Since inception, mankind has collected data and while the collection of data increased overtime, the quality of such information decreased at the same rate. The reason for this – too much data! So while we send billions of emails, spend hours engaging with prospects, spend millions of dollars to collect trillions of bytes of data, we spend even more money converting this data into actionable information.
Business Intelligence and Lead Generation
In lead generation, it is important to know everything about your market so that sales teams are informed and prepared to sell into the marketplace. This includes everything from product knowledge and competitive analysis to target demographics. Equally important is the ability to accurately measure the results of the lead generation campaign as well as being able to analyze the information to make adjustments for a stronger program.
Business intelligence is a science that analyzes historical and real time data from various mediums and forms trends and predictions. This allows for up-to-date, real-time and accurate information that result in better business decisions. From a lead generation standpoint, this is determining if the lead generation campaign provided information that is good, bad, relevant or irrelevant.
Effective Lead Generation Analysis
Obtaining quality data is one thing, but not knowing how to use the data makes the data useless. We could even go as far as calling that business unintelligence. In lead generation not knowing how to accurately measure the success of a campaign and not understanding comprehensive analysis and data can prove problematic because how do you know if it is working? This is why timely analysis is imperative.
Lead generation analytics are best reviewed on a weekly basis to continuously find opportunities to improve results. This allows for a quick turnaround for adjustments to any necessary changes in the campaign. Perhaps the key messaging is off, or doesn’t provide enough of a ‘hook’ to entice a prospect to purchase. Maybe your organization is targeting the wrong market or the product offering is weak. Regardless, weekly updates can provide a quick snapshot of the ‘voice of the prospect’ in order to alter the lead generation efforts.
So how can business intelligence help your organization’s lead generation efforts? How often does your organization find itself saying, “if only I had that information before!” Imagine moving from stale, static, after the fact information to real-time proactive, predictive and trend based information. As a lead or demand generator, imagine knowing how successful the list will be before you make a single call. Business intelligence addresses the simple question of “Who is my customer?” and “What impact would my business have if I do XYZ?”