Every organisation aims to get closer to their customers and place them at the heart of their business. After all, it’s the end customer that is essential to the way an organisation is run. In today’s world of big data and the varied channel interactions, it has never been more important to understand your customers completely.
Data analytics (DA) is the process of examining data sets in order to draw conclusions about the information they contain, increasingly with the aid of specialised systems and software. Data analytics technologies and techniques are widely used in commercial industries to enable organisations to make more-informed business decisions and by scientists and researchers to verify or disprove scientific models, theories and hypotheses.
Placing your customers at the heart of your business will help you drive and increase revenue. Imagine the impact on your sales and customer loyalty if you could engage individual customers with targeted promotions through their preferred channels, offering a consistent and personalised experience.
But how is this possible?
Business owners aren’t starting with a blank piece of paper, the data is already out there. Through advanced analytical techniques, historical data can be mined to better understand customer value and profitability. Not just today, but in the future too. This gives companies the actual data needed to segment and appropriately approach customers with services and products that interest them and attract them to purchase. This can be applied to not only online purchases, but on a geographical level to understand what inventory to stock in local stores.
The power of data analytics is limitless. Fully understanding customer behaviour, needs and whether they prefer to shop online or in-store can be used as leverage to increase your business’s revenue.