Big data seems to be a catch phrase for the last 5 years, and frankly it is really not a new concept. People have been studying economic and industry data since the early part of the 20 century. Anyone who has studied statistics know that data is invaluable, so how is this phase different? I see and hear things about the wondrous world of big data. How big data can influence your sales cycle, your sales results, your sales process, and even the choice of locations for your awards dinner. Big data is now a key word in everything. So what does it mean?
I will offer a very simplified idea of the term "big data", since I am not an expert. As recently as 2012, the term big data was defined by Forbes contributor Edd Dumbill as the following:
“data that exceeds the processing capacity of conventional database systems. The data is too big, moves too fast, or doesn’t fit the strictures of your database architectures”.
It was a phrase coined way back in 1990's by John Mashey a scientist at Silicon Graphics International, who developed a presentation to discuss the merits of big data, and how it could impact all businesses. With the advent of the internet, we now have access to a wealth of information, in fact too much information for our tiny minds to process, and this is where big data comes into play. With sophisticated computers we are able to process all of this information and explain business cycles, buying habits, and even consumer tendencies. And that's just the tip of the big data iceberg. Yet seriously how does big data affect you as a sales rep? Well, it does and it also doesn't. Because despite the wealth of data in your CRM such as opportunities, campaigns, events, badges, dashboard, documents, evaluations, appointments, sales drivers, and leads, those numbers might mean a great deal to analysts, but very little to your superiors. There really is only one number that matters to the people who run sales teams and that's how much revenue you bring to the company. That's it in a nutshell. All the other numbers matter but not as significantly as that one number. If you are hitting your revenue goals they love you and if you're not, you had better dust off your resume.
So why is there so much emphasis on big data nowadays? I studied economics and econometrics while in college and I thought it was fascinating how data could explain everything the buying habits of people in a Sudanese village to the most common boy names in an obscure region of Madagascar. Big data really started with economics and has now transformed to become a tool for companies, governments, and unfortunately some criminals to target certain groups of consumers with campaigns designed to sell them products, or steal their money. And it is a wonderful tool, but for marketing and not necessarily for the sales reps. As a rep your focus should only be on one number : your quota. All the other numbers are irrelevant. Hit your quota and I guarantee no one at corporate will care how many opportunities, events, evaluations, calls, appointments, or campaigns you have done. Big data will help spearhead your company's marketing campaigns, but YOU have to close the sales.
Now hold on a minute, I am not saying that you should ignore your CRM, and not fill it with information. That would be idiotic. You need a place to store your information in order to formulate a plan for success. However, what I am saying is don't focus on all the little numbers and get bogged down in minutiae. Despite all the data being collected, what you want to collect is sales commissions, therefore focus on your quota and the rest of the numbers will "take care of themselves".
Have a great day selling!
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