Although we now have more valuable data about buyers than ever before, only 12% of organizations are putting that information—Big Data—into play.
Big Data has become a major buzzword, but many marketing specialists and salespeople still don't know what to do with the vast amount of information we have access to.
And the companies that are using it often do so in a disjointed manner: Marketing gets the data but doesn't know what to do with it; the focus of Sales is on small, specific data, and so it would be overwhelmed with such a vast amount of information.
It's rare that the two departments work together to benefit from shared information.
Working Together Nets Better Results
Before we look at all the ways that collaboration vis-à-vis Big Data by Sales and Marketing can help an organization, let's first look at the reality for most companies.
Marketing collects and manages data in a variety of systems, and it is effective with one or two of those systems (usually CRM and Web analytics). Sales zeroes in on turning leads into customers but has no time whatsoever to analyze data. Marketing has much more data than it can harness, and Sales doesn't get enough nuggets from Marketing to turn leads into customers.
It turns out that spending some time with that data can hugely pay off. In fact, companies using Big Data and analytics register an increase of 5-6% in productivity and profitability over their peers. Although diving into Big Data is a large time investment, it can cut down on the energy that Sales and Marketing put into chasing the wrong leads, and so increases the bottom line as a result.
Take the first step (it's free).
You may also like:
- Six Agile Marketing Myths That Need to Die
- Four Tips for Hiring Accountable Team Members Who Actually Get Things Done
- The Payoff of the Partnership Between Marketing and Creative [Infographic]
- Navigating Your (Marketing) Future With a Digital Map: Jeremiah Owyang on Marketing Smarts [Podcast]
- Marketing Department Roles and Salaries [Infographic]