Better Decisions, Bigger Sales: 3 Steps to Leverage Data for Maximum Results
CEOs, CROs, and CMOs all understand that data drives business decisions. Yet navigating B2B data analytics can often be daunting, partly due to the myth that “more data equals better results.” This common mindset often leads to confusion and wasted resources on unnecessary data collection.
There’s a right way for the C-suite to tap into the right data to fuel growth, streamline sales processes, and make strategic choices. Here are the three steps to get there.
Focus on Quality Over Quantity in Data Collection
One key misconception we often encounter is the belief that more data automatically leads to better outcomes. Businesses frequently assume that collecting every piece of information will make them smarter, but that’s not always the case.
Instead, you may end up with an overwhelming amount of irrelevant data that requires more resources to manage and analyze, but doesn’t deliver actionable insights.
The focus should be on collecting the right data—not all the data. Start by identifying your core business objectives, then pinpoint the key metrics and data points that directly support those goals.
For example, if your goal is to improve the quality of leads submitting a form on your site, why are you concerned with the number of sessions and users? You should narrow your focus to SQLs and work with your marketing and sales teams to identify any similarities in past SQLs. There’s obviously more to it, but I’ve seen too many clients get concerned with a drop in total sessions when the goal is higher-quality traffic.
Work Backwards to Identify Growth Opportunities
Start with a hypothesis. Ask yourself, “What will help us grow revenue?” Whether it’s increasing your sales team or adjusting pricing, your instinct often points you in the right direction. However, that’s just the starting point.
Once you have your hypothesis, work backward to identify specific actions that will help achieve your goal. For instance, if your target is a 20% revenue increase over the next six months, there are many levers you could try pulling, but you’ll want to leverage your existing data to help you choose the best path.
Say your hypothesis is that adding 10% more sales reps will drive that 20% boost in revenue. Implement the change and monitor metrics like conversion rates, sales per rep, and customer acquisition costs. If results fall short, refine your approach—whether by improving training or streamlining the sales process. This data-driven cycle ensures your efforts stay aligned with your revenue growth plan.
Close the Data Loop with Attribution
Many businesses struggle to connect online behavior with actual revenue. While you may track website visitors, do you know how many convert to paying customers or where they originated?
Businesses bridge these gaps by mapping the entire customer journey from lead to sale. By integrating CRM tools like HubSpot, you can track user behavior and link it to specific actions, such as form submissions or purchases. Additionally, connecting platforms like Outlook to a CRM automates the capture of key conversations, streamlining processes.
For instance, one Craig Group client struggled to track customer origins and marketing effectiveness. We implemented a data tracking strategy using only a few tools that connected online interactions with in-person activities, revealing which strategies drove the most revenue and eventually led to the organization’s first-ever Marketing ROI Report. Most organizations think it’s out of reach or that they don’t actually need it, but usually there are only a few gears that need to be turned to connect marketing attribution to revenue. Once they see the report showing the ROI, there’s a sigh of relief knowing they can easily decide where to put the next marketing dollar with a dreamy sense of confidence.
Using Data to Make Smarter Decisions
Once your data loop is closed, you can begin making data-driven decisions. Let’s say the data reveals that customers who come through Facebook ads bring in more revenue than those who come from organic Google searches. Armed with this insight, you can shift more of your ad spend to Facebook and monitor performance to find where the law of diminishing returns hits.
Say the data shows that customers acquired through Facebook ads spend an average of $150 per transaction, while those from organic Google searches only spend $80. With this insight, you can reallocate a portion of your ad budget to Facebook, where returns are higher or work with an SEO expert to see if there are opportunities to attract those more valuable customers.
You could also create a lookalike audience based on your highest-spending customers to maximize the impact of your ad spend. By focusing resources on what’s proven to work, you optimize your budget and ensure every marketing dollar contributes to growth, all while exploring additional strategies to expand your reach. All of these examples require having specific, accurate data at your fingertips, but by working backward you will identify what exact data you will need to make these types of decisions and report on successes.
Focus on What Matters for Your Business
While big data may seem appealing, it’s targeted and actionable data that truly drives results. Key data points will differ across industries and businesses, but knowing where a customer came from and linking that to the revenue they generate is always the goal in sales and marketing. It’s the foundation for any business that wants to optimize marketing spend, improve sales processes, and spur middle-market revenue growth.
Ultimately, becoming data-driven isn’t about collecting everything. It’s about working backward from your goals to identify the right data, closing data gaps in your customer journey, and using those insights to make informed decisions that propel your business forward.
Thanks to Craig Group Revenue Ops & Analytics Director Jordan Scott for the insights. Scott is a Business Intelligence practitioner with a passion for making data actionable. Fun Fact: He pole vaulted professionally from 2011-2016 and was a finalist in three Olympic Team Trials (‘08/‘12/‘16).
Need help with your GTM strategy? Craig Group is a revenue growth advisor for middle-market, private-equity-backed portfolio companies.