Data is the fuel that powers modern enterprise. It’s not just customer data; every business needs access to information about suppliers, employees, and partners.
But what happens when your business becomes so large that it’s difficult to find insights into all of your customer data? That’s where advanced data products can help.
Advanced data products enable businesses to see a complete picture of their customers, from anonymous visitors to repeat purchasers. Here are five ways how advanced data products help companies grow:
1. Drive Personalization
Personalization is one of the most potent ways to engage customers, and it’s a key component of a successful customer experience.
But it’s not just about making sure their names are spelled correctly when you send out an email or that they receive relevant ads on Facebook. Using data can help you personalize every aspect of your business, including:
- Customer experience (e.g., onboarding process)
- Content (e.g., blog posts)
- Marketing (e.g., ads shown to specific customers)
- Sales (e.g., pricing based on individual product usage history)
- Customer service(e.g., prioritizing high-value customers for support)
- Product development(e.g., incorporating feedback from top users into new features)
2. Improve Conversion Rates
You can use advanced data products to improve your website’s conversion rate. This is a key metric for measuring the success of your website and a good indication that you are progressing toward your business goals.
Your website’s conversion rate is calculated by dividing the number of completed desired actions by the total number of visits to that page.
For example, if 100 people visit a particular product page on your site and five people buy that product during their visit, then the conversion rate would be 5%.
A high percentage like this tells you that visitors are finding what they’re looking for quickly and easily on your site—which means it’s time to take advantage!
3. Build Better Relationships
One of the best ways to build better relationships with customers is to know them better. Advanced data products can help you do that by providing a platform for managing and organizing your customer data.
With a Customer Data Platform (CDP), you can collect all of your customer information in one place, then use it to make smarter decisions about who you’re targeting and how you’re marketing yourself.
The best customer data platform will make it easier for you to create a detailed profile of each customer, which will help you better understand the people who are interacting with your brand. That’s how you know what they like, what they don’t like, and how best to reach them in the future.
4. See The Full Picture Of Your Customer Journey
Customer journey mapping is a method of documenting, analyzing, and optimizing the customer’s experience with your brand, product, or service. Using this method allows you to create a complete picture of every touch point that customers have with your brand.
You can then use that information to improve their experience and increase sales by understanding how they interact with you at each stage of the journey.
Customer journey analytics refers to the process of collecting behavioral data from your customers’ interactions with your brand to learn about their habits and preferences over time.
This data can be used for many different purposes, such as identifying new opportunities for growth or determining where customers are dropping off during their journeys with you so that you can take corrective measures before it’s too late (think: “abandoned cart”).
Customer journey optimization is what happens when someone uses customer journey analytics data to make lasting improvements for all parties involved (customers included).
For instance, if there’s a high drop-off rate between two steps along somebody’s buying process, then maybe there’s something wrong with those particular pages on your website, which makes them unable to find what they’re looking for right away.
By fixing these issues one by one, eCommerce businesses could potentially increase sales drastically while fine-tuning their customer engagement strategy.
5. Increase Profitability
The more you can learn about your customers, the better able you are to sell them products and services that match their needs. This is especially true regarding data products that allow you to target specific types of customers with relevant offers and promotions.
By increasing the number of sales leads generated by each customer, these products make it easier for you to boost revenue.
In addition, they help keep your customers happy by providing them with tailored experiences that meet their needs and cater to their preferences.
Conclusion
So, what are you waiting for? There’s a lot of potential with advanced data products, and it’s time to start. Don’t let your business fall behind in this next big wave of technology.
