Last Thursday, March 2nd, Fusemachines featured Data Science and Sales – How Big Data Will Grow Your Pipeline, as a part of the SalesTech community at Work-Bench. With the help from the Enterprise Sales Forum, we invited Liz Crawford from Birchbox, Coy Gupta from NBC Sports, and Micah Brown from Centiment to share how they have leveraged Big Data in their businesses.
Moderator, Sameer Maskey, CEO of Fusemachines, prompted the panel with questions to answer the overall question – How will Big Data help you make more sales? Check out the highlights from the event
What is Data Science?
Anything that uses data and machine learning to build products can be said data science. A data scientist has to have the ability to take detailed, statistical concepts and apply them in a business setting using problem-solving skills.
How has Data Science Affected Your Company’s Sales and Marketing?
Micah Brown, Centiment –“From a startup sales perspective, you are focused on one thing – market validation. You need to get your business plan done and see if it is actually worth pursuing.” You can use data science when you have a list of people and are sending services out by subscriptions to get conversions. You can also determine what times, when and why people are responding to your emails with the help of psychographic profiling and data science.
Coy Gupta, NBC Sports – “From an enterprise sales model, you have to match the leads to the sales people. For example, if you take a company that is generating billions of dollars and has thousands of sales people and you have a marketing team that is generating hundreds of thousands of leads, they need to be grouped strategically. We had to try to map the leads to the rights sales people so it would improve conversions.”
Liz Crawford, Birchbox – From a sales perspective hitting the consumer, there is a ton of data science and personalization that you can do and in a very advanced way. “In a business like Birchbox, you can make a lot of incremental revenue because of the return traffic. From an enterprise side, it would be focused on the buyers. Birchbox is working with a lot of small and large beauty companies, trying to get deals with companies to get samples and sell their full-sized products.” Data science helped determine what sold well and what people wanted to buy and when. Birchbox is not only using data science, data science is being sold by taking brand samples and targeting them to a new demographic and analyzing which samples were effective and for whom.
Overall, a small improvement in Data Science and Big Data can make an exponential increase in revenue from sales teams. However, before diving into which Data Science tools should be used, a business plan and market validation should be established. The process of using data science should be slow and steady.