As a successful business owner, you know your best customers—where they live, what they like, when they want to shop, and how they want to pay. These details allow you to provide a personalized experience for each shopper. When you pull together and analyze the right data, you supercharge every customer interaction.
So how exactly can you best use data and analytics to expand your business?
Improve Your Business Plan
With data and analytics, you can identify current trends and react to them in real time, as well as more accurately forecast what’s coming down the road. Statistics collected over several years will show growth trends. Your recent sales history contains a wealth of information on which products and market segments are trending or falling. This data can help you set growth targets and plan messaging that appeals to each audience segment.
If you want real-world examples of these tools in action, look no further than streaming giants Netflix and Amazon, who use data and analytics to sniff out the TV shows and movies that click with audiences. These numbers then help them determine what new content to put into production.
Find Your Ideal Audience
Once you’ve worked out the characteristics of your optimal customers, the next step is actually getting them engaged. With data and analytics, you can segment your patrons by location, age, purchase history, or general shopping habits, and then target messaging to them that feels authentic and relevant to their interests.
Whether your target audience is female millennials, weekend warriors who cliff dive, or past customers who live within a 10-mile radius of your store, data lets you speak directly to a consumer’s individual interests and focus on those segments that will deliver the most bang for your buck.
Develop Your Marketing Campaign
Use data and analytics to craft targeted messaging with pinpoint precision to reach those who will be most likely to convert. Everything from tone to images to colors to send times makes a difference in connecting with customers. The more you can tailor your pitch and provide immediate value to your audience, the more trust you will build in your brand.
Plan Your Expansion
If business is booming and your current team and facilities are maxed out, it’s time to think about expansion. But how big should you go? How many more products or services should you feature? What level of in-store and online traffic can you handle? Data and analytics can address these and other common issues, including customer demographics, operational efficiency, shipping and delivery, and equipment upgrades.
Of the many aforementioned benefits of data and analytics, one sits atop the pile: They can save you money. If certain products fly off the shelves, you can double down on new items with similar appeal. If others sit on shelves gathering dust, you can ditch them.
Data also lets you test new products or services in a limited run with a subset of your customer base and analyze the results to see if it makes sense to invest resources in a larger rollout.
Disrupt Your Industry
Disruption is a fact of modern business, and data is the key that will put your company in an ideal position to edge out the competition. The list of new players who have made a sizable impact in their fields includes:
- Careem. The “Uber” of the Middle East, this company uses data from its app to track rider habits and target custom products and offers that match their needs.
- Lemonade. A pioneer in InsurTech, this company uses machine learning to predict risk and losses to come up with more precise premiums for each customer.
- Monzo. With the help of machine learning, this online banking startup delivers a simple, powerful app that lets users get advances on their salary, split bill payments, and experience more efficient customer service.
Also worth mentioning are Tesla, Google, and other major players in the world of autonomous vehicles (AVs), who have used their vast stores of data to make significant advances in the automotive space.
Take Your Business to the Next Level
Data and analytics are essential tools to grow your business. They let you streamline your messaging, finely target your marketing, increase profits, become a customer service superhero, and stock products people actually want.A modern payment solution is a necessary component of any successful data analysis toolkit. Poynt provides up-to-the-minute sales data that makes it that much simpler to manage inventory, identify top-sellers, and retain loyal customers.