Did you know that 90% of the world’s data was created over the last three years? That presents evidence of rapid advancement and it’s no wonder that businesses are struggling to keep up. However, if you can wrap your head around the fact that global computer usage provides over 2.5 quintillion bytes of data every year, you will be able to unlock massive benefits for your business.
One of the main ways that businesses can use customer product data is for conversions. You might be running a business right now and seeing a tremendous level of success with traffic to your website. Unfortunately, that’s where the positive news ends. Instead of getting clients to buy you could be seeing a big bounce rate. Well, data can provide the answer that you need.
With data, you will be able to explore and even create a buyer persona. You can think about this as an image of your typical customer. This image provides everything from their likes to potentially other sites that they visit or pages on your site that they are most interested in. This all helps you redesign your site and market the product in the right way. That’s going to improve conversions and help you get your customers all the way through the marketing funnel. It also improves the efficiency of your marketing campaign and strategy. You will know precisely who to target leading to a higher ROI.
Attracting The Right Customers
Education companies are certainly beginning to unlock the power of customer data in both marketing and improving their products. It’s true to say that education businesses are now under more pressure than ever to attract customers and ensure that they want products from courses to online solutions. That’s why one of the main focuses on using customer product data in the education industry is based on driving recruitment rates.
This is particularly important as dropout rates continue to increase. One of the main focus points here is identifying the target consumer. Education businesses need to find the customers that want the product offered and in the case of education, will find success. This also helps ensure that businesses are utilizing the right marketing strategy.
Of course, data provides another benefit to education businesses. It can help improve the products that are being offered and thus generate higher success rates for students in the process. Ultimately, the focus here is on improving the outcomes and results of students to provide the best possible service. This can mean working towards building a personalized learning approach for each individual student. That’s particularly relevant for the Edtech industry which has the added benefit of being able to provide online resources.
There is certainly a great deal of value and potential from using customer product data to harness these two strategies the right way.
Customers want a personalized shopping experience. 70 percent of Americans will spend on average 13% more on businesses that they think offer a better service to competitors. Personalization is a great way to make sure that you are delivering more than the typical company.
This is true for every industry but for this example, we can look at Gamestop. The company found that data that was gained from their loyalty program offered a fantastic insight into everything from customer interests to preferences of engagement. So, using data like this, you can identify not just where to engage with customers but how. You’ll be able to know whether to engage by email, over the phone or even in the mail. You’ll also know what products to advertise based on interests or what they’ve bought before.
Don’t forget, this isn’t for a group. It’s for each individual customer. You can use software and tracking tech to make sure that what a customer sees when they log in or visit your site is customized to the preferences providing the ultimate shopping experience.
Dodge Customer Churn
Finally, data won’t just help you explore whether churn is an issue in your business, it can allow you to solve it! You’ll be able to discover why certain customers are remaining loyal and others are jumping ship. This could be linked to particular products that you’re focusing on or certain marketing strategies. Perhaps sales attract big crowds, but they don’t stick around. Once you know the issues, you will be able to identify the right solutions.
As you can see then, customer product data can not be overlooked. Whether you’re trying to get ahead of the competition, attract more users or find the right customer for a product, data is key.