Text by Pyr Marcondes, Senior Partner at Pipeline Capital Tech.
Well, if anyone still had doubts about that title above, they shouldn’t have for a while. For the recalcitrant (meaning stubborn), McKinsey has just given a coup de grace with a study that reveals what should already be obvious: companies that operate based on data optimize their business much more than others that do not. They grow more and perform better, as the title says.
Textually, the McKinsey study report reads like this: “Companies that are using data-driven B2B sales growth engines report out-of-market growth and EBITDA increases in the 15% to 25% range.”
As a result, reveals the same study, 64% of the companies surveyed by the consultancy will increase their investments in data this year. It took a while.
McKinsey also repeats the mantra of classic areas and typical activities that can be anabolic with data, for the benefit of the improvement of the companies as a whole. We’ve talked about this a couple of times already, but it bears repeating.
Wants to know? There you go.
Optimizing the journey: the combination of internal and external company data helps create algorithms that identify and prioritize concrete growth opportunities throughout the customer lifecycle, from acquisition to retention. As old as Amazon.
Optimizing campaigns: sister activity above, optimizing campaigns with data allows real-time route corrections. The opportunities for performance improvement are endless and we are always looking for the best return on investment. As old as programmatic.
Optimizing the omnichannel: Data aligns customer experiences and opportunities across all channels and touchpoints, all at the same time now. On and off. So
old as Alibaba.
Optimizing Sales: Data supports the front lines with relevant insights, robust enablement and incentives, and actively monitors progress consistently across every opportunity across every sales action. As old as Salesforce.
Are you a recalcitrant? Well, it shouldn’t.
Full article at Innovation Insider.