With many new and fresh entrepreneurs with great startup ideas, it is easier to succeed in the market with the correct tools at hand. One of the most important tools they can use for their benefit and business growth is a company database for insights, which will hold all the rich company data they collect and purchase.
Let’s examine company data components, how to apply them, and some tips for getting the best results!
What is company data?
Company data refers to information about a company, such as its qualities, behaviors, interests, and tendencies, as well as captures its fundamental tools and data.
With many subcategories of such company data, it can be analyzed and read in various ways, giving entrepreneurs the chance to make it as beneficial for themselves and their own insights. In fact, 75% of businesses plan to increase their spending on data management solutions in the next five years.
How can company data be applied in sales intelligence
In the large pool of businesses, the benefits you can aspire to from implementing company data in your sales intelligence are numerous. Let’s discuss some of the best ways data can be applied:
Apply data for new opportunities
One of the biggest benefits of applying company data is being able to find unfilled niches in the business world. With data, you can clearly detect where other companies put most of their focus and what aspects they usually miss out on, giving you the chance to fill these niches.
Outline comprehensive company profiles
Company data also allows entrepreneurs to access more comprehensive competitor company profiles that go beyond the basic information found online. This allows for designing more tailored approaches to overcoming these companies or connecting with them for projects.
Create better marketing campaigns
With data about other companies' marketing, you can collect all the best insights to create the outmost right campaigns. Moreover, according to McKinsey Global Institute, data-driven organizations are not only 23 times more likely to acquire customers, but they’re also six times as likely to retain customers and 19 times more likely to be profitable!
Top 3 tips for using company data more effectively
With data at hand, it is important to use it wisely, following all the best recommendations:
- Use Pre-Built Company Datasets. While this option might seem more expensive, it is very time-saving, allowing businesses to focus on more important tasks. Statistics have found that approximately 80% of time in data projects is spent on cleaning and preparing data.
- Use Smart Search and Filters. Make sure to use filters on data, saving you both time and eliminating errors by removing the corresponding data from insights.
- Keep Data Up to Date. For data to remain relative and effective, you must have all the latest insights. These days, market trends are very quick-moving and short-span.
Summing up
Sales intelligence is an essential factor in any entrepreneur's acquisition, as it will either drive the company up the business path or prevent it from flourishing. While sales intelligence consists of many factors, company data is one that lies at the core and determines a business's place in the market.
