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With the help of technology and its innovations, collecting customer data is no longer a rigorous task that requires rigid processes and strenuous hard work. Whether you’re a large business, or a small one just starting somewhat, access to customer data has never been easier than the times you live in! Customer data is a composite category that can be categorized into 4 dominant types. First comes identity data, that essentially allows you to identify a particular individual, like their name, address and contact details.
You can utilize identity data to establish contact with customers and identify customer personas, to send them personalized offers and discounts of your products. The second is descriptive data that has details on their career, family or lifestyle, by the virtue of which, you can actually predict purchases they might make, hence also create personalized strategies for them to be attracted to your products, and in also creating customer segments for the benefits of your company and categorization of data.
The third type of data, known as behavioural data, uses comprises of a person’s google searches, or emails, or CTAs, and help you to identify general patterns, by the virtue of which you’d know which campaign would work for them, or it can help you identify which strategies of yours are working the most, so that you can focus on them exclusively. The fourth type, called qualitative data, records opinions and attitudes of customers, ensuring you can take measures to retain your existing customers. This gives you enough details about how much a customer likes your products, or your company, for that matter.
Using customer data reaps in great benefits for your company, and ensures you’re doing well on the profits. A research by Harvard Business Review specifies that business that utilize customer data, actually notice a considerable increase in customer retention, and engagement. Now, if you’re wondering how to utilize customer data to boost your marketing campaigns, read on.
1. Reduce the customer acquisition cost:
Customer acquisition cost is the total expenses you’re required to make, to get a customer to make a sale, from you. It includes everything from the advertisement you use to get a customer to buy a product to the last bit of closing that sale. So, lowering this cost actually helps you put the money in places where it is required more, like in growing your business.
2. Revise your marketing campaign:
Once you’ve the customer data in your hand, and you clearly see which marketing campaigns are allowing you to attract new customers or retain your target audience, you can eliminate other marketing strategies that you do not need. Hence, having customer data allows you to focus your resources on sectors where it is yielding you the most benefits, hence cutting down on rather unnecessary expense. You can also utilize the saved expense to cater to your audience in a better way, by putting up personalized marketing campaigns, tailored for their needs. By giving them personalized campaigns, you can actually grab their attention more.
3. Generate sales, maximize profits for yourself:
If you’re at your wits end wondering how to utilize customer data to make them to make more purchases from your business, let us tell you how Amazon works. When a user makes a purchase, they anticipate the behavior of the customer to send him recommendations, or to show similar recommendations to other customers, harboring similar tastes or making similar purchases. You can also use personalized data to send offers to your customers, hence increasing their chances of making certain purchases with you, which they otherwise might not have made.
4. Gives you an edge over your rivals:
Having customer data always gives you a better edge over your rivals, in the market. Social media likes and engagements are a great way to compare where you stand, in relation to your competitors. Search engine data and certain tools also allow you to assess the keywords your competitors use, so that you can understand their ranking and position, hence understanding your own position, and crafting your strategies by having a better understanding of their strategies.
5. Data discovery helps you with personalized strategies:
The key to success for any business is to retain your existing customer base, as you continue to garner more followers and customers. With data discovery, you can understand what sort of customers are visiting your page, how long they are staying on your page and analyze details like that would actually make you improvise your strategies. Hence, via cookie tracking, you can create ads that match their behavioural data, as well as qualitative data, predict patterns of what would appeal to them, and motivate them to make purchases. Hence, data discovery is an asset which should be carefully implemented, and utilizing marketing personalization connoisseurs like eventige.com actually helps you to cater to your own audience, while attracting newer audience, while building strategies that are attractive for everyone.