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3 Reasons to Get More Customer Data Flowing in Your Business

If there's something stopping your company from pushing harder on gettng more customer data flowing, then here's 3 reasons to kickstart it right now.

#1: It’s the only way you’ll fix some of your key business problems.

High sales costs, poor marketing conversion rates, high product returns, poor returning customer rates and declining spend per customer per year. That’s only a few of the major problems businesses face.

Any of key problem areas that are specifically customer facing need to be figured out by learning more about customers (ie. their preferences). While gathering explicit feedback data from customers is important, also tapping into other data sources is key. Data from your point of sales systems, loyalty programs and mobile apps can all be powerful sources of information.

The more sources you have the better — you can never understand customers too well.

2. It’s a competitive advantage or disadvantage.

Imagine you and your competitor sitting in two board rooms next to each other. Both teams are tasked with tackling the following business strategy challenges:

  • pricing
  • product road map
  • marketing messaging
  • sales models

Now imagine your team making all those decisions with little slivers of customer information gathered anecdotally through sales calls, customer feedback (informal) and other random data collection events.

Simultaneously picture your competitors making the same decisions with detailed segmentation data that you don't have, buying behavior, demographic profiles and other specifics.

So your team is shooting in the dark while they are surrounded by a plethora of data and analysis that’s guiding their decisions at every turn.

It’s not hard to see the situation as a serious competitive deficit for your company. You’re both targeting the same customers but you don’t know who you’re targeting while they do.

3. You can’t build a powerful growing business without having a good (if not great) sense of your customers.

It’s easy to attribute profit challenges to the ‘production cost’ of your offerings, whether it’s labour costs associated with consulting or services or parts and manufacturing costs for physical goods.

There’s another big category of expenses that hits companies of all sizes but in particular smaller growth companies. It’s the cost of bad decisions. When you make a mistake on product roadmap, marketing or other decisions, the setback represents a period of higher losses and wasted resources on a failed set of programs.

Apr 7, 2015  

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