Data analytics can offer business-changing insights into your customers – all you need to do is understand how to utilise them.
According to a recent report by PWC, only 5% of Australian businesses have taken action based on data analytics, lagging behind 13% of international businesses. If you want to get ahead of the competition, crunching the numbers could be the place to start.
Tapping into your data creates meaningful insights, helping your business acquire, engage, and retain customers. Follow these five tips to make the most of the information you already have about your customers.
1. Acquire new customers
Big data allows you to take a good look at what your current customers like and don’t like. Used properly, these insights can help you pinpoint potential new customers, reach out to them, and then bring them into the fold of your brand.
Invest in predictive modelling software. Accurately identifying trends among your current customers will give you all the information you need to build online marketing plans to target the right demographic audience for your products and services.
2. Create irresistible, targeted promotions
Create the kind of promotions your customers and potential customers are crying out for by taking a careful look at current purchasing patterns to analyse demographics and psychographics. These are the 'who' of your customer base – their age, location, income, and other quantitative data – and 'why' they engage with your brand – their values, attitudes, aspirations, and interests.
This information will allow you to perfectly match your promotions to your customers. By consistently giving your customers the type of offers and information they want, you will also be strengthening and improving customer loyalty.
3. Reduce customer churn
Use behavioural analytics to discover exactly where you are losing customers – and why.
Amassing all the analytical information about your sales channels will allow you to see the exact point in the process where customers tend to drop off. These analytics make it possible for you to pinpoint the problem areas in your marketing campaign and make some changes.
4. Personalise customer interactions
By combining information from a variety of different sources – for example, click-through rates on newsletters, shopping baskets, and competition sign-ups – you can build a highly personalised profile of each customer.
Gathering this information puts your organisation in a position to start developing audience personas – a handful of distinct identities to keep in mind when developing collateral. This might mean creating a suite of newsletters tailored to certain personas, or using dynamic templates with a modular structure that can be customised to different demographics. This can ensure that when you get in touch with newsletters, digital marketing campaigns, or even discounts, they will be what each customer is most interested in.
5. Increase customer value
By taking advantage of all the insights advanced data mining can offer, you can tweak and refine your online marketing material to match your customers’ needs perfectly throughout a wide range of cycles – from creating a flawless sales funnel designed to entice added extras to identifying ideal moments to upsell via other marketing channels.
To learn more about Salmat's marketing services, call us today on 1300 725 628 or get a quote.