Analyzing your customer and product data can produce a wealth of actionable information – assuming, of course, that the data that you’re analyzing is complete. In a previous post I discussed how to “Solve Your Missing Customer Data Problems.”
Here are some of the ways that doing so can help increase your sales:
- Gain a “Big-Picture” View – Analyzing your complete data can help you gain a better sense of where you are, where your sales are coming from, what your trends are, and more.
- Improve Your Marketing and Follow-Up – Having complete data enables you to increase your sales by cross-selling and up-selling, identifying your most loyal customers, and more. For example, I am a member of a local gym. They should know that (a) I have not been there in quite some time, (b) when I do show up I like to take spin and yoga classes and (c) I have used their babysitting service. With all of this data they should be sending me information on their latest spin and yoga classes, coupons for discounted babysitting, and so forth. They should – but they’re not.
- Track the Results of Your Marketing Efforts – For example, a motorcycle dealer has a list of people who came in and took a demo ride. Having complete data would allow this dealer to see how many of these people eventually made a purchase, and how much time elapsed between the demo and purchase dates. This information would determine whether or not the demo campaign was successful, and provide useful information for how to best revise the campaign in the future.
- Improve Your User Experience – If your various systems can’t “talk” to each other, it can be difficult to provide a good customer experience. You can also end up with a lot of frustrated people calling in to your customer service department. For example, I have both a mortgage and an account with Bank of America. When I recently went online to change my address it apparently was only changed in one of their systems rather than populating across all of them. It took a phone call to straighten it all out.
Need help making the most of all of your data? Give us a call. As data solutions experts, we’re here for you.