We live in a time when data is considered a currency. In almost every industry, there’s buying and selling of data to get profitable results.
Data’s value is evident, as seen in the findings of McKinsey and MIT’s researchers. They determined that businesses that are basing most of their decisions on data were, on average, five percent more productive and, more interestingly, six percent more profitable than their competition.
Now that we’ve established that, you must be getting interested in the use of big data analytics for your business. But you also must know that to use data efficiently. You are going to have to develop a solid narrative to make use of the numbers you get. Gemini Data is going to explain why in this post:
Data and Storytelling Work Hand in Hand in Sales
Of the 99% of CIOs and CFOs of global organizations believing analytics matter to their business, about 75% say that they have difficulty using the data they gather to make decisions.
Sales professionals, then, carry the responsibility of leveraging the value of data when selling them to decision-makers. To do so, two things need to be highlighted:
How important it is to source the right data to propose a solution
How to organize data and develop a strong narrative to illustrate what the numbers really mean
How Important It Is to Source the Right Data to Propose a Solution
One should be able to identify the most relevant data and to do that, the pro needs to understand the clients’ challenges and how the data shows the gains or benefits offered by the proposed solution.
You can achieve that understanding by asking the right questions. This is to have a clear grasp of the customer’s needs and therefore determine what analytics are of value and which would show the value of a solution.
Once this is done, the focus will be on the right data. Then they will limit the scope of information as too much general data could turn off the customer.
How to Organize Data and Develop a Strong Narrative to Illustrate What the Numbers Mean
Sales professionals always begin with the result in mind. That’s why do not only think about the data they bring to the table but also make sure that they can present a compelling data analysis.
Again, the most relevant question here is, “what matters most to the customer?”
Then they need to establish the connection between the data revealed and the customer’s obstacles and opportunities. The goal is to be able to use data that highlight the value of a solution presented.
True, it’s possible that other competing sales pros will have access to the same data. So, it’s just down to how that data is interpreted and used to derive a solution that’s worth exploring.
Doing the Job WITHOUT Explore
Typically, you begin with a list of top VCs that’s probably narrowed down by location. Then you visit each VC website to get a glimpse of their portfolio and investment profile, trying to determine what might make sense.
Imagine researching over 200 firms then spending at least 15 minutes on every site just to get a feel for each one. That in itself is over 50 hours of work – and that’s just the initial list! Then you’ll have to track this on a huge spreadsheet with multiple columns where it could be hard to spot who the best fit is.
Then say somehow you get to your top 20 list. You need to work on information that you wouldn’t get on the VC website. How will you get that warm introduction that you need and the information you need on them? This could take a lot of digging through LinkedIn and endless jumping around between multiple data sources. Not exactly efficient, right?
Dong the Job WITH Explore
Here’s the Gemini Date Explore difference. You can simply upload data from different sources to help us easily narrow down the target list and determine who might be a good fit and who wouldn’t. We’ll also get a grasp of the firm’s reputation and who among our network would be able to offer a warm intro and valuable info on what the firm is like. We could even provide pitch ideas. Explore can also determine which startups may be open to buying new tools or hiring more staff.
With Explore, there’s no need to toggle between hundreds of data sources or multiple websites. No long hours spent on adding data on spreadsheets. On top of that, the story-sharing feature makes it so much easier to share your learnings and discuss the next viable steps with others on your team.
Benefits of Explore
Runs and tracks the whole process using a single tool – from research to managing next collaborative steps
Easy visualization cuts down work time to get to those “eureka!” moments
Leverage the same tech and data sources for sales processes that go beyond fundraising
As you can see, data is only as good as the way it is utilized. Without knowing how to interpret data, it’s like having all the tools but not the carpenter. Nothing will be built. Of utmost importance is the ability to analyze data and interpret it in a way that will be beneficial to the customer. For this, the help of an analytics consulting agency is crucial.
Gemini Data is a reliable data analytics consulting company in California that offers expert services worldwide. Contact our team today and find out how Gemini can help you!