NICSA – July 17, 2017 – On #WebinarWednesday, NICSA members had the opportunity to learn how firms are taking advantage of data to improve all levels of their organizations.
Jackie Noblett, Senior Reporter, Ignites, led experts from Albridge Analytics, DST Systems, Inc., Franklin Templeton and SalesPage Technologies LLC through the in-depth discussion (NICSA members can access the replay here).
Noblett, citing Ignites Distribution Research, said firms fall on a wide spectrum when it comes to the number of years they have used data to inform distribution. Thirty percent boast more than eight years of experience, with another 30 percent having 2-4 years. And those with experience in data analytics are seeing results.
“Sixty-three percent surveyed said they are turning data analytics into sales leads and opportunities,” Noblett said.
According to Greg Piaseckyj, Head of Sales, SalesPage Technologies LLC, “If you happen to be one of the firms that is sweating because you haven’t developed an effective data strategy now, you don’t want to be the last one to the party and risk losing significant market share to those that do.”
“But the good news is, you’re not alone,” he said. “The reality is, very few firms out there have truly ‘nailed it.’” Piaseckyj said many firms are feeling pressure to figure out how to effectively capitalize on various sources of data. For some, it’s information overload.
“Firms are spending a lot of time on data management, procurement and organization and are less focused on the actual value-add components of identifying opportunities,” said Bradley Moore, Director, Product Development, Albridge Analytics.
Moore said a key point from an opportunity standpoint is incorporating other components in the data, including territorial assessment. “Having a good territory overlay and the tools in place to be able to mine the data based on geographic awareness will be very important in maximizing opportunity identification,” he said.
Lyndsay Noble, Lead Analytics Consultant, DST Systems, Inc., said that it’s the combination of data that creates a complete customer picture.
“What’s overlooked isn’t necessarily any one piece of data, but it’s the power that comes from bringing all that data together,” she said. Deep Srivastav, Head of Client Strategies and Analytics, Franklin Templeton, said that part of the data journey includes learning from your mistakes.
The now-robust, customer-centric data division at investment management company Franklin Templeton “started with simple structures and over time evolved and started getting better in terms of ownership and accountability,” he said.
The process included a lot of dialogue within the organization to ensure data was useful and relevant to other departments. “Then all of the sudden, the value started to emerge,” he said. “And when that starts happening, the sales people get more convinced, the marketing people get more convinced…and they start taking the lead.”
Looking to accelerate the success of your own data strategy? Piaseckyj offered three guidelines:
- Develop a single source of truth. Have a single repository of all sources of data that can be easily mined and accessed by your CRM and your other enterprise systems. Most firms miss badly here, because it is tough to reconcile all the different data sources into a single version of the truth. A poor foundation for your data will have a significant negative impact on everything downstream.
- Less is more. Avoid dumping a large amount of data on your field force. Utilize a strong segmentation strategy and filter that data, and then only provide the necessary data for the targets that each individual team member is focused on.
- Prepare before it’s prime time. Validate the likely adoption and usefulness of data you plan on providing your sales team through a small and influential team of end users before implementation. If you miss your start, adoption will be very difficult in the future.
NICSA thanks Northern Trust for sponsoring this webinar. To view the archived webinar for additional insight, visit here, and be sure to share your thoughts with us.