What’s the Value of Data in the Agriculture Industry?
According to how much you pay attention on business sites or social media like LinkedIn, you’ve probably seen something about big data. A lot of people are talking about how companies are using it and how it can impact your business. But do you really need big data?
The short answer is no. You don’t need big data. Selling equipment to the agriculture industry, you need very specific data on a very specific industry. Instead you should ask:
“How can data on the agriculture industry help my business?”
Data is a powerful tool you can use to drive business goals. But it isn’t magic. Just like every other tool you use, you have to incorporate data into your business processes to accomplish your goals.
Isn’t data just for marketing, though?
No. The capabilities that data provides go well beyond marketing. Your sales team can see near immediate benefits from incorporating ag industry data into their sales processes.
Regardless of whether you’re an OEM producing combine harvesters, an aftermarket manufacturer making tractor attachments, or a dealership selling to actual farmers, your sales teams need to have an accurate picture of their territories and customers. This can benefit them when they’re prospecting or even when they’re handed a marketing qualified lead.
This is where data comes into play.
A marketing qualified lead is a great place for you sales team to start. They get information about farmers who are actually looking for the ag equipment you sell. That’s great information, a real prospect who is expecting your call and interested in specific pieces of equipment. But wouldn’t you like to know more about them before you make the call?
For instance, let’s say one of your sales reps is handed a MQL. He only knows the name, phone number, email, and that the lead converted on a page about a utility tractor. That’s not much to go on, and he probably has to play catch up when he actually speaks to the farmer.
But what if your sales teams were equipped with actionable, intelligent data?
Not only does he know the information provided by marketing, but he now knows:
- The different types of farm equipment a prospect or customer has financed.
- How old each piece of financed farm equipment is.
- A business’s preference for new or used farm equipment.
- The physical address of a working farm.
- Possibly even other, supplemental information about their annual sales, estimated credit risk, and even how long they’ve been around.
Now your sales rep has a much more accurate picture of who the lead is and their unique needs. They armed with the information they need to make their sale on the tractor, but they can even look ahead and potentially broach the topic of equipment upsells.
Data provides your sales team with insights into each customer’s unique needs.
Data is an extra expense in your budget, but that doesn’t mean you should be deterred. Actually, you should be ecstatic. You are making a real investment into your business’s continued growth.