Data analytics today is a powerful engine of any organization that helps maintain and understand company performance. Data today shows not only up and down trends, but it became a flexible, vital tool of talking to customers. Modern technologies allow business to analyze and predict customer behaviour by extracting valuable insights. Companies having advanced data analytics have a huge privilege over non data driven organizations. They win the competition by making the right decisions and carrying well tuned marketing campaigns based on accurate, timely takeaways from business intelligence.
There are multiple key performance indicators (KPIs) of business success that may include sales and revenue numbers, demand growth, customer counts, site traffic, response rates, etc. and it is all data analytics. However, pretty often deeper insights into customer behaviour are core to success. It is important to understand your clients, meaning to be able to answer the questions:
- Who is your customer?
- Is your customer loyal?
- Why your marketing campaign is a success of failure?
- What products drive more ales and who is buy what?
- What is your response rate to marketing efforts?
- What helps you retain lapsed customers and acquire new clients?
- Why your sales forecast is not accurate?
Proper Data Analytics can really make a difference while addressing these questions and, as a result, reshape marketing strategies and drive sales.
Let’s consider some major effects of data analytics.
CRM performance improvement
Quality customer data analytics can incorporate customer behavior, customer profile, RFM (recency, frequency and monetary) evaluation, CLV (customer lifetime value) to name a few. Empowered by all this data, it is much easier for CRM team to make proper segmentation of your customers. It is important to analyze the customer base on a regular basis to be able to adjust your business strategies.
Refined Marketing strategies.
Well, targeted marketing campaigns ensure high response rates and positive ROIs. Pre campaign data analytics not only allows to shape marketing initiatives but also helps evaluate the post campaign results. Only correct detailed takeaways bring real results and allow to refine and build successful marketing initiatives.
Products adjustments and new products launch.
Data analysis may assist in improving products and pretty often has a huge impact on products’ development process. Today technology allows effectively and quickly run multiple customer surveys and tests not only by asking questions but by comparing customer feedback using A/B testing. Collected and processed customer response help evaluate demand, understand product real pros and cons, change products assortments or even boost new product launch. Customer questionnaires allow to run NPS (net promoter score) that reveals customer satisfaction that in return can surpass customer loyalty and provide potential for growth.
It is well known that new customer acquisition is a difficult and costly task. It is easier to keep current customers than acquire new ones. That’s why it becomes vital to retain existing customers. To keep your clients you need to know them well and understand their likes and dislikes. Data analytics is key here since it shows trends and allows to predict upcoming changes, adjust marketing strategy and sustain customer loyalty.
Individual customer approach.
Well tuned data analytics process can give you a valuable advantage over competitors in regards to opportunity to have a filtered approach to every customer individually. The more refined, individual customer oriented strategy you have the higher customer response and, thus, better sales and ROIs.
Today companies that consider data analytics as their priority are more successful. Data analytics engine allows to drive sales, boost customer interaction, ensure customer loyalty, improve CRM and marketing teams’ effectiveness, excel product development and even help launch new products based on customer feedback.
Need help with your Data Analytics?
StrategicDB can help, we are a data analytics company focusing on marketing and sales data. Contact us today at hello@strategicDB.com or 877-332-4923 .