Diversification is a word that gets thrown around a lot. Finding more than one way to make money, finding new ways. Who wouldn’t want that?
What if I told you that you’re company might already be sitting on a gold mine?
Most businesses, just in the nature of their work, collect heaps and heaps of customer data. Instead of having this amazing intel just sitting around, you could use it to generate huge amounts of profit for your company.
Many are. An increasing amount of companies each year rely on data and analytics to grow their company. You’d be wise to try and join their ranks.
Don’t know how? Read on. We’ll walk you through five ways to turn your customer data into profit.
1. Customize Your Special Offers
Almost all businesses use promotions to help lure in new and returning customers. Typically, a business introduces a promotion intended to appeal to a large base and hope for a good turn out.
But what if you could personalize promotions so they appealed to each customer individually? Wouldn’t that greatly increase the odds of one making a purchase with you?
With digital analyzation, you can take advantage of such an opportunity.
You most likely have access to individual customer’s purchasing habits and history. Over a little bit of time, you can also track customer’s responses to certain types of promotions. You can build an understanding at an individual level of what a customer may respond to.
Off of this data, you can begin to split customer’s intro groups based on similar behaviors. And you can create promotions intended to play directly to these consumer groups.
Consumers enjoy getting promotions, of course. Especially for the kind of products they actually intend to purchase. Proper promotional support can create loyal customers to your brand, and loyal customers are the key to long-term profitability.
This makes the customized promotions system a win-win for both consumers and your business.
2. Improve Your Customer Service
One of the key points of competition between businesses is their quality of customer service. The products and services you offer bring people in. But without excellent customer service, you might lose clients at an alarming rate.
Consumer data can help you in this area as well.
If you track areas of customer complaints, you can begin to paint a picture of the common areas of error. Data tracking allows you to see which complaints occur most frequently, and even the speed and degree to which complaints are solved.
With this data spread out in front of you, you can asses what customer service issues are most affecting your reputation and your bottom line. You can then make these issues the highest priority to solve first.
Such analysis can be complicated, but there are a number of services that can aid you if you are so inclined. You can read more about these companies and their many benefits and see if one is right for you.
3. Improve Your Marketing Efforts
Marketing that attempts to attract everyone can end up attracting no one. Such is the problem of most marketing efforts.
Customer data analytics can help you find the right people to direct your marketing efforts towards.
Take a look at who you’re loyal customers are. Find the common demographical information between them. More than likely, your most loyal customers come from a similar background.
With this information in hand, you can now direct your marketing towards a much more specific group of people. This can greatly increase your success at drawing in new customers. And the added bonus?
These people are much more likely to become loyal, returning customers.
4. Track Your Product Life Cycles
Data analyzation allows you to track which of your products are selling well and which aren’t. This data gives you important insight into consumer relationships with particular products.
It can allow you to which see which products are hot, and what new products might be able to pique consumer interest.
But it can also give you insight into when it’s time to pull a product from the shelves. You can see which areas of your business are pulling in a majority of the profit, and what consumers are being drawn to.
You may find that there’s certain products or services that are not pulling their weight, or may even be costing you money to produce. This can help you make decisions to increase or cut products that can help you grow your bottom line.
The same data and information can be used to. If certain products are flying off the shelves during certain times, data analyzation can help you determine how much inventory you should have in stock.
5. Create Shareable Content
Social media is a new but essential area that businesses are continuing to expand into. Social media creates countless opportunities to create brand awareness with your audience. This familiarity can create brand loyalty, and that loyalty can create big profits.
One great way to interact with your audience is to use the data you have. Spotify does an amazing job at this every year, presenting customized infographics to each of their users that review what they listened to throughout that year.
Your particular use doesn’t have to be that in-depth, but creating infographics and sharing certain statistical facts pulled from your data can be of great interest to your customer base.
They might even feel the desire to share this information with others on their social media feeds, thereby increasing your reach organically to new audiences.
Using Customer Data to Succeed In Business
Customer data. Never before has such a valuable asset been handed to businesses free of charge. Using such data in an ethically responsible way is a big focus in the modern era.
But the above methods prove that there are various ways to use customer data to the benefit of both consumer and business.
Need ? Check out our blog for much more.
