able to understand their audience better, and as a result marketing strategies can be fairly successful. Using social media data that's intelligent helps make business development strategies effective. - Mehul Agarwal, WinWire
3. Leverage LinkedIn to build connections.
Like many other companies, leveraging LinkedIn is an integral part of our business development strategy, as we utilize the platform to identify, learn about and connect with potential new customers. By using LinkedIn, we are capitalizing on big data and LinkedIn's prowess in it. I couldn't imagine business development today without LinkedIn, and in turn, big data. - Adam Mendler, Beverly Hills Chairs
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