Big Data is one of the most familiar terms that we can see every day on newspaper or social media in the 4.0 era. We all know about the enormous benefits it brings to information analytics, which can help a business generate substantial revenue each year. It’s obvious that Big Data is performing a crucial role in business-to-business sales negotiations. Now, let’s check it out how important it is to B2B businesses.
Big Data analytics foster the product development
Developing products or services is the cornerstone of any businesses in order to continuously grow their business. However, it’s not easy to develop a product that can compete with the competitors’ without taking the advantage of technologies.
To remain competitive with increased globalization, your products or services need to meet every single requirement of your clients. Or else, they will look for another business. Gathering data from your clients’ feedback can be a useful way to determine what should or should not be done to improve your goods and services. It’s the traditional way and requires an expert team to analyse the data. However, the combination of Big Data and AI technology can enhance analytics capabilities and improve the quality of their products and services.
By continuously developing products that fulfil clients’ requirements, B2B businesses can not only deepen the brand engagement but also generate revenue from sales negotiations.
Big Data analytics reduce risks for B2B business
Before negotiating with any other businesses, we need to carry out an in-depth analysis of those businesses to know whether they are reliable or not. Big Data analytics can identify suspicious activities of a business that it hid on purpose. When Big Data is combined with AI technologies such as machine learning, it can predict and tell the businesses the risks of the incoming transactions.
Unlike B2C transactions, B2B transactions have some typical features that require complex analytics to avoid risks hindering the business’s performance. The value of B2B transactions is much bigger as the goods are sold in bulk and have to go through a lot of phases before reaching the end customers. Besides, the people involved in the decision-making process are in managerial position. Therefore, B2B transactions require greater safety than B2C ones.
There is some common information that Big Data analytics can reveal and bring benefits to B2B sales negotiations such as customer insights, consumer trend predictions or pre-sale process automation.
Big Data analytics support segmentation
Market segmentation is the term referring to dividing data and grouping similar data together. While B2C marketers usually based on demographics to divide customer data, B2B marketers use the most 3 common methods to segment: based on tiering, needs and firmographics. The market segmentation is particularly important to B2B business as it can generate higher quality revenue, higher percentage opportunities and deliver more focusing marketing messages.
When you utilize big data for R&D, you will gain a deeper knowledge of your clients, which means you can not only cut the cost to serve but enhance loyalty and improve engagement as well. As a result, it can boost retention rate for your B2B business.
The principal objective of a business is to boost sales and to generate revenue. To earn more profits, you need to improve the quality of your products and services. To achieve this goal, you need to deeply understand your clients. The massive amount of information that Big Data brings can help you to analyse the data more productively and develop effective strategies to boost sales.
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