Diversification is a word that gets thrown around a lot. Finding more than one way to make money, finding new ways. Who wouldn’t want that?
What if I told you that you’re company might already be sitting on a gold mine?
Mot businesses, just in the nature of their work, collect heaps and heaps of customer data. Instead of having this amazing intel just sitting around, you could use it to generate huge amounts of profit for your company.
Many are. An increasing amount of companies each year rely on data and analytics to grow their company. You’d be wise to try and join their ranks.
Don’t know how? Read on. We’ll walk you through five ways to turn your customer data into profit.
1. Customize Your Special Offers
Almost all businesses use promotions to help lure in new and returning customers. Typically, a business introduces a promotion intended to appeal to a large base and hope for a good turn out.
But what if you could personalize promotions so they appealed to each customer individually? Wouldn’t that greatly increase the odds of one making a purchase with you?
With digital analyzation, you can take advantage of such an opportunity.
You most likely have access to individual customer’s purchasing habits and history. Over a little bit of time, you can also track customer’s responses to certain types of promotions. You can build an understanding at an individual level of what a customer may respond to.
Off of this data, you can begin to split customer’s intro groups based on similar behaviors. And you can create promotions intended to play directly to these consumer groups.
Consumers enjoy getting promotions, of course. Especially for the kind of products they actually intend to purchase. Proper promotional support can create loyal customers to your brand, and loyal customers are the key to long-term profitability.
This makes the customized promotions system a win-win for both consumers and your business.
2. Improve Your Customer Service
One of the key points of competition between businesses is their quality of customer service. The products and services you offer bring people in. But without excellent customer service, you might lose clients at an alarming rate.
Consumer data can help you in this area as well.
If you track areas of customer complaints, you can begin to paint a picture of the common areas of error. Data tracking allows you to see which complaints occur most frequently, and even the speed and degree to which complaints are solved.
With this data spread out in front of you, you can asses what customer service issues are most affecting your reputation and your bottom line. You can then make these issues the highest priority to solve first.
Such analysis can be complicated, but there are a number of services that can aid you if you are so inclined. You can read more about these companies and their many benefits and see if one is right for you.
3. Improve Your Marketing Efforts
Marketing that attempts to attract everyone can end up attracting no one. Such is the problem of most marketing efforts.
Customer data analytics can help you find the right people to direct your marketing efforts towards.
Take a look at who you’re loyal customers are. Find the common demographical information between them. More than likely, your most loyal customers come from a similar background.
With this information in hand, you can now direct your marketing towards a much more specific group of people. This can greatly increase your success at drawing in new customers. And the added bonus?
These people are much more likely to become loyal, returning customers.
4. Track Your Product Life Cycles
Data analyzation allows you to track which of your products are selling well and which aren’t. This data gives you important insight into consumer relationships with particular products.
It can allow you to which see which products are hot, and what new products might be able to pique consumer interest.
But it can also give you insight into when it’s time to pull a product from the shelves. You can see which areas of your business are pulling in a majority of the profit, and what consumers are being drawn to.
You may find that there’s certain products or services that are not pulling their weight, or may even be costing you money to produce. This can help you make decisions to increase or cut products that can help you grow your bottom line.
The same data and information can be used to. If certain products are flying off the shelves during certain times, data analyzation can help you determine how much inventory you should have in stock.
5. Create Shareable Content
Social media is a new but essential area that businesses are continuing to expand into. Social media creates countless opportunities to create brand awareness with your audience. This familiarity can create brand loyalty, and that loyalty can create big profits.
One great way to interact with your audience is to use the data you have. Spotify does an amazing job at this every year, presenting customized infographics to each of their users that review what they listened to throughout that year.
Your particular use doesn’t have to be that in-depth, but creating infographics and sharing certain statistical facts pulled from your data can be of great interest to your customer base.
They might even feel the desire to share this information with others on their social media feeds, thereby increasing your reach organically to new audiences.
Using Customer Data to Succeed In Business
Customer data. Never before has such a valuable asset been handed to businesses free of charge. Using such data in an ethically responsible way is a big focus in the modern era.
But the above methods prove that there are various ways to use customer data to the benefit of both consumer and business.
Need ? Check out our blog for much more.
