In this episode of the Selling in Asia podcast, Tom sits down with Carol Fong, Regional VP, 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 to make better business decisions to reduce risk and optimize your business revenue, key factors that acquire more customers in times of crisis, and why every business needs a CRM tool. Amongst other topics that include pivoting business models using data and how to onboard customers quicker and easier.
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 far more productive. I mean, think about it, with video conferencing, you can meet with five customers in five different countries on the same day!
- 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 that businesses need to connect with their 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, though; 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 being able to view 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.
Descriptive data is the foundation to your insights, vitally asking the question of “What’s happening?” by analyzing past data. They’re mainly used to track KPIs (Key Performance Indicators), whilst also used for monthly revenue reports and sales lead overviews.
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.
Predictive data is, as the name suggests, for predicting your business’s future operations. Considering questions such as, “What products are customers buying and in what locations?” or “How many staff do we have?” to inform your actions.
Prescriptive Data is the stage at which you’re focusing on finding the best solution or outcome for your next actionable steps. Closely related to Predictive and Descriptive data, it seeks to emphasize actionable insights rather than provide you with a page of numbers. For instance, many businesses over the past year have shared this same obstacle – “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 mentioned in this episode: