Big data has revolutionized the business world — and whether you realize it or not, it has the potential to revolutionize the way you run your company, too. If you think that big data is only for big business, then it’s time to think again. Technological advances have made data collection and analysis highly affordable, and utilizing such strategies is now within the reach of every business both large and small. The future is arriving now, and businesses must either lead the pack and develop new approaches, or else risk being left behind.
So how can big data help you now? Here are a few of the most important ways that customer data is used to drive sales and create success for companies just like yours:
- Optimize Pricing. Setting prices is one of the most important decisions you must make as a business owner — and it is also one of the promising fields for big data, as numbers-driven questions such as prices lend themselves to being answered with algorithms. The basic idea behind data-driven price setting is pretty straightforward
- Calculate the amount of customers potentially gained or lost by lowering or raising prices.
- Calculate net profit per customer in each of the scenarios you considered above.
Clearly, there are many factors to consider when answering these two questions — but there is also a lot to be gained. With the help of big data, you can use customer buying habits, company trends, and cost analysis to answer these questions as accurately as possible, thus maximizing your profits.
- Create Case Studies and Convincing Graphs. Graphs, charts, and studies make for interesting content with a special appeal to high-information customers of any type — but they are particularly useful for completing B2B sales. Because B2B purchases frequently require approval from command chains, and because B2B customers frequently have a much longer (and slower) customer life cycle, the depth and objectivity offered by studies, graphs, and statistics in general are all invaluable.
- Refine Your Message. Crafting a brand identity and a consistent set of marketing messages is an ongoing process that must be constantly reviewed and improved upon for your business to experience continuing success. Different customers are bound to respond differently to different ideas and approaches — and finding the best way of speaking their language is one of the most important aspects increasing sales. Here are a few examples of how this might work:
- Email marketing campaign response rates are relatively easy to track and to compare to other campaigns. Carefully analyzing the results of different email campaigns can usually help you write more compelling emails that attract higher response rates — which is fantastic because email marketing is one of the cheapest ways of reaching customers out there.
- Web conversion rates are another highly trackable component of your marketing effort that can be improved with big data. Monitoring traffic sources, analyzing time spent on the website, and using A/B comparisons are all great ways of getting more customers to make a purchase or sign up for your newsletter or complete whatever other action you consider to be a conversion.
- Last but not least, social media offers brands a tremendous amount of data for free that can be used to improve your results and boost your customer acquisition numbers.
To learn more about how you can increase sales for your business, get in touch with Direct Call Solutions today!