Do you sell data? Don't! Tell Data Stories and the Data will sell itself.
Selling big-ticket data products to Hedge Funds is not what it used to be. Telling Data stories is a great way to reach and engage the right prospects
Selling data used to be A LOT easier.
There was a time Hedge Fund managers would purchase data after a single conversation.
Now they want to evaluate, trial, back-test and the process can take months.
You know your data is valuable but managers are more pragmatic and cost conscious now, they need to SEE that value before they buy.
I know what it's like - I was on both sides of the table.
At Novus I sold a SaaS platform to investors, and at Atom I was a data consumer, speaking with hundreds of data vendors and solution providers.
Your product is cool, we get it, but guess what? No one cares. Nobody wants to be sold anything anymore.
Your clients care about their problems and want to find a solution themselves.
You should be willing to give value before you ask anything in return. Doing so will attract exactly the kind of prospects you want to engage with.
One of the most effective ways of attracting prospects and "selling" your data is to use that data to describe the real world. Do it in a way that speaks to your customers pain-points and at the same time (subtly) highlights the strength of your data.
There are three aspects to a data story:
1. A Narrative.
2. A Visual.
3. Data.
Weaving them together in a cause-and-effect fashion can tell a compelling story about the world we live in. It can also shed light on a problem your prospects are living through. That is what you want. Give that value away. For free. The people who can benefit from your data will recognize it as a potential solution to their problem and ask "Hey where did they get the data to do that? I want it"
One of the greatest examples I've come across is this mobile location data analysis from the NYT - a master class in data storytelling.
Twelve millions phones, one data set
A combination of striking visuals, compelling narrative, and tons of data simultaneously educate you and capture your imagination.
Learn more about Data Storytelling.
Give it a try. See what happens.
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