In this Selling in Asia podcast episode, Tom sits down with Carol Fong, Regional VP of the commercial sales team at Salesforce in Singapore, to discuss the increasing importance of digital tools in building business resilience in times of crisis.
So join us to find out how data can help you make better business decisions to reduce risk and optimize your business revenue, what key factors acquire more customers in times of crisis, and why every business needs a CRM tool. Other topics include pivoting business models using data and how to onboard customers quickly and easily.
The Increasing Importance of Digital Tools To Build A Business
We do almost everything with technology’s help, whether banking, shopping or even working remotely online. So building a sustainable, successful business with the aid of digital tools isn’t that surprising.
It removes time constraints, physical barriers, and traditional obstacles, making your time more productive. I mean, think about it, with video conferencing, you can meet with five customers in five different countries on the same day!
Also read:
- Digital Networking – Build Connections Online
- Sales Training for Technology Companies
- Utilizing Data For Effective Sales Leadership with the Head of Sales Operations & Enablement of Carousell
CRM & The Increasing Importance of Digital Tools
Reality is now remote, and there’s no denying that technology has changed our workspaces forever – so ensuring you have a stable collaborative tool is essential for staying on top of your day-to-day operations.
Spreadsheets aren’t going to work if they’re not intuitive, interactive, and collaborative.
Customer Relationship Management software provides all of the strategies, activities, and technologies businesses need to connect with current and potential customers. At its core, it helps businesses grow their relationships to increase customer retention and loyalty.
Ultimately, the benefits don’t stop there; CRM provides businesses with a strategic advantage of learning about their customers. Answering crucial questions such as, Who are they? Why do they purchase your products? As well as, crucially, viewing trends in customers’ purchasing histories. Overall, it allows businesses to anticipate their customers’ needs and, as a result, successfully fulfill them.
Optimize Revenue Using Your Data
There are four main types of data analysis; Predictive, Prescriptive, Descriptive, and Diagnostic. Whilst all separate entities of their own, they work in tandem to build upon one another when it comes to your next actionable steps.
1. Descriptive
Descriptive data is the foundation of your insights, vitally asking the question of “What’s happening?” by analyzing past data. They’re mainly used to track KPIs (Key Performance Indicators) and for monthly revenue reports and sales lead overviews.
2. Diagnostic
Diagnostic data answers the question, “Why is this happening?” concerning your descriptive data. By comparing the two data sets side by side, businesses can identify patterns and trends in any particular area of concern.
3. Predictive
As the name suggests, predictive data is used to predict your business’s future operations. Consider questions such as, “What products are customers buying and in what locations?” or “How many staff do we have?” to inform your actions.
4. Prescriptive
Prescriptive Data is the stage at which you focus on finding the best solution or outcome for your next actionable steps. Closely related to Predictive and Descriptive data, it emphasizes actionable insights rather than providing you with a page of numbers. For instance, many businesses have shared this same obstacle over the past year – “How do we survive to get through this period until things go back to normal?”.
More About SalesForce
Salesforce is a customer relationship management solution that brings companies and customers together. It’s one integrated CRM platform that gives all your departments — including marketing, sales, commerce, and service — a single, shared view of every customer.
Resources
Resources mentioned in this episode:
- Building Business Resilience During Unprecedented Times eBook
- Salesforce Live Asia Videos include Tom and Carol’s recording.
- Article on How to Motivate Your Sales Team and Build Resilience
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