Utilize customer data as part of your business growth plan
Effectively utilize customer data to improve revenue streams.
Change is a constant, but the pace of advancement for organizations has increased as technology for businesses, clients and the general public continues to drastically advance.
Along with a lack of preparedness for change, organizational inflexibility was another major concern held by top business executives surveyed by the Boston Consulting Group and reported by eMarketer. Consider dedicating extra resources to dealing with these problems, as well as using professional consulting services to help orient your business toward success.
Changing the culture, physical operations and attitude of a company all factor into the most common challenge that businesses are unprepared for: large-scale transformation. Overall concerns about being able to adapt also apply to common concerns expressed about properly using customer data and successfully acting on digital channels. Specifically, a majority of executives in the retail and technology fields were concerned with efficiently utilizing customer data.
Customer data is not an unsolvable puzzle, however. Companies can collect a wide variety of data, especially when it comes to e-commerce, according to retailing website Evergage. Frequency of visits, method of payment and previous transactions can all be tracked by Web-based retailers.
Creating criteria to mark how engaged customers are is a good start, allowing businesses to segment and target potential and returning clients based on their behavior on a company’s website. If a customer has repeatedly viewed the same item or service over a long period of time, an automated suggestion for a similar product with a lower price point can encourage purchasing.
Combining data streams can also increase efficiency. Evergage gives the example of matching a customers overall clickstreams with total transactions or website visits. When data shows that patrons are frequently visiting your website and going through various pages but not making a purchase, sending a survey asking about what they’re looking for can help identify deficiencies and drive purchasing.
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