Gaining an insight into your customer’s preferences and buying behaviors gives you a huge advantage when it comes to structuring your business. Ultimately, if you get this aspect of your business plan right, you’ll achieve more success. Here is a look at this vital part of business analytics and why it’s important.
The short answer is, it’s data about your customer. This information helps you better support your customers and improve your products and services in a way that benefits and supports your customer. It’s a full view of your customer and what drives your customer.
Let’s start this section with an example. Let’s say you have a product or service that, up until recently, had been a solid source of revenue for your business. Now, you have a slump in sales, but you don’t know why. Tapping into your consumer insights data will give you an idea of why your once-loyal customer has gone elsewhere.
Anytime you need to know information that could affect the success of your business, you should look to the data you keep on your customer. This could mean looking to see if you can attract a new target audience. It could be finding out what people think about the products in your line, or maybe you’d like to come up with some upsells and add-ons for certain products. You’ll get a clue about all of these business concerns by looking at your customers’ profiles.
This data comes from a number of sources, some of which you will gather. Other data comes from outside sources. The data you get from inside your organization includes customer feedback from sources like testimonials, social media comments, and more.
Outside sources of data can include a look at consumer trends for a certain age or income demographics. It could also be information from analytics tools like Google Analytics. A/B testing, predictive models, and anecdotal experiences can also contribute to your knowledge.
Getting customer data can push your business to the next level of success. It gives you information about the success or failure of a product, the chances of a new product or service succeeding and more. In light of this, it’s important that you continually update the information you have on your customer.
Anica is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. You can connect with Anica on Twitter @AnicaOaks.