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Launching a New Venture? How To Use Data To Make It a Success

Launching a New Venture? How To Use Data To Make It a Succes

How to attract more prospects and convert more leads with real-time and relevant customer data.

From qualifying an opportunity to logging an order – real-time, reliable, and relevant data is key to securing new business. But unifying and using data is getting harder: 41% of business leaders struggle to understand data because it is too complex or not accessible enough.

So how do you establish the right data foundations from day one when launching a new product or service? This was the challenge facing Knowledge Group Consulting, part of NEMA Education, when it introduced a new digital learning platform for individuals, organisations, and governments in the Middle East and North Africa.

Read on to discover four ways to maximise the value of data and make your new venture a success. Then, learn why Gartner named Salesforce a Leader in Customer Data Platforms.

1. Find the perfect prospects with 360-degree visibility

You’re ready to go live with a new product in a new territory. But do you know your target audience?  Only 29% of businesses use their data to inform their strategy when launching in new markets. And that means lower sales and a longer ROI.

To hit the ground running with a new offering, it’s important to understand your customers from day one – and that means unlocking 360-degree visibility. Knowledge Group Consulting uses Data Cloud for Marketing to continuously collect first and third-party data, which is captured in a unified CRM record.

“Every department had its own data silo,” explained Ahmad Yassin, Director of Marketing and Communications at Knowledge Group Consulting. “Now, we can connect data from our website, ERP system, and account-based planning platform to create a single view of current and future customers. This helps us expand our reach and refine our target audiences.” 

By using Salesforce in tandem with AWS, Knowledge Group Consulting can maximise its ability to handle growing volumes of customer data. Almost one-third of businesses are already overwhelmed by the amount of data, which is expected to more than double in size by 2026.

See how to unify your customer data with Data Cloud for Marketing.

2. Land and convert more leads with personalised customer journeys

Personalisation is key to winning and retaining new customers: 65% of consumers say they will stay loyal if a company offers a more personalised experience. With 360-degree customer visibility, you can push personalisation to the max – from marketing campaigns and website landing pages to social media promotions and mobile app experiences.

Knowledge Group Consulting is applying personalisation at an account and individual level, which means it can share the right content with the right customer at the right time. And do it across every channel.

The group uses a combination of Data Cloud for Marketing and Marketing Cloud Personalisation to deliver on its omnichannel engagement objectives. By enriching first-party data with other external sources, such as social media interactions and purchase intent insights, the marketing team can build ideal customer profiles. And this is when the magic happens.

The marketing team uses the profiles to optimise key steps in the customer journeys – from developing more engaging campaigns and segmenting digital advertising audiences to dynamically adapting content in real time. All of which help to increase lead volumes. 

With greater personalisation and automation, we can provide richer customer experiences and drive stronger growth.

Ahmad Yassin
Director of Marketing and Communications, Knowledge Group Consulting

3. Boost productivity with greater collaboration and automation

A single customer record means a single source of the truth for your teams. This makes collaboration easier and faster with fewer emails and meetings. A single customer record also provides the foundations needed to build automated data-driven workflows.

“We’ve transformed opportunity management by enabling data to seamlessly flow between our sales and marketing teams,” explained Yassin. “Tasks are automatically assigned, and reminders automatically triggered as an opportunity moves through the cycle, saving everyone time.”

The progress of each opportunity is tracked and analysed in Salesforce, providing Knowledge Group Consulting with real-time insights into key performance metrics, such as conversion rates, sales cycle timelines, and customer engagement levels. These analytics enable the sales and marketing teams to refine their strategies and make data-driven decisions that maximise the effectiveness of opportunity management.

Sharing data in real time can also help simplify key customer-facing tasks, such as processing orders and raising invoices. This frees up teams to focus on generating revenue and enriching the customer experience.

Increase efficiency and engagement with marketing automation

4. Drive growth with real-time performance metrics

Data can unlock valuable insights into customer behaviours, market trends, and sales pipelines – all of which are essential when launching a new venture. But a third of business leaders lack the ability to generate insights from data.

Predictive AI and analytics make it easier and faster for businesses to unlock these insights. Knowledge Group Consulting plans to use predictive AI to forecast demand for its new digital learning platform, which will help it proactively scale up its resources and optimise its strategies. “We can predict when a customer will make a purchase and adapt our marketing and sales activities to match their intent,” said Yassin.

This is just the start of the react and adapt cycle enabled by data. Real-time visibility of sales volumes and churn rates means you can see how new offerings land with different customer segments. If sales for a new product lag behind in a certain sector or region, you can adapt your go-to-market strategies and the development cycle for future releases to drive stronger growth.

Learn why Gartner named Salesforce a Leader in Customer Data Platforms

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