Customer Data Analysis: What Can it Do for You?
The market is full of information on your current and potential customers, your competition, consumer trends and so much more. Are you leveraging this key data and making it work for your company? Did you know you are in the perfect position to leverage information on your customers so you can improve sales, retain more customers, target marketing propositions and generate more business? You already capture information on your customers; it’s time you use that information for your benefit with customer data analysis.
Improve Sales with Customer Data Analysis
Your sales reps are in perfect position to capture information on your current customers. They are already interacting with this client base regularly and if all information is captured into your customer relationship management (CRM) and enterprise resource planning (ERP) platforms, you can use that information as business intelligence to develop products and services customers want. You can also speed time to market on new innovations and more readily up-sell and cross-sell to the current base.
Identify Sales Strengths and Weaknesses with Customer Data Analysis
Even with the right tools to capture customer data and conduct customer data analysis, your sales department could still be falling short when it comes to identifying quality opportunities and driving revenue. CRM and ERP software will have customer data analysis tools built in that you can use to measure productivity according to each salesperson. Understanding the sales process according to your data will also help you identify areas where a sales person may be struggling. You can then fine-tune your process to improve results for your entire team.
Customer Data Analysis Can Help with Customer Retention
Believe it or not, your current customers want to be sold to during regular interactions. This is not to suggest that you push your latest products every time your sales reps talk with the customer. Instead, it requires a more proactive approach to meeting the customer’s needs. Interactions that allow for the capture of valuable information will include queues. These queues might be that the customer has a need for an additional line of service or that the latest version of your product may solve a new problem. When your sales reps suggest these improvements as a way to solve a customer problem, the customer views it as quality service, not selling.
Target Promotions More Effectively with Customer Data Analysis
It’s essential that you target the customer segment that fits your product and the right customers that are a part of that segment if you want to drive results with your latest promotion. Track selected key performance indicators within your customer data, including the time it takes for an identified lead to produce a closed sale. Targeting the wrong group with the right solution could lengthen the sales cycle and cut significantly into your profitability. By identifying the customer segment that provides a shorter sales cycle and faster time to revenue you increase profitability. Using your customer data analysis in this way will help you to identify whether or not you are deploying your sales and marketing resources in the most effective and productive way.
When you have the right tools and strategy in place, you can make your customer data analysis work to your benefit. If you’re not leveraging this value form your solution, you’re not getting the maximum return on your investment.
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