More and more businesses today are becoming customer-centric or client-centric, which means, at the core of every business strategy, there is a heavy emphasis on customer satisfaction and fulfillment. Why? Because at the end of the day, a business’s success depends not only on its products or services, but on its rapport with its customers.
Turning Information into Strong Relationships
Anything a business can do to strengthen and deepen their customer relationships now is an actionable move toward long-term sustainability and growth later. This is where data comes in. Data is much more than numbers and percentages. It is invaluable knowledge that unlocks the formula to customer conversion and customer retention. By truly understanding your customer’s background, personality, wants, and needs, your business has the answers on how to best please them and keep them.
Who are Your High-Value Customers? Why Do They Continually Convert?
Not all customers are created equal—businesses have to locate their prime customers to target them and generate revenue. High-value customers are the ones who are the most visible to your business in terms of engagement or conversion. Why do they convert more so than other demographics? What aspects of your brand messaging, products, or services speak to them?
Identifying these nuances in your customer data allows your business to place them at the center of your marketing strategy and build off these insights. This data helps you make business decisions with more confidence since you know exactly who and where your target is.
Who are Your Potential Customers? Why Aren’t They Converting?
When do potential customers leave your website or social media pages? By locating when customers abandon their cart or unsubscribe from email lists, your business can double-down to identify the trigger that halted their buyer’s journey with your brand. As a result, businesses may find that their pages loaded too slow and need to optimize their site speed in order for more potential customers to convert. Businesses may find that there are not enough call-to-actions on their landing pages or that their banner placement is poor in their emails. This type of data allows businesses to continually optimize and improve for their customers in actionable, result-driven ways.
How Do Your Customers Act?
How do you customers act? The more types of data you collect on an individual, the better you’ll be able to understand and cater to their needs and expectations. This type of behavioral data focuses on uncovering customer purchasing habits, their customer journey stage at time of conversion, engagement level, and brand interactions. Essentially, it helps your business focus on what your customers do in addition to who they are—this knowledge allow your business to cater to their specific habits.
This type of data collection is particularly effective in discovering customer purchasing patterns and spending trends. For example, a business could discover whether their customers are more likely to shop online or in-store, how often they use coupons, if promos make them convert, or how likely they would shop a sale.
But perhaps most importantly, behavioral and transactional data helps your business understand what kind of shoppers your customers are. Do they actively research the best options before purchasing? If they do, then maybe your business invests in more blogs, white papers, and research material. Do they enjoy variety and often try out many different brands? If they do, what can your business do to make your products or services feel constantly new? Or are they creatures of habit and frequently return to the same brands without much thought?
Knowing how your audience approaches their buying process is invaluable information that will optimize your marketing and sales approach.
How Do Your Customers Like to Engage?
The more your customer’s engage with you, the more data your business can gather to further personalize your marketing messaging. Where are your customers engaging with your business the most? Which social media channels are the preferred means of engagement? Do your customers engage more in their inboxes or on discussion boards? Knowing where to go to engage and converse with your audience is critical for building lasting, loyal relationships that carry your business long-term.
Start Using Your Data Like a Valuable Resource
Imagine the impact when your business starts leveraging data to better understand your customers. Data-driven approaches empower your business to confidently optimize your marketing strategy and deliver greater customer experiences.
Do you want to collect and use data to improve your customer conversion and retention? Contact Sun Sign Designs to discuss a viable data & analytics strategy that will work for your business.