An Expert View from Kevin Wild, head of pre-sales at software company Syniti.
Imagine this: your pharmaceutical company has launched a new drug for type 2 diabetes and you use sales performance data to guide your marketing and budget allocation strategies across the regions. Due to inaccuracies in your data, the sales figures in region A are mistakenly reported as much higher than they actually are. Based on this flawed data, you allocate additional marketing resources and sales incentives to region A, under the assumption that it is a high-growth market. Your competitor understands that region B is the region to focus on and increases the marketing budget and activities there. The competitor is outperforming you in region B. How? I can almost guarantee it’s because its data is in good shape. It can rely on its own accurate data to inform its marketing and sales teams to target the most promising markets effectively.
And if you’re not thinking data first too - prioritizing your data quality - you risk falling behind your competition and missing out on valuable opportunities.
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