Amazon, Netflix, and YouTube have mastered the art of AI technology, showing how machine learning helps keep customers engaged. This means that the content that you show to customers is more personalised, targeted, relevant and engaging which ultimately help to keep your customers in your sales funnel. But you do not have to spend billions of dollars on customer analytics to understand your customers. Most businesses would gain huge value from leveraging the data that they already have available to them.
Analytics platforms such as Google Analytics enables you to assess the efficacy of website design and content. A/B testing will allow you to iterate until you achieve the desired level of interaction or drop-out rate.
Sales data provides vital information about what customers are purchasing and how they prefer to purchase it.
The companies who are successful in turning data into above-market growth will excel at three things:*
- Using analytics to identify valuable business opportunities from the data to drive decisions and improve marketing return on investment (MROI)
- Turning those insights into well-designed products and offers that delight customers
- Delivering those products and offers effectively to the marketplace
Data-driven product innovation, customer segmentation and channel strategies, all enable businesses to effectively allocate resources toward maximising customer value. Buyer preferences and market conditions shift over time, accelerated by the pandemic impact, and resilient businesses that are able to sustain competitive advantage over the long-term leverage insights from both internal and external data sources. The aim is to identify trends, test hypotheses, validate the customer problem, and pivot the strategy, product offering and/or business model.
For businesses with B2B customers, utilise your CRM data effectively to understand wins and losses. Along with customer feedback and NPS, this will be your primary indicator of issues with, friction in the onboarding or buying process, value proposition not solving the customers’ problems, uncompetitive pricing that is disconnected from the value perception, etc.