This is the third in a series of articles from Cognism on how data can help sales and marketing teams identify new business opportunities and key areas for growth. Click to read the first and second articles.
When you actively look for signals that a prospect is ready to buy, you create more opportunities to sell and close more deals. However, when information moves so fast that data starts to degrade the moment it hits your CRM, finding up-to-date buying signals is difficult. Advancement in data management technology means that the era of static data is over. Real-time insight is here. Will you take advantage of it before your competitors do? Let’s find out more.
As we examined in previous articles, data is always in motion and it deteriorates quickly. A third of all data degrades every year. This leads to inefficiencies in sales teams, as they do not have an accurate picture of their prospects’ business situation. This, in turn, leads to a broken sales funnel.
To understand how to fix the problem, let’s break down the composition of marketing data as we know it.
Dimensions of data
Most marketing data, the type that organisations buy in to generate leads, gives sales teams two dimensions of information:
- 1st dimension: Demographic data - Name and email address
- 2nd dimension: Firmographic data – Company information
The sad fact is, most organisations are only using data solutions that provide these dimensions. To gain in-depth knowledge of your prospects, you need to go further.
The third dimension of data concerns events. Prospects change roles, even change companies. Companies go through drastic changes, such as acquisitions. Events such as these can be used as opportunities to sell, but there is one element missing. Time.
The fourth dimension of data is real-time. You need your data to be as current as possible. Congratulating a new CMO on their promotion a year after they started is no use at all! Real-time data is accurate to the minute. When you combine the third dimension of actionable events with real-time updated data, you can truly have your finger on the pulse of your target business.
What you can do with real-time data
Having real-time data in your sales and marketing arsenal eliminates the inefficiencies that static data brings. Because your data is accurate up-to-the-minute, sales reps will not waste time calling prospects that have left the company.
However, using real-time data in a proactive way revolutionises your outreach process.
With 4 dimensions of data, you could build a list of:
- London startups who have received funding in the last month
- CMOs who have recently started new roles (wanting to make a mark on their new company)
- Enterprises who have made acquisitions in the previous 3 months
What could you do with that kind of information?
Real-time data allows sales teams to identify new opportunities in their market and get them into your sales funnel. Because speed of service is essential in sales, customers that receive data updates in real-time will gain an edge over their competitors.
How does real-time data work?
Technology has revolutionised data sourcing in the last few years. Sales and marketing teams can capitalise on these advances and make use of the third and fourth dimensions of data.
It’s now possible to track hundreds of millions of business and employee profiles across billions of data points. If even the smallest piece of information changes for any of the businesses or employees, their profiles are instantly updated.
The data points that are tracked could include private sources such as CrunchBase or the FT. There is also a wealth of public information that we give out ourselves, on social media such as LinkedIn. All that information is now trackable.
When you bring all that information together, you solve the problems associated with static data. Then, you use real-time data to create new opportunities. Problem solved.