Unlike in traditional days, where marketers don’t feel much significance of customer data. But now the time has changed, people are more dependent on online activities, and hence the value of customer data increased.
Generally, we get customer data in unstructured and raw forms to make it useful, and in the right way, we need to put some effort into it.
Now turn your ordinary customer data into smart data. But, wondering how? We will discuss how you can easily turn your customer data into a more intelligent one.
But first, let’s understand what customer data is?
Data has entirely changed the game of marketing in the last few years. The crucial touch of technology has molded marketing operations smarter, smoother, and easier.
And customer data is the personal information, demographic and behavioral data collected by the brands while operating several business procedures. The information is collected while interacting with your customers with an ongoing business procedure through your website, social media, surveys, or online and offline avenues.
Customer data has always been a cornerstone of any efficient business strategy. Data-driven technologies have realized the utmost importance of customer data. They ensure they gather significant customer datasets, which would let them improve the customer experience and fine-tune the business over a period of time.
When you want to surface valuable insights, what do you think you should look for? Well, there are three factors which could help you…
1. Repeat buyers are 20x more valuable in the long term compared to the one-time buyers
According to a study, only 27% of the one-time buyers came back for a second time. So, if you can encourage a second-time purchase, you can well create a repeat customer. All you have to do is nurture your one-time buyers with an email stream of categories or brands they are likely to buy. Or you can even target them on Facebook with a deal that they couldn’t resist.
2. 40 % of your valuable customers are either at risk, or you have already lost them
If 40% of your customers are on the verge of being lost, then that’s less than ideal. And in fact, acquiring new customers is harder and exponentially costlier than keeping a customer. Some studies suggest that it is between 5 to 25 times more. So, you must do everything to retain your old customers.
Therefore to win them back, you should bid more on the categories and brands’ search items in Adword for high-value customers. You could also personalize your onsite experience and offer your customers fair deals to retain them again and again.
3. You must highlight those products which are attracting your customers in the acquisition campaigns
You must have a good understanding of your products. And you should know which products are more exciting and specifically which products your customers are interested in.
You can acquire more customers with the most relevant products and creatives. For example, if one of your customers had purchased a handbag from your site, you are likely to target her in the future with the same category or other products from the same brand. You could also target those customers with similar kinds of products, which they might be interested in.
So, from the analytics, you have the right insights, but all you have to do is utilize them in the right way to improve the customer experience and, at the same time, increase sales and revenue.
4. Arrange Data To Get Actionable Insights from Data
Data has next to no value if you can’t get it and transform it into actionable insights. After gathering information from customers, you should start by arranging the data into portioned lists, separating it with the goal that your group can comprehend the customer. You would then be able to utilize this information to all the more adequately targeted and understand your customers to make a move.
5. Have A Right Data Strategy Plan In Place
The inclination is to concentrate on momentary insights without making the condition that permits the analytics to happen over a more drawn out time horizon. If a data strategy for customer data isn’t top-notch; at that point, information gets scattered across information islands. In case you are putting away your customer information like you store everything else, probabilities are a significant part of the information you’ve gathered has just “gone waste.”
6. Make Data Quality a Priority
Individuals regularly invest a ton of energy in making incredible analysis pipelines but then feed them helpless information. If 25% of your data is simply unacceptable and half is flawed, it leads you to make wrong decisions. Invest some energy guaranteeing that the information is taken care of in your frameworks is of the utmost quality.
8. Know The (Legal) Rules
Organizations should begin with their lawyers. Customer data can be an excellent method to improve your business through better ad focusing. Still, the business gain does not merit the danger of disregarding a law you don’t think about. Discover somebody who knows the principles so you can sort out some way to use data in a helpful, legitimate way.
9. Centralize Your Data
Centralization is critical. Your advertising, sales, and administration teams are generally well presented with one wellspring of reality. The correct solution should take care of frameworks utilized by BI groups and customer-confronting teams, empowering self-rule as opposed to dependency. It empowers customer information to be vital, and it will be better situated to help new activities like AI and proactive analytics.
10. Follow Your Customers’ Experiences
Continuously start with a fundamental inquiry: What would we do to utilize the information to make the customer experience better? Taking everything into account, organizations should begin thinking in toolchains and start to finish detectability of a customer’s journey.
11. Shield Data From Attacks
Keeping information out of the hands of both troublemakers and contenders is in an organization’s wellbeing. The housing and stream of this data should be consolidated into your general network protection and the board programs’ danger. When you have the correct safety efforts set up, you can feel good pushing ahead and utilizing the data as an upper hand.
12. Locate The Right Data Tools
If you don’t have a financial plan for a data scientist to mention to you what’s fascinating in your customer data and how to utilize it, at that point, use the right tool for it. Consider an example of Audienceplay-It can help you extract maximum from your exerting audience data to use it in various ways such as- Audience enrichment, extension, monetization, and target audience across different marketing channels.
13. Show How Gathering Data Benefits Customers
It’s amazingly simple for organizations to gather data about their customers and concentrate on utilizing it for its restrictive advantage. The best utilization of information shared by customers is to focus on using it for customers’ benefit. Concentrate on how the data can help construct commonly meaningful company customer connections, improve support, and refine items.
Data has entirely changed the game of marketing in the last few years. The crucial touch of technology has molded marketing operations smarter, smoother, and easier. Data-driven technologies have realized the utmost importance of customer data. They ensure to gather significant customer datasets, which would let them improve the customer experience and fine-tune the business over a period of time. The ideas mentioned above can help you in doing so.