Tag: Big Data

Harness the Power of Big Data to Surge in Key Account Planning & Account Growth

The use of big data and artificial intelligence (AI) in account-based marketing has revolutionized the way organizations approach their marketing strategies. Predictive analytics that utilizes historical data to identify future trends and behaviors, can help organizations optimize their communication strategies and make data-driven decisions to drive growth to stay ahead of their competitors.  The big data edge Predictive analytics through big data and AI is a game-changer for key account planning. By utilizing predictive analytics, organizations can better understand consumer behaviors and trends and predict future shifts. This empowers them to develop more effective communication strategies, optimize resources and spend, qualify and prioritize leads, and retain customers. With the integration of advanced communication tools and measurement capabilities, organizations can stay competitive and drive growth in today’s data-driven environment. In the past, organizations relied on data-driven communication to understand the long-term impact of their campaigns on sales. However, with the evolution of communication analytics, organizations are now able to move beyond aggregate data and understand user-level interactions. Multi-touch attribution (MTA) models, for instance, enable organizations to gain a better understanding of consumer paths to purchase. The need for predictive analytics and big data With predictive analytics and big data, organizations can understand consumer behaviors and trends better, and predict future shifts with better accuracy. By leveraging machine learning and AI, organizations can combine insights generated through various datasets, algorithms, and models to develop more effective communication strategies. There are three primary models associated with predictive analytics: cluster models, propensity models, and recommendations filtering. These models enable organizations to segment audiences, evaluate consumer likelihood to act, and understand where there might be additional sales opportunities. They can enhance effectiveness by updating their playbook to provide a better overview of consumer behavior, optimize resources and spend, qualify and prioritize leads, and retain customers. With so much data available, organizations require advanced communication tools and measurement capabilities to take full advantage of predictive analytics. Unified communication measurement, communication analytics software, and AI and machine learning are essential features that enable organizations to act on insights in real-time and serve dynamic content automatically. Developing a key accounts-focused culture As every customer or account has a unique persona and behavior, developing an account-centric culture is a top priority for every company. However, tracking progress can be challenging without effective processes. Initially, companies relied on CRM for opportunity management, but account planning tools have since been created to provide intelligence into their key accounts. With the evolving environment, these tools have also had to adapt to new opportunities and help enterprises resolve their existing challenges. Analytics can play a precise role in account centricity by providing detailed insights to prepare proposals/quotes depending on each key account’s requirements. Enterprises can also review target achievements and create reports that facilitate decision-making and strategy formulation. Analytics can identify future trends and opportunities in the industry, as well as insights on the non-captured value of a customer, which may add to the economic value derived from customer profitability analysis. AI for leveling the playing field Businesses of all sizes are recognizing the need to adopt a digital approach to key account management. Small B2B organizations, in particular, face a tough challenge as they do not have the same resources or brand equity as their larger competitors. As a result, they often rely on building strong relationships and trust with their clients through great work and word-of-mouth referrals. However, the COVID-19 pandemic threw a wrench in this approach, as remote work made it challenging to engage with clients physically. To address this challenge, many small B2B organizations have shifted their focus to digital key account management. This approach involves creating and implementing a digital account and relationship strategy to retain and grow key relationships in a remote world. Here are some factors that businesses should consider when making this shift. Data-driven approach to relationship strategy and management should be a top priority. Businesses should collect data and use it to inform decision-making that produces positive outcomes for their organization. This approach is already used by consultants to help clients be successful, and businesses can turn that lens on themselves to see how they can increase their and customer lifetime value. Culture and people change during a digital approach requires proactive and sustained communication across a variety of stakeholder groups. To be successful, businesses must influence broad behavioral change across their company and make it stick by aligning incentives and measurement with the business outcomes that they value. Conducting quarterly business reviews (QBRs) with key accounts can shed light on the importance of the process, and sales teams can prime the rest of the organization for the same.  Enabling teams with the right tools is a critical factor in making the shift to digital key account management. Even with a strong approach and workforce, businesses must have the infrastructure and tools in place to make the shift successful. Investing in infrastructure that uplifts the workforce and removes roadblocks and overhead is crucial to supporting this change. Despite the benefits of digital key account management, making the shift can come with its set of challenges. For example, businesses may face resistance to change or struggle to adopt new processes. It’s crucial to identify and address these challenges early on to ensure a smooth transition. Adopting a digital approach to key account management is essential for businesses looking to compete in a remote world. By prioritizing a data-driven approach, culture and people change, and investing in the right tools and infrastructure, businesses can make a successful transition to digital key account management. While challenges may arise, addressing them early on can help ensure a smooth and successful shift. Watch Now: Stories on Successful Digital Key Account Management Transformation    Challenges to big data adoption in Key Account Management Big data has the potential to significantly improve key account management by providing insights to make better decisions. However, challenges can arise when collecting and managing large amounts of data. One of the main challenges