The Harvard Business Review recently released a white paper called, “From Data to Action”. In the series they explore how the volume of data is exponentially increasing and how businesses can learn to successfully filter the volume of information to convert into increased sales or improved customer relationships. Scott A. Neslin, from Dartmouth’s Tuck Business School summed it up nicely, “The numbers tell you a lot of stories simultaneously—the trick is figuring out which one really matters”.
Two of the sources in the HBR white paper are Jeanne W. Ross and Anne Quaadgras of MIT. They argue that, “what really matters more than the type and quantity of the data is establishing a deep corporate culture of evidence-based decision making. That means establishing one undisputed source of performance data, giving all decision makers feedback in real time (or close to it), updating business rules in response to facts, and providing coaching for decision makers. It also means encouraging everyone in the organization to use data more effectively”.
Are you compiling historical sales to your customers? Do you track their buying cycles? Are you turning that into “evidence based decision making?” If the answer to any of these is no, then you may want to consider implementing a business intelligence solution to turn your existing data into actionable information.
One of the key platforms in the TRAX contract and asset management solution is MarkeTrax. Here are some of the ways MarkeTrax can work for you:
Target Marketing – MarkeTrax increases your opportunity to take advantage of national trends, new product releases, and OEM programs by creating the capacity to target a specific market within your customer base.
Identifies Purchasing Cycles – search results include intelligent information about which customers are most likely to respond to a specific marketing based on historical purchasing data.
Customizable Searches – through MarkeTrax, you can query your data by customer, region, manufacturer, models, industry, account executive and more. This maximizes the value of the results.
Campaign Management – the robust campaign management functionality can assign the query results to individual sales representatives and attach communications outlining strategy and directives.
Improves Customer Retention – MarkeTrax creates a stickiness factor through its unique ability to combine OEM promotions with data on aging equipment maximizing a customer’s ability to refresh equipment at the lowest possible costs.