Last Updated on March 5, 2021 by Dan Christoffersen
Are you a B2B wholesale company in 2021? Are you not yet utilizing B2B data analytics to gain valuable insights on your customers and sales? Then you are missing out!
In this blog post, you will learn about B2B data analytics and how they can help you boost sales and improve efficiency.
What is B2B data analytics?
Data analytics, in general, is when you utilize data to gain knowledge. B2B data analytics is simply the same type of data analysis – only, it is concerning B2B specifically. (if you don’t know what B2B is, you can read this guide)
Often, the company will have some theory about some area of their B2B business they want to test. Using data, they analyze whether this theory is correct or not and try to determine any potential improvements based on the result.
Typically, the process takes multiple steps to transform the raw data to actionable knowledge:
- Define question / theory
- Collect the raw data
- Clean the data
- Analyze the data
- Interpret the result
Once the results are in, the company can use their newly found insights to improve their business. Often, the purpose of these types of analytics is to find potential improvements that, in the end, will result in increased sales or decreased costs.
Why your B2B business should use data analytics
Research shows that empowering your sales team with data analytics can potentially increase sales by 20 to 30 percent. And this is just when first implemented. Often it will lead to sustained annual increases in sales of up to 10 percent. This increase in sales is bound to improve your company’s bottom line as well.
Differents types of B2B data
As society is becoming increasingly digital, B2B businesses gain access to an ever-increasing amount of data. Some of this data is very useful and can help you gain essential insight into your business. Other types of data, not so much…
When talking about B2B, there are mainly two types of data that are very relevant to utilize for data insights; Customer data and sales data.
We will cover each of these two below.
The most basic customer data is stuff like company name, address/location, size, etc. Despite being basic, this data can still prove very useful – especially when combining it with sales data.
Another type of customer data is customer engagement and behavioral data. This data can tell you how your customers interact with your brand and how they behave when visiting your website/webshop.
Sales data is another basic but useful type of B2B data. Basically, sales data tells you who of your customer bought what and when they did so. If you have B2B sales agents or other salespeople, sales data will also tell you how these are performing.
How to get more data
More data is not always better – but it’s seldom worse. The more data you have, the more options you have for getting those insights.
A great way to get more data available is by digitizing your B2B sales. Using a B2B eCommerce platform like Turis to handle your sales process, all customer and sales data is stored automatically. An eCommerce platform will also give you access to data that you would not be able to obtain if you are handling your B2B sales manually, using paper, email, and phone. Examples of such data is the customer behavioral data.
Examples of B2B data analytics
The options for different B2B and wholesale-related analytics are almost endless and will, in most cases, depend on your industry and specific company. In this section, however, we’ve listed a few general examples of data analytics that will be relevant to the majority of B2B and wholesale companies.
Combining customer and sales data, you will be able to segment your customers based on their characteristics, purchases, and behavior. This way, you can identify customers in the segment that are likely to be interested in products they are not already ordering from you.
You can use your customer engagement and behavioral data to learn what tools are best to activate your customers. Look at earlier activation attempts and combine them with historic sales data. This way you can see what works and what doesn’t.
You can also use your customer data to find the customers that are most urgent to activate before they churn.
You can use your sales data to determine your best and worst-performing products. Try to determine the characteristics that make some products sell more than others, and change your future productions based on this.
Perhaps you will find that the prices of the products are a weighty factor. Or maybe there is a particular color that is not worth producing anymore.
Data analytics should be available for companies of all sizes
At Turis, we believe that the benefits of data analytics should be available to all of our customers. For that reason, the Turis platform is embedded with a wide range of automatically generated data visualizations and KPI’s. These are calculated from the data your customers create when they browse and order via your Turis B2B eCommerce platform. This supplies you with more customer insights than you could ever have imagined. The effect is happier customers, better customer retention, and increased sales. And that is only a few of the benefits!
The visualizations and KPIs are set up in a manageable and adjustable dashboard. This way you can easily reap the benefits of data analytics even if you are not an experienced data scientist. Now you can just sit back and enjoy your new knowledge and the benefits of B2B data analytics.
Do you sell wholesale or B2B and want to experience the power of B2B data analytics? – then contact us today, and get started with Turis for free today – no payment information required!