“If you know yourself but not the enemy, for every victory gained you will also suffer a defeat.” ~ military strategist.
The quote stands true for businesses too, except that you are not a military strategist but a marketer, and your customers are not your enemy.
We are in “The age of the customer” today, where instead of businesses, customers are driving business decisions. In such dynamics, knowing your customers inside out is a business requisite.
The question is how do you do so? Enter data analytics.
With customer-centric market research and online analytics, it is easier than ever for business owners to know their customers on a deeper level.
This blog will help you understand how you can learn more about your customers with data analytics.
How Does Customer Data Analytics Benefit Your Business?
Establish Customer Personas
How do you decide your target marketing message? How do you come up with effective advertising campaigns?
By knowing the personas of your customers.
Customer personas define the basic characteristics of different customer segments of your business. By using the data and identifying the basic information, such as influence sources, demographics, and average income, you can enhance your marketing efforts.
Identify Your Best Customers
Not all your customers are your best customers. But there is a section that makes the most purchases and is most loyal to your brand. You need to target them specifically.
Data analytics helps you recognize your best customers through several metrics, such as lifetime value, average purchase cost, acquisition costs, customer satisfaction, and retention costs. Studying them can help you curate more targeted marketing messages.
Enhanced Customer Service
Data analytics provide you with customer insights that you cannot get otherwise. These insights reveal information about your customers’ communications preferences, their interests, their concerns, and more. Imagine the positive outcome of knowing the frustration points of your best customers and removing them from the sales funnel.
Data analytics can help you tailor customer service to the customer needs, and build stronger relationships with them.
Personalized Shopping Experience
Do you know that personalization can increase conversion rates by 51%?
Data analytics provide you with an abundance of data. Maximizing its use can help you deliver a more personalized experience to your customers. You can inform your customers about the special offers or discounts. Or you can create content that your audience finds engaging and shareable.
Understanding customer data analytics can maximize the opportunities to increase business profit.
Every piece of customer data analytics can help you make better decisions for your business. Recognize the potential of data analytics and leverage it to make your business more profitable.
If you need professional help to enhance your marketing efforts with the use of data analytics, Walibu, a digital marketing specialist, can help you. Our full-service marketing and support team can assist you to make the most of your analytics data.
Contact us at (916) 358-3950 to seek expert marketing help.