What is customer data and how can you cultivate it to get more business?

The Media Lab

In this technological era, businesses are continuously taking steps to get customer data and make the most of it.

Every brand and company talk about the significance of big data.

Though many organizations collect customer data but they don’t put good use of it.  Companies are using big data in functional areas to penetrate in the market. As per the research, companies are using data to create customer intimacy, budgeting, planning and creating the best customer service.

So under this post, we are writing down the points as to how can businesses leverage most of the big data.

1. Create a personalized experience

Different brands collect and use the data of customers to create a customized shopping experience and even get them product recommendations throughout their shopping time. These customer-centric recommendations are leading to give pleasurable shopping experience encouraging customers to shop again with the store or brand.

As per the source, 88% of retailers say personalization has greatly improved their marketing effectiveness while the majority of consumers (80%) prefer to purchase from a company that presents products or services personalized experiences. The customer data in this aspect has proved to be a great help as they can inform them about special offers or any promotion in which they can be greatly interested.

So this data exploration could bring more selling opportunities and great revenue generation.

Either it is the online shopping store or any video game retailer; data of customers could be saved and used to create great loyalty programs. Consequently, these programs are brilliantly proved to be a good revenue generator based on the insights of customers’ interest, their past purchases, and their engagement preferences.

2. Better in-store experience

Along with the promotions and offers, companies are utilizing data of customers for improving the customer’s in-store experience.  With the set of data, companies can better comprehend and improve traffic flows. However, they can also get the opportunity to optimize the store’s layout and enhance the merchandizing display.

3. Innovating promotions and offers

In this technology-enabled era, companies face challenges in using data in a better way. By 2020, over 40% of data analytics projects will relate to enhanced customer experience. So companies are believing to give customized promotions and offers to customers based on their requirements. Through customer data, the companies are exploring the full potential to increase their sales and hook up the customers with them. Consequently, on a large scale, this method is a successful one where customers prefer to show loyalty towards the brand.

4. Customer data and feedback

For the improvement in services and products, feedback of customers is really crucial.

This is what companies prefer to do with customer data as well. Across the world, companies are exploring customer data to obtain helpful product feedback and this data improves the overall strategies for products or services. Thus, companies are generating customers’ insight through email data, CRM data, search engine data, and social media profile data.

However, it is estimated that by 2020, companies will collect data through different mediums like mobile apps by 93.2%, social media by 94.6%, digital products by 33.7%, and sensors by 21% and other devices by 14.8%. These mediums are doing a great job in designing effective marketing strategies.

Are you thinking to explore your customer data in a better way? Consult our experienced digital media team to make the best use of this data and to design customer-oriented strategies.

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