Talking about business data, there are many data points that can be collected in multiple ways and analyzed. But in my opinion, customer data can serve greater needs of the organization and is useful in making a business a successful one. Here’s why and how!
Customers may call you for various reasons and that is when you need to play the game – collect the information, feedbacks and other such details of your clients so that you can use it to get in touch with them in future. Reaching back to your customers is important for marketing, and eventually selling. Leveraging customer data can lead to greater profits to the organization and lower customer churn. Therefore, I will discuss the 6 most important benefits of customer database:
Understanding the conversions
After you have efficiently marketed your product, you’ll find many people trying to get in touch with you to inquire more about the product and out of those, some may or may not convert into your customers. No matter whether the people who contacted you convert or not, you shall keep a track of all the people who tried to connect. This means you should keep their personal details like phone numbers, email addresses and the region from which they had contacted you. Also, keep a record of the conversations which you have with them. All this will make up your customer database and later you may count the number of conversions that took place by going through these analytics.
Customer Data for beta customers
Here’s the next step! Once you have succeeded in collecting the data and counted the number of sales, use the same contacts to reconnect with these customers and ask them to use or take up the new service you have launched or plan to do so in the near future. This will make them feel important, thereby, enhancing the overall customer experience. Customers may come up with feedbacks on the same and hence this can further be used for improving your product or service.
Measuring business progress
Measuring the success, needs a lot of concentration and sometimes it’s a challenge for the marketers. An easiest way to measure is to check your contact database of your customers and then move onto the list of people who took your service. This will help you understand how much you need to progress on your marketing strategies. You may also look out for those contacts, who showed little interest and didn’t turn up for sales.
Correct marketing strategy
There are various strategies to reach out to the audience, but it’s equally important to know which marketing technique works well when it comes to searching for potential leads. The customer analytics help you to understand and identify the areas from where you may generate great results. If you have the customer data and the various areas tracked, it’s easier for you to identify the channel that best suits for generating sales for your business.
The concept of Remarketing has a lot of relevance in your marketing department. It helps you retain those potential customers who once have shown some interest in your product. It has been found that with an investment in Remarketing, there can be a significant growth of 26%. Thus, a customer database usually serves as an advantage for this strategy. Keeping a track on how many people had contacted you to inquire about your service but had failed to take it up, is a smart decision. All you need to do is, reconnect and tell them more about your product and ask them for feedbacks in return, so that you can come up with necessary modifications.
Decision making process
Making decisions for an organization is a risk and taking risks have 50-50 chances of being successful. Storing and analyzing customer analytics will give you a better understanding of your budget structure. For example, you can decide on the channels to invest into for the purpose of marketing – you may get a clear scenario about which channel is effective in generating more leads and accordingly you may plan on your promotional resources.
Keeping a record of everything you do is a must as it evokes a sense of accountability and it is easier for you to plan out your future ventures.
Customers are an important source of information. Maintaining such analytics, helps you to redesign your product, decide on organizational goals and successfully achieve targets.