How to Use Customer Data to Drive Digital Transformation
Did you know that two thirds of a company’s competitive edge come from its customer experience?
Highly engaged customers tend to buy 90% more often from a company and spend 60% more per purchase on a product. However, customers have become very unpredictable in recent times. They no longer look at price as the determining factor for purchasing products. Instead, they want a holistic experience with your brand.
Data-driven digital transformation allows your business to analyze customer data to know what customers really want from you. When you know their demands, you can deliver unmatched customer experience and improve sales growth for your company.
8 Surefire Ways to Use Customer Data to Boost Your Business
Here’s how your business can use customer data to drive digital transformation for the best lead generation.
1. Invest in Analytics
Big data—large and unrefined customer information—isn’t new to marketing. However, there’s increasing pressure on businesses to capitalize on this data and find valuable customer information.
To achieve this, allocate part of your budget to data analytics. Data analytics helps you understand your consumers’ unique behaviors so you can apply the right demand generation strategy to enhance customer-centric services.
2. Launch Customer Lifecycle Marketing
About 75% of customers admitted to buying products frequently from a company that knows their name, purchase history, and recommends products to them based on their past purchases.
Besides helping you predict the future, data helps you build great customer relationship management (CRM). If you have a CRM system, you can analyze customer data based on the clients’ engagement, conversion, and retention to create sustainable customer lifecycle marketing. This type of marketing allows you to get an idea of the holistic experience they crave from your brand and engage with them using persuasive, personalized messages.
3. Create Digital Marketing Campaigns
Do you spend half of your budget on digital marketing campaigns but you’re not seeing a return on investment?
If you do, data-driven digital transformation can save you a lot of money. Extracting customer data will not only increase your sales but also reduce your spending on marketing campaigns.
Your customer data will show you the digital platforms where you can get the most leads. Consequently, you can refocus your marketing strategies to these platforms.
4. Manage Accessibility
While you may not want your customers’ data to land in the hands of your competitors, this shouldn’t be the case with your employees. If you withhold customer information from your employees, it can hurt your business.
You should ensure customer data is digitally accessible across your business. For instance, an employee who handles customer support should be able to share a customer’s financing complaint to the finance department so that they can deal with it immediately.
5. Analyze Client Churn
Are you losing your regular customers to your competitors?
Your customer data can help you study client churn—the turnover rate of customers from being regulars to buying from rival businesses—and understand the problem before solving it. From customer data, you can find out why customers are loyal or why they failed to retain your services. Knowing the cause of the withdrawal helps you come up with the best demand generation strategies to win back your customers.
6. Create Individual Digital Profiles
Due to technology, consumers aren’t tied to a single digital channel online. They can browse in-store, shop online, share feedback, and ask questions via apps or social media.
Analyzing these customer interactions can help you create individual digital profiles for your customers. The personalization of data-driven digital transformation affords you access to their demands 24/7. You can, therefore, know what they want, when they want it, and how they want it. Instantly gratifying these demands will increase their satisfaction and retention rate.
7. Automate Customer Algorithms
Have you heard of the customer algorithm?
This is a concept that combines your customers’ online and offline data to improve customer experience through personalized engagement. Customer algorithms also help you collect information such as your customer’s point of sale or location, which gives you a competitive advantage over other businesses.
8. Generate More Sales
Increasing sales is key to any business growth. You can use customer data to encourage your consumers to buy more from your business.
By analyzing your customers’ data on purchases and product ratings, you can develop products that meet customers’ preferences. You can also use it to make informed decisions that enhance sales growth.
Create an Effective Data-Driven Digital Transformation Strategy with Televerde
Customer data makes building a winning digital transformation strategy for your business easy.
You can analyze your consumers’ data to understand their purchase behaviors, then personalize your services to meet each customer’s needs. This can improve lead generation and increase sales growth in your business, letting you stay ahead of your competitors.
If you need help utilizing your customers’ data, get in touch with Televerde. We’re a global sales and marketing services company dedicated to helping your business generate demand among your target audience and boost pipeline.