Utilize customer data as part of your business growth plan

Effectively utilize customer data to improve revenue streams.

Effectively utilize customer data to improve revenue streams.

Change is a constant, but the pace of advancement for organizations has increased as technology for businesses, clients and the general public continues to drastically advance.

Along with a lack of preparedness for change, organizational inflexibility was another major concern held by top business executives surveyed by the Boston Consulting Group and reported by eMarketer. Consider dedicating extra resources to dealing with these problems, as well as using professional consulting services to help orient your business toward success.

Changing the culture, physical operations and attitude of a company all factor into the most common challenge that businesses are unprepared for: large-scale transformation. Overall concerns about being able to adapt also apply to common concerns expressed about properly using customer data and successfully acting on digital channels. Specifically, a majority of executives in the retail and technology fields were concerned with efficiently utilizing customer data.

Customer data is not an unsolvable puzzle, however. Companies can collect a wide variety of data, especially when it comes to e-commerce, according to retailing website Evergage. Frequency of visits, method of payment and previous transactions can all be tracked by Web-based retailers.

Creating criteria to mark how engaged customers are is a good start, allowing businesses to segment and target potential and returning clients based on their behavior on a company’s website. If a customer has repeatedly viewed the same item or service over a long period of time, an automated suggestion for a similar product with a lower price point can encourage purchasing.

Combining data streams can also increase efficiency. Evergage gives the example of matching a customers overall click​streams with total transactions or website visits. When data shows that patrons are frequently visiting your website and going through various pages but not making a purchase, sending a survey asking about what they’re looking for can help identify deficiencies and drive purchasing.

Learn More

advertisement advertisement

Read More

3 Simple Steps to Ease the Burden of Stress in the Workplace

3 Simple Steps to Ease the Burden of Stress in the Workplace

Did you know that 75% of C-suites say they’re seriously considering quitting for a job that would better support their well-being? It’s quite shocking. But it doesn’t have to be this way. What if we told you that managing stress could be simpler than you think? In...

4 Simple Steps to Make Or Break Your Go-to Market Strategy

4 Simple Steps to Make Or Break Your Go-to Market Strategy

58% of our incoming workforce says most days their stress is completely overwhelming. This episode today is about resolving some of that stress by walking through a simple 4 part framework to help you double your sales while cutting your stress in half. I’ve brought...

A $10-M Failure Turned Into a $100M+ Success

A $10-M Failure Turned Into a $100M+ Success

Have you ever had a failure that altered the course and direction of your life? One that at the time felt so insurmountable you didn’t know if you’d ever be able to rebound…? That's why they created the phrase, “fail your way to success.” This week’s episode is living...

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *