Data science has advanced at a blazing speed over the past few years and new tools have been added on a daily basis. We can now process huge amounts of data in parallel to discover hidden patterns and correlations. On a daily basis, the amount of data produced is roughly 2.5 quintillion bytes.
Data science is making a major contribution to how companies operate. More and more, data is being integrated into decision-making processes in a number of industries. There’s an opportunity here for sales leaders to apply data science to their own sales processes. Lots of small insights can lead to big improvements in customer satisfaction.
Here are some of the ways in which you can apply data science to your sales which can help drive higher profits and better results for your company.
1.Finding New Leads - Analyzing big data can help you gain invaluable insights about how users feel about your product or service. Big data is the unstructured information that exists in the world. Not only does it include text files comprising information like names and addresses, but also images and videos. By understanding the current state of the market using big data analogies you can accurately predict where your next product will be placed in consumers' minds and how. The future of marketing lies in the hands of data. Social media analytics are providing businesses with deeper insight into their customer’s needs and desires. By combining this data with artificial intelligence, companies can pinpoint the best time and location to visit with a specific target audience. This gives marketers the opportunity to engage directly with their ideal clients online, significantly increasing conversion rates and customer retention.
2.Generating Repeat Sales - Social data is essential for all kinds of businesses, but especially those who want to reach out to new and existing customers. Targeting customers through social media can help you stay relevant, create more loyalty and increase sales by providing instant value. In addition to personalizing your website and content, using social media to reach out to a potential customer also provides you the opportunity to improve your standing with them. There are a lot of great features in CRMs (Customer Relationship Management) that let marketers utilize their knowledge of their clients in order to better sell them something. These can include information about their income and expenses, product preferences, interest rates, and more. These reports can be incredibly useful in helping a business identify trouble spots and areas for improvement. The key for marketers, then, is to put these tools to use and learn how to analyze and track sales data using the right tools.
3.Aiding you in increasing conversion rates - Big data approach helps you identify customers with certain behaviour patterns who are in your target audience. It looks for anomalies in their behaviour or purchases and matches these people to specific opportunities. Big data makes successful marketers. It allows businesses to identify new customers who might be potential long-term customers; it spreads the word about a business to those who might not otherwise know about it; and it helps in identifying price sensitive groups of consumers and promoting goods and services to those consumers at competitive prices. It is this last part where the intelligent marketing specialist ranks his competitor based on how effectively he or she can bring price sensitive consumers into the fold.
One of the many reasons why students and graduates are gravitating towards the field of data science, is that not only is it an interesting domain but well-paying too. The average salary of a data scientist at the entry level is approximately Rs. 824,384 per annum. With an MBA in Data Science, you get the opportunity to enhance your skills and gain expertise in this field. In doing so, your pay scale increases by leaps and bounds.
For students who aspire to work in the field of data science, the best choice would be to pursue an MBA in Data Science. Companies are looking to hire graduates in MBA in Data Science as they would be well-suited and qualified for these roles. Not only will you learn how to juggle and analyse data, but you will also be taught the business aspect of it when you pursue an MBA in Data Science.
However, Bengal Institute of Business Studies (BIBS) is one of the few colleges that offers an MBA in Business Analytics and Data Science. The program has been curated in collaboration with IBM and they have Subject Matter Experts from IBM to teach the students. They also have a brilliant placement cell and the college has had over 400+ companies visit the college for recruitments.