“Do you want data with that?”
Why data insights are more than just an optional add-on
IQBlade’s Ben Abraham explains why data insights should be a central component of partner and vendor processes, programmes and product offerings
Many of the most successful businesses of the 21st century have built their competitive advantage on a foundation of data – and sound insights drawn from this data. This has enabled them to create – and continuously evolve – product offering and sales motions that are customer-centric and allow them to truly stand out from the crowd.
Companies such as Amazon, Tesla and Monzo have built business models with data at their core and have in turn, created processes to leverage this great asset. These companies have a few other things in common:
- They have rethought traditional business models and eradicated many of their inefficiencies to deliver dramatically improved customer experience.
- They have revolutionised the way they assess, plan and execute their strategic go-to-market, continuously using data to reshape and pivot their business model and processes to get nearer to the evolving expectations of customers.
- They are relentless in their pursuit of perfection. These businesses have a common connection – strong, forward-thinking execs who have had the opportunity to build a business which is data-centric from the start.
Data provides invaluable insight into the common attributes of companies which do and don’t buy your services and products; it can shape lead scoring in your pipeline management processes; and can help to identify the next ecosystem of channel partners who will collaborate in a given vertical sub-segment (amongst many other applications of data).
The rate of change in the sales and marketing technology landscape is phenomenal, with an ever-increasing range of applications to handle everything from lead attribution and scoring to communication automation through a customer’s lifecycle. The flipside of the range and sophistication of these technologies is that they are hard to configure/optimise and they are only ever as good as the data at their core.
At IQBlade, it is our firm belief that data should be the starting point and the core of your account-based marketing and customer acquisition strategies. Once you have drawn insights from the data, then you are ready to approach the technology and process. The whole business process needs to be redefined and restructured with data at its core to empower and enable your marketeers and sellers to do what they’re paid to do and where they can make a difference.
Elon Musk didn’t define (and dominate!) an entire market by simply adding batteries and safety features to the existing concept of a car – he redefined the car with electric power and data at the core. That same data-at-the-core mentality will help IT companies on a path to differentiation and success.