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Analytics Alchemy: How to turn consumer data into gold

 
 
PriceSpider - Press Release
 
 

Now that many companies are dedicated to using big data to their advantage, businesses look to get their hands on as much information as possible. Once analyzed, there’s no telling how many impactful and actionable patterns and insights can be gleaned from this information, and it’s this type of process that helps set organizations apart from their market competitors.

One of the most powerful sources of data is from a business’s own customers. Details relating to their personal demographics, location, purchasing history and other preferences can paint a vivid picture of a brand’s client base. But once this information has been gathered, what are the best ways to leverage it?

Overall, customer data can prove to be a gold mine for companies that know how to utilize it to their best benefit. Let’s take a look at some of the ultimate ways your businesses should be leveraging this information:

Create a customer profile: Get to know your shoppers

“Your brand’s website traffic contains a treasure chest of insights.”

As WIRED contributor Mike Dickey pointed out, your brand’s website traffic contains a very literal treasure chest of insights into who your customers are and what they want from your company. This information should be treated as nothing less than what it really is – a gold mine.

Mine that gold!” Dickey wrote. “Your network contains a wealth of data in motion that many companies don’t take advantage of. Harvesting this valuable information is the first step in truly understanding your customers’ experience.”

Using these details, you can look to create a profile of your client base that hones in on the most profitable shoppers of your brand. These are your ideal customers, and having the best understanding of who these individuals are, how old they might be, where they live and what drives their buying preferences is one of the most powerful things your company can possess.

Pinpoint and effectively address company pain points

While it’s easy to examine some of the more positive customer data, details relating to potential lapses in service can be just as telling, according to CIO. There is room for improvement within any company, but it’s up to the business itself to turn its focus inward in an effort to identify and address these issues.

Customer data relating to returns, service reviews and complaints can help a brand recognize the issues that come up again and again. Armed with this information, the organization can look to tackle these problems head on, and provide a better experience for its customers. What’s more, this type of analysis can be incredibly granular, Troy Ruemping, senior associate of management consulting firm Point B, told CIO.

“By spotting patterns in when customers complain and what they complain about, business owners [can] identify specific locations, processes or even employees that don’t maintain the company standard,” Ruemping said.

This also helps guarantee that customers in every geographic region receive the same high level of service, no matter where, when or how they connect with the brand.

There are few coincidences when it comes to customer loyalty. Consumers tend to return and make additional purchases from the brands that provide the best experience and service. On the flip side of that coin, though, if a business offers less than satisfactory service, you can bet that shoppers will take their money elsewhere.

In fact, according to one Infosys study, customers don’t just return to the brands they’re loyal to – they also tend to spend more with these companies. Overall, 70 percent of American consumers agreed that they would spend as much as 13 percent more with a business that is able to provide a superior level of service over its competitors. Achieving this type of shopping experience is much easier when brands have the numbers to back up their assumptions.

“[Retailers can] make personalized recommendations, inform shoppers of special offers and promotions that are most relevant to them and fully maximize cross-sell and up-sell opportunities to realize increased revenues,” Scot DeLancey, NCR’s director of Specialty Retail Solution Management, told CIO.

Taking the next step: Baking customer data into product development

In addition to providing the best service possible, companies should also leverage their customer data to make informed decisions about their next brand offering. Some of the biggest company breakthroughs have come from customers themselves, so this is an area that your business should be careful not to overlook.

“At the end of each call or email for our support team, we ask [customers] if there’s a feature they’d like to see in our product,” Eric Ebert of desktop search software company Lookeen said. “These are added to a whiteboard in the support office, so everyone can see what the issues are. If a feature gets 10 votes, we add it to our ‘roadmap’ Trello board to discuss at our monthly development meeting.”

This approach can also help businesses change their perspective when it comes to the products and services they offer. Looking at things from a customer’s point of view is invaluable, but only when the brand has the right information to inform this viewpoint.

The right technology for the job

This only scratches the surface when it comes to leveraging your company data. These details can change a company for the better, enabling it to provide the best products and services alongside winning client support.

However, these kinds of insights are only accessible to the brands that have their finger on the pulse of their customer data. With the right technological tools – like the proprietary solutions provided by PriceSpider – your company can gather more information than ever before, helping you keep an eye on your customers, all the channels you use, your partners as well as your competitors.

To find out more, contact the experts at PriceSpider today.

Category: Blog
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