How data can grow your business during the coronavirus
With many businesses hitting the pause button during the coronavirus pandemic, it’s more important than ever to use data to inform your marketing and sales strategies. EDA and RigDig, which provide proprietary data based on your business needs, can help you strategize in a way that will boost sales and grow client relationships.
Why do you need external data?
For many, business practices that worked months ago are no longer effective — but you can use a combination of industry data and Randall-Reilly’s proprietary data services to get back in the game.
With the right data, you can target your historically loyal customers and focus on those most likely to continue buying during this downturn. You can even track prior growth and recovery during other economic downturns like the 2008 recession and compare that with business standings today to project economic trends.
Data is not meant to be the only tool shaping your marketing strategy, but it will help you strengthen it.
How to use data
1. Prioritize leads
Determine the active buyers in your industry and craft a strategy and campaigns to engage them. Use digital and video marketing to promote your brand and share product demos. Even as your sales force has pivoted to remote work, data reports within EDA can be shared with your entire team to maximize efficiency and productivity.
2. Identify purchasing cycle dates
By analyzing purchase dates, you can predict purchasing cycles. Using Milestone Watch within EDA, you’ll be notified when equipment reaches a certain age and is due for repairs or preventive maintenance.
Some businesses may opt to extend the life of their equipment, which is an opportunity to increase revenue through parts and service. Make them aware of your parts and service business and consider promotional offers so they will reach out to you when it’s time for repairs.
3. Support clients doing essential services
Businesses that are essential, such as those in trucking, construction and agriculture, are likely busier than normal right now. Share promotions for those looking to purchase equipment or deals on repair and maintenance services that can keep their equipment in top shape. Anticipating and fulfilling their needs will deepen trust and increase customer loyalty.
While using data to sharpen marketing and sales strategies has always been an excellent way to grow your business, using proprietary data will increase your efficiency and effectiveness. Maintaining relevance during an economic downturn, by focusing on your best prospects, repair and maintenance intervals for current clients and the essential businesses that you serve, will help guide your company through the coronavirus pandemic.