‘Insights-driven businesses are growing at an average of more than 30% each year, and by 2021, they are predicted to take $1.8 trillion annually from their less-informed peers.’
What Does it Mean to be an Insight-Driven Business?
Nowadays, with the availability of analytics tools, all businesses have access to data. But, being data-driven isn’t the same as being insight-driven. That said, for those businesses that have discovered how to transform data into insights, they are reaping the rewards.
Forrester Research describes these businesses as “smart enterprises that use data, analytics, and software in closed, continuously optimized loops to differentiate and compete.”
But, how do you use these insights to your advantage?
Businesses across almost every sector and market have been using personalization to create a better customer experience. In the same way that you would tailor your sales pitch, consumers now expect tailored content and products.
Netflix. A Leader in Insights.
Netflix, one of the worlds largest streaming platforms, has used insights to their advantage right from the get-go. But, how did they do it?
Netflix uses data to build a seamless customer experience. From assessing when people pause, play and watch a series, they use data to drive almost every aspect of the entire platform.
“There are 33 million different versions of Netflix.”
- Joris Evers, Director of Global Communications
Take the Thumbnail
If you’re on a Netflix account that isn’t yours, you might have noticed that you see a completely different thumbnail than that of your own account. Netflix doesn’t just use a film or show’s original art. It instead uses an algorithm to source high-quality images from those videos. This means that you’ll see a thumbnail for a show based completely on what thumbnails have appealed to you in the past.
Take popular Netflix Original show ‘Stranger Things’. This is just a small sample of the artwork available that you could see on your account, dependent on what interests you. Through A/B testing and a focus on personalization, Netflix has increased views and driven more customers to engage with the platform.
A recent survey found that 79% of customers said they would only engage with an offer if it was personalised to reflect their previous experience with the brand.2
How Can we as Sales Professionals Become More Insight-Driven?
Insights come from knowledge. How well do you know your customers?
Linkedin has fast become every sales person’s first port of call for customer insight. And yet how many of us really use it to its full capacity?
For example, how guilty are you of merely finding a target, and then immediately pinging out a sales led message? Do so, and you will be one of many, giving your target absolutely no reason to engage.
So personalize your approach. Get a real sense of your prospect, by looking at their shared connections, their career path, their interests, where they studied etc. Find common ground, and create tailored messages that resonate more at a human level.
Make sure you are using all the marketing assets and insights your company has at its disposal to tailor your approach and open up a dialogue.
When articulating your value proposition, make sure it is tailored to the unique pressure points of the business, and the actual customer, you are trying to win over.
Want to know more about how to deliver a seamless, bespoke, sales proposition?
How much more sales growth could you unlock fast, with a more insight-driven approach?
Pareto can provide your business with a bespoke training package, in which our five-step process delivers guaranteed ROI through an insight-driven appraisal and training programme.
1 Forrester Research 'Insight Driven Businesses Set the Pace'
2 "79% of Customers" - Marketo