Data is an extremely powerful tool that can be used to drive decision-making and maximise revenue. A great example of this is Valentine’s Day: this event generates billions of pounds every year.
The world’s biggest market is the US – it’s estimated that consumers spent a whopping £16.4 billion on Valentine’s gifts in 2019 – in the UK it’s nearer to £1 billion.
We all know that flowers, chocolates, jewellery and lingerie are big sellers around Valentine’s Day. But with access to more and more data, businesses can start to hone in on exactly when and how consumers are making their purchases – informing strategy and improving sales.
For example, data shows that mobile sales of flowers and gifts peak on the weekend before Valentine’s Day, with 47% of all transactions in Europe being made on mobile devices. During this period, businesses need to make sure that their online stores are optimised for mobile.
We also know average order values rise the day before Valentine’s Day – the perfect day to run uncapped retargeting campaigns on social media to ensure maximum revenues.
Growth of Data
While data is critical for driving business strategy, it can be a challenge to find the most useful data for your business. Data is growing exponentially, and the statistics are mind-boggling; for example, 90% of all of the data in the world has been generated in the last two years alone!
All of this data can become overwhelming and can even be harmful to businesses that are not equipped to manage it. It can be hard to cut through the noise to find clean, accurate data and the use of the wrong information could lead to operational inefficiencies, poor customer experiences and the loss of revenue.
On the flip side, using the right data can help your business to prosper by offering valuable new insights into what makes your customers tick. In this article, we’re going to look at the importance of using the right data and how to find it.
Data Sources and the 80/20 Rule
With so many different data sources, finding the right information for your business can be difficult.
Here are just a few of those different sources:
- Systems of records in IT and operational technology networks
- Social media and social networks
- Artificial intelligence and bots
- The Internet of Things (devices that are connected via the internet, e.g. smartphones, smart TVs)
- Voice-activated interfaces, e.g. Alexa
The problem is that only a small percentage of this data will be relevant to your business, and the data is only as good as the information it provides and the action those insights drive.
You may be familiar with Pareto’s law which states that roughly 80% of the effects come from just 20% of the causes. This works for data, too – the most relevant 20% of data will give us 80% of the information we need. The key is to zero in on that critical data – focus on quality over quantity.
Red Flag Alert has all the data you need
That’s where we come in. Red Flag Alert is an extensive source of B2B marketing data; our b2b prospecting tool generates 100,000+ updates every day. Here are just a few examples of some of the data we hold:
- Detailed information on every UK business, including the 50,000 new businesses started every month
- Highly accurate SIC codes
- 2.4 million contact details, including 900,000 GDPR-compliant email addresses that sales teams can use to contact businesses
- A financial health rating for every UK business, with a detailed rating system that is predictive of future business failure
Data tailored to you
Having access to so much high-quality data can be overwhelming. That’s why we tailor alerts that are relevant to you, helping you to zero in on the data that will add real value to your business.
Our precise, granular SIC codes enable you to cherry-pick companies that fit your specific profile and create sales pitches that are targeted to their specific business problems.
If you’re a manufacturer trying to sell your brand of vegan chocolates to retailers, businesses with a specific SIC code of ‘vegan products’ are likely to be much more receptive than those with a generic ‘food products’ code.
The possibilities are limitless with Red Flag Alert – I’ve seen so many different applications. From brokers finding clients, large insurance companies managing risk, or professional cricket clubs targeting the most receptive local businesses for sponsorship campaigns – our data will deliver what you need.
What all of these users have in common is the need to zero into one specific dataset and use that to move the needle in terms of sales and efficiency.