The business world’s digital transformation: why data is king

27 October 2020

In this internet age, business has changed more than it perhaps has in centuries with the sheer volume of available data. Learn how to adapt your game here.

Kompass International

By Kompass International

27 October 2020

Digital transformation requires robust business data. 53% of companies adopting big data into their growth strategy is essential. This means your business needs data integration.

Cultivating long-term relationships with B2B clients requires the latest in data reporting. But what does data mean for the growth of your business?

Learn more about how businesses like yours are digitally transforming through data trends.

How digital transformation impacts B2B clients

The digital transformation uses digital solutions. Data reporting and data-driven marketing optimize various systems. It also enhances the customer experience.

Current trends in business data focus on improving the buyer experience. This involves updating old systems. It also means finding new ways to use B2B marketing strategies.

This often means selling through many channels, which might require restructuring. Instead of relying on virtual intermediaries, you sell straight to other businesses. This means catering to your customer needs.

Business data is the best way to interact with other businesses. It gives you the chance to benefit from the latest digital transformations.

Decision-making

Business data offers many benefits. One of the most significant benefits is its ability to transform decision-making processes.

Data arms with a powerful tool—information. Digital transformation begins when you make better, more informed decisions for your business.

You can generate leads more effectively. This helps you find new customers and B2B clients. You can adjust strategies to keep clients and improve your service standards.

You can also track sales trends to outbid the competition. Tracking consumer behavior on social media is easier than ever. Better decision-making impacts other parts of your growth strategy, too.

Targeting

Data-driven marketing saves time, money, and other critical resources. When it comes to digital transformation, data paves the way in better targeting. Any business leader can not overlook stretching advertising dollars to the max.

You want to beat the “numbers” game of any B2B marketing campaign. Targeting B2B clients specific to your industry does just so. No matter the target audience, you will learn valuable information from business data.

You can target and retarget using accurate data. Advertising to niches in your market can also handle other forms of marketing.

Custom reporting offers you the chance to pivot ad campaigns faster, too. Accessible databases do this, too.

Innovation

More business data means new modes of data to track. B2B clients may be able to profit off of data metrics you can provide. You may also be able to change the way you interact with other businesses when data reporting.

Your partnership options may change as you learn more about potential clients. The less data you have, the more risk you take on. Conversely, respecting clients’ data privacy speaks to professional integrity, too.

Your sales and marketing teams can improve more than targeting B2B clients, too. They can also innovate the performance of ROI for websites. This boosts your visibility in other marketing channels.

Increasing visibility with other businesses incentivizes partnerships as a result of digital transformation.

How you can use business data to transform B2B interactions digitally

If you want to capitalize on the latest digital transformation trends, you need to talk to a data expert. Below are a few tactics you can expect when transforming your business data.

Update processes

Focus on pricing, sales, and other core commercial processes. Aim to upgrade commercial abilities, expanding sales margins. Do this by establishing a center for data analytics. Analytics enhance your data-driven marketing strategies.

When updating processes, ensure support during the transition. Older sales members may resist digital transformation by favoring experience and outdated systems. B2B clients won’t buy from sales members who don’t believe in your business.

Updated processes use business data to extend sources to outside, unstructured data. Adding methods to sift through this data gives you new sources of information.

Transform the buying journey

You need opportunities to upsell and cross-sell to customers. Business data analytics offer this chance. Finding the right path for your customers’ buying journey guides growth strategies.

Data analytical help you introduce predictive models to your customers’ path of purchase. This helps you understand their behavior. The how and why of your customers’ buying behavior improves the service you provide.

Learning their average spending can inform how you sell to them in the future. Transforming the buying journey integrates customer satisfaction with data analysis. User behavior offers the best information for streamlined interactions with B2B clients.

Improve channels

Use different marketing channels for the best digital transformation. Reaching different types of B2B clients means meeting them on their buying journey. Creating established points of sale in a buyer’s journey creates new lead opportunities.

Disrupting distributors lets you dictate the relationship with the customer. You can increase sales opportunities by offering complete solutions. Reaching across many channels means expanding your reach with new customers, too.

When disrupting channels, manage conflicts of old and new processes. Create new paths for sale and interaction before the disruption. This creates a seamless integration for disrupting outdated pathways.

Staying on top of the latest trends in digital transformation

You need the latest information on digital transformation. Find innovative B2B information services to help you reach the right contacts in the right companies with the Kompass Group.

We offer unique data expertise in 75 countries and decades of experience. Kompass Group is the B2B matchmaking and export service provider of choice. We serve many governmental and private institutions around the world.

Consult our site today to connect with a data expert. Let us work towards data solutions for your company’s needs.

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