With the collection and analysis of data becoming more difficult, outsourced sales and marketing firm Hype Initiatives offer their assistance to help small businesses manage their data better.
According to a study conducted by the University of Texas, USA firms could boost annual sales per representative by 14.4 per cent if they increased their data usability by ten per cent. Hype Initiatives say: “Data has become a necessary tool. However, many businesses pay a lot of money to pull data but could manage it more effectively in order to experience the benefits.” Hype Initiatives are therefore supporting other small businesses to manage their data and use the information to increase sales and productivity.
“Data is knowledge and knowledge is power”, say Hype Initiatives. The firm says it is crucial to collect information from daily sales and operations and most importantly, to put them into context. Hype Initiatives assist other businesses to put their data into the right format, so it can be useful and help with the decision making process. “First we sit down with other business owners and discuss what they would like to achieve. Once we have clarified their priorities, we discuss a strategy on how to collect the data that will help make more accurate business decisions and analyse the success of individual campaigns.
Hype Initiatives, an outsourced sales and marketing firm based in Perth, Australia discuss data for specific campaigns on a weekly basis together with their clients. The firm is known to focus on increasing sales and brand awareness for their clients. “In order to achieve this, we analyse the data we receive and find out if a certain campaign works better in one area than in another, what specific consumer preferences are in different areas, if sales are up on a specific day of the week and we can even compare the performance of our sales force and determine if further guidance and product training are needed”, explain Hype Initiatives. Once the data has been analysed, action points can be discussed. Data is an effective tool to recognise trends and patterns, engage with consumers, to target campaigns easier and keep campaigns fresh by recognising consumer needs.
After increasing their clients’ sales by almost 40 per cent in quarter two 2014 by putting a strategy in place to analyse data more effectively, Hype Initiative provide the following advice for businesses who would like to understand and utilise their data to increase business success:
Hype Initiatives say that data should never be collected without purpose. “Collecting data can be expensive, therefore think about what you would like to achieve with it”, recommends Hype Initiatives. “Data does not analyse itself and businesses must invest some time if they want to utilise the benefits.”
In addition to that, the sales and marketing firm insists that business owners must ensure the data is correct. “If there is any factor that could influence the data, it must be eliminated; otherwise the data becomes useless and could lead to making the wrong decisions for the business”, say Hype Initiatives.
Research has shown that businesses can generate high financial returns by analysing data and make improvements according to it. Hype Initiatives continue their approach and have forecasted to help their clients increase sales by 15 per cent in Q3 this year.