Businesses have more and more data, but only a few can make the most of it. Data analytics also plays a major role in marketing campaigns. Marketers do not create a strategy based on sentiment, but rather make decisions based on solid data. Zdeněk Demeter, Team Leader for Big Data and Analytics Business at Bisnode, knows something about this.
Where do you see the new business potential of Czech companies?
Great business potential is not only limited to new clients, but you can also acquire additional leads in your existing client pool. However, in either case, you need to get as much information as possible to choose the right audience for your campaign and the right timing. Today, it is no longer so in the store that it is first necessary to realize the needs of the customer through an exhaustive list of intelligently posed questions. Today, the modern Challenger Sales approach, in which a thorough initial analysis of a specific customer situation is performed, including the involvement of advanced data analytics to forecast potential needs, is a key success factor. Without data, quality CRM is no longer possible today. Clients don’t want to be interviewed, they expect you to know and come up with a solution.
You are talking about the need to get as much information as possible. But what if I don’t have them?
Bisnode, which has a database of all business entities in the Czech Republic and Slovakia and can put the data in the right context, will help you very effectively in this. Analysts are then primarily concerned with the companies’ financial stability, credibility, payment sentiment, and the likelihood that they will meet their business obligations. This information is then used to make decisions and prepare campaigns.
Is information on foreign companies also available?
Yeah. Thanks to globalization and the availability of information about companies from almost all parts of the world, it is still possible to think about expanding the export policies of companies, finding other business partners in individual countries of the world. For example, the solution provided by Lehits, a strategic partner of Bisnode in the Czech Republic and Slovakia, contains information on more than 310 million business entities from around the world. All data from Bisnode and Lehits can be linked to customer information systems.
Let’s go back to data analytics as a major success in marketing campaigns. Can you give concrete examples of how “new data” and approaches can increase their success?
Usually companies do not have much information about future customers in their internal systems. Therefore, it is necessary to determine the availability of external elements that are relevant to their business and that may indicate potential interest. For example, you are a truck dealer in the Czech Republic and you want to gain new customers. Are you looking for companies that need trucks and buy them? An intelligent analyst searches for and processes a set of legal data, from which he found that in the past five years, 28,000 trucks were newly registered, purchased by about 9,000 companies, of which 2,5,000 are road and freight companies. Transportation. I think knowing these 2.5 thousand companies is a good start for choosing a target group. If you also know how many employees they have, what their turnover was last year, how reliable they are, who owns them or even when exactly they bought the car, what brand and model they prefer, the success of your future marketing campaign can be 20%.
Is it about proper targeting?
That’s right, the age of the Internet, the phenomenon of open data, freely available algorithms, machine learning tools, prediction, text analysis, and other forms of so-called unstructured data provide exceptional opportunities to target and properly handle your offer only can really attract.