With the help of technology, many companies now hold a wealth of information about their customers… but how do businesses take these nuggets of information and turn them into gold? Customer data to help them regularly engage and pivot to their changing needs.
Understanding your customer data
Most organisations have a lot more data at their disposal than they realise. Companies collect customer information via market research, online purchases, websites traffic, social channels and search engines just to name a few. Most companies only use a fraction of the data they have collected. This is a missed opportunity.
Data in its raw form doesn’t tell us much. It is only when you collate and interpret it, that true richness emerges. Apply data analytics and you can extract meaningful insights that enhance relationships and drive business growth. Data analytics is the process of analysing data to draw conclusions about customer behaviour. It’s the method used to tell a story about your customers. Techniques of analysing data can range from automated processes with complex algorithms all the way through to a Data Analyst digging through your data line by line, panning for gold.
Know how & where to dig for ‘gold’
Take a step back and start by reviewing the data you already have at your fingertips. Companies store data in various ways (Excel, CRM systems, customised software, Google Analytics), and being able to sift through and prioritise requires some skill.
You then need a plan to understand what will be relevant to your strategic priorities. Be strategic. Define your goals upfront and make sure they are aligned with the wider business. At this point, you may need to partner with a specialist marketing agency to help with the data analytics – it’s easy to get lost in a sea of spreadsheets.
Develop a crystal-clear picture
Whether your goal is to build brand loyalty or reduce churn, digging into your customer data can help you drill down into your target segments and can aid in the development of personas. This enables brands to better understand their customers’ needs, experiences, behaviours and goals. With this level of insight, you can tailor your campaigns and messaging, personalise messaging and improve customer experience. This give customers a reason to be loyal and differentiates you from your competitors.
Understand customer journeys and experience
Understanding how your customer is interacting with your brand across multiple touchpoints is key. Whether it’s via your website, social channels, in store or online purchases – your data analytics needs to be multi-dimensional. This information can then help you map out a customer journey to visually represent how your customer interacts with your brand. The purpose? So you can remove any obstacles in their way and streamline the customer experience.
Improve data quality
In some cases getting the most out of your data may require some manual assistance. Juntos Marketing did a recent customer analysis piece for an education client using internal data to determine relevant trends to better direct their marketing activity. The data stored in their customer relationship management (CRM) system needed to be cleaned so we removed duplicates, fixed structural errors, filled in missing data, grouped like data and so on. Once we improved the quality of data we were able to use our investigative powers to join the dots and provide clear and actionable insights.
Give life to your data
Finally, make your data visual. Bringing it to life with graphics or interactive dashboards makes it easier to find trends and digestible insights. It’s also much faster to interpret visual data than a list of numbers, which in turn makes it easier to share with your wider business. Providing a report that everyone in the organisation can understand is key to efficient knowledge sharing.
How Juntos Marketing can help
With a carefully planned out strategy, multi-dimensional lens and a good partner agency to help, you should be well on the way to enhancing your customer understanding to reach your goals.