How Great Data in the Cloud Can Make for Greater Business Outcomes
The technology you use in your business can either help or hinder your business objectives.
In the past, slow and manual processes had an inhibiting effect on customer services and sales interactions, thus dragging down the bottom line.
Now, with cloud technology and customers interacting at record speeds, companies expect greater returns from each business outcome. What do I mean when I say business outcome?
Well according to Bluewolf’s State of Salesforce Report, you can split these into four categories: acquisition, expansion, retention and cost reduction.
With the right technology and planning, a business can speedily acquire more customers, expand to new markets, increase customer retention and ensure they are doing all of this efficiently and cost effectively. But what happens when the data or the way you’re interacting with these technologies grow unchecked, and/or becomes corrupted and unreliable.
With data being the new fuel for decision-making, you need to make sure it’s clean, safe and reliable.
With clean data, Salesforce customers, in the above-referenced Bluewolf survey, reported efficiency and productivity gains (66%), improved customer experience (34%), revenue growth (32%) and cost reduction (21%) in 2014.
It’s been said that it costs a business 10X more to acquire new customers than it does to retain existing ones. But, despite the additional cost, real continued growth requires the acquisition of new customers.
Gaining new customers, however, requires a great sales team who knows what and to whom they’re selling. With Salesforce, you have that information at your fingertips, and the chance to let your sales team be as good as they can possibly be.
And this is where having good data fits in and becomes critically important. Because, well, you can have great technology, but it’s only going to be as good as the data you’re feeding it.
The same “garbage in, garbage out” maxim holds true for practically any data-driven or –reliant business process or outcome, whether it’s attracting new customers or building a brand. And with the Salesforce Sales Cloud and Marketing Cloud you have the technology to both attract new customers and build great brands, but if you’re feeding your Clouds with inconsistent and fragmented data, you can’t trust that you’ve made the right investments or decisions in the right places.
The combination of good data and technology can help to answer so many of your critical business questions. How do I target my audience without knowledge of previous successes? What does my ideal customer look like? What did they buy? Why did they buy it?
For better or worse, but mainly better, answering those questions with just your intuition and/or experience is pretty much out of the question. Without the tool to look at, for example, past campaigns and sales, and combining this view to see who your real market is, you’ll never be fully effective.
The same is true for sales. Without the right Leads, and the ability to interact with these Leads effectively, i.e., having the right contact details, company, knowing there’s only one version of that record, can make the discovery process a long and painful one.
But customer acquisition isn’t the only place where data plays a vital role.
When expanding to new markets or upselling and cross selling to existing customers, it’s the data you collect and report on that will help inform where you should focus your efforts.
Knowing what existing relationships you can leverage can make the difference between proactively offering solutions to your customers and losing them to a competitor. With Salesforce’s Analytics Cloud, this visibility that used to take weeks and months to view can now be put together in a matter of minutes. But how do you make strategic decisions on what market to tap into or what relationships to leverage, if you can only see one or two regions? What if you could truly visualize how you interact with your customers? Or see beyond the hairball of interconnected business hierarchies and interactions to know definitively what subsidiary, household or distributor has what? Seeing the connections you have with your customers can help uncover the white space that you could tap into.
Naturally this entire process means nothing if you’re not actually retaining these customers. Again, this is another area that is fuelled by data. Knowing who your customers are, what issues they’re having and what they could want next could help ensure you are always providing your customer with the ultimate experience.
Last, but by no means least, there is cost reduction. Only by ensuring that all of this data is clean — and continuously cleansed — and your Cloud technologies are being fully utilized, can you then help ensure the maximum return on your Cloud investment.
Learn more about how Informatica Cloud can help you maximize your business outcomes through ensuring your data is trusted in the Cloud.