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Leveraging Customer Data for Your Business

Monday, October 31, 2016 21:18
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Your initial goal in business is that people become your customers and buy what you are selling and/or your existing customers buy what you are selling over and over again. You need to capture how they are using what they buy from you and apply it to your business growth.

You can learn a lot from capturing customer data

The fact is that the data that you obtain from your customers can be extremely valuable for you and for your business. You can learn a great deal about your customers’ activities (and identify patterns of activity), you can extract information about social media profiles, customer preferences and exactly what motivates the customers to buy the way in which they buy. In short, you can gain entrance to the customers’ minds through the data. In fact, if you leverage the data properly, it will reveal all sorts of useful information, such as capturing metrics on conversion rates, identifying issues as they occur, and taking measures right away to fix whatever needs to be fixed. Here is a more detailed explanation as to how you can use the customer data.

Identify the most problematic issues (and problem areas): Customer data can help you to identify specific issues that may lead to the loss of customers. That is very valuable information to get your hands on. If you are able to identify an issue in one area of your business, you can manage to fix it and if you can fix it, you can prevent your number of customers from decreasing. There are several different tools available online that can help you to go through that process, including a funnel analysis, which will enable you to keep close track of your conversion rates at every milestone.

Capture the strongest customer areas: It is critical to your business that you are able to have a clear understanding of where you are doing the most selling. That is important data to capture because, as a business owner, it is critical that you understand where your selling strengths lie. If you have that information, you can continue to enhance those products and/or services that are doing well and potentially discontinue what is no longer working for your business. Some other pieces of information that are included in the data are what the customers like to buy when they like to buy those particular products and/or services, etc. Once you are armed with that information, you can really focus your offerings on satisfying your customers’ needs on a deeper level.

Add to your list of customers: The best of all possibles is that you have a healthy list of clients who have been with you for a while and are loyal to you. Additionally, you should continually be increasing your list of customers as well. You want the combination of the existing and new clients to serve you and your business well. In fact, the more close relationships you develop, the better your chances will be of getting people to tell other people about how wonderful your offerings are.

Gather data on how your ever-improving products and/or services improve the lives of your customers: It is essential that you constantly improve upon what you have to offer. However, it is just as important for you to capture how those improvements positively affect your customers. You can do that by paying close attention to the reviews that your customers write and by the surveys that they answer. The information could be invaluable to you. In fact, the information can give you insight into not only making improvements but also you will get a deep understanding of exactly which changes you want and need to make to make your customers happy. That is a key factor in ensuring that you keep those customers over time.

Come up with ways to make your offerings easier and easier over time to use: After you have been able to study all of the customer data, you can use that information to help your customers improve upon what they are doing with their businesses. They will understand quickly that you and your business are making a positive impact on their lives and on how they run their business. Another really valuable result will be that they will respect you for doing everything possible to make your customers’ lives easier.

Conclusion

You may not realize how valuable customer data can be for your business. It can provide you with amazing insights about your customers and it can help you to really improve upon how you are serving those customers. The more you understand your customers’ needs and wants, the better you can serve them. You will then realize your dream of your customers not having any desire to go anywhere but to you when they need what you offer. Customer data can really give you a great deal of valuable insight, including demographic, transaction, behavioral, social, and payment data. It is critical to your business’ success that you identify what is important to your customers and their data can help you to get there quickly.


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Michael Cohn is the founder and Chief Technology Officer (CTO) of CompuKol Communications. He has over 25 years of experience in IT and web technologies. Mr. Cohn spent a significant amount of time at a major telecommunications company, where his main focus was on initiating and leading synergy efforts across all business units by dramatically improving efficiency, online collaboration, and the company’s Intranet capabilities, which accelerated gains in business productivity. He also reduced company travel and travel costs by introducing and implementing various collaboration technologies. His expertise includes business analysis; project management; management of global cross-matrix teams; systems engineering and analysis, architecture, prototyping and integration; technology evaluation and assessment; systems development; performance evaluation; and management of off-shore development. Mr. Cohn earned a Master’s degree in project management from George Washington University in Washington, DC; and a Master’s degree in computer science and a Bachelor of Science degree in electrical engineering from Fairleigh Dickinson University in Teaneck, NJ. Mr. Cohn is a member of the Institute of Electrical and Electronics Engineers (IEEE).

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