Data – The Key to More Profits for Your Business

Data – The Key to More Profits for Your Business

As your customers continue using mobile devices to interact with your company, you gain even more data about who is buying from you. The data can be analyzed to determine everything from website features and ad campaigns to which additional products or services to offer and how to further enhance your customer service. As a result, data is one key to additional profitability for your business.

Deeper Demographic Information

Data analytics can show exactly who is purchasing your products or services and where. For instance, you can analyze your social media accounts to gain a clearer picture of the age, gender, and location of people engaging the most with your company online. You also can analyze online comments and behaviors to identify emotional patterns and learn how customers feel about your brand. Use the information to tailor your messaging and offerings to different geographic areas, people and markets.

Defined Customer Base

Data analytics can determine the most common characteristics among your most profitable customers. Since some customers who spend the most money may have negotiated substantial discounts or require additional customer support, your most profitable customers may not be the ones who spend the most money. Rather, they may be your customers who spread the word about your business and act as brand ambassadors. As a result, you want to continuously analyze your client data, quickly get to know your 10 best customers, and focus on continually adding value for them. Because your top 10 list will continue to evolve, ensure you regularly run your analytics to keep up.

Stronger Marketing  

Data analytics can strengthen your marketing plan. Knowing which customers are more likely to come back for repeat business lets you target your ads for maximum results. You also can build long-term relationships with those customers to increase both your value and profits. And, you can measure which landing pages, pop ups, product images and product positioning on your website drive engagement and sales and adjust your efforts accordingly. In addition, knowing which product/service combinations are most popular at any given time, in a certain geographic area, or during a specific season lets you target the appropriate audience at the right time to increase sales. Plus, you can track your online sales funnel to see which pages are visited before or after viewing your website, providing insight into what your target market is interested in and what online content you should create to drive more website traffic and conversions.

Improved Customer Service

Data analytics can improve customer service. For instance, you can determine how much time is spent ensuring each customer is adequately taken care of. Since some customers will require more time than others, take that into account when considering customer valuation. Create a method for tracking service time, see which customers are incurring the greatest cost, and what you can do to change it.

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