Do you know that a business goes way beyond just buying and selling?
If businesses keep focusing on making sales and acquiring customers, customers will simply come and go without being loyal. Eventually, businesses will become irrelevant as they have no idea about customer trends, their behavioral changes, and their needs. Customers are in fact very dynamic and change easily, so businesses who understand their customers will prevail.
One way to anticipate and respond towards customers’ needs is by using a real time customer data platform. This platform captures customer data and turns it into something useful. What makes customer data valuable and how to use it to optimize your business? Find out here!
The importance of customer data
Customer data helps businesses understand market conditionsBusinesses capture customer data to understand their market: how their customers behave, their demographics, and many more. Customer data helps you understand what customers seek the most and adjust yourself to their needs.
Customer data strengthens customer relationshipWith customer data, you gain information about customers’ phone number and email to help you stay connected although they are not visiting your store. You can send updates regarding your current offers and new products to bring them back.
Customer data helps creating marketing strategiesWhen you know your customers and what they want, you no longer spend too much time and cost arranging irrelevant marketing strategies. You can simply focus on strategies that really fit them.
Customer data helps you understand what customers seek the most and adjust yourself to their needs.
Meet the real time customer data platform
So, how do you capture customer data effectively? When done manually, this task is very tedious and exhausting. Fortunately, you can use customer data platform solutions such as a real time customer data platform! How does it work and what makes it beneficial?
A real time customer data platform simply captures customer data in real time whenever customers make a purchase or interact with your business. When customers buy from you, they will fill in their data by scanning a QR code. Whenever they return, their purchase will be recorded on the platform.
With this data, how do you use it for your business? Here are 10 ways to use your customer data!
A real time customer data platform simply captures customer data in real time whenever customers make a purchase or interact with your business.
10 ways to use customer data for your business
Figure out customers’ pain pointsCustomers often make a purchase because they have a certain pain point or need they want to fulfill. A real time customer data platform helps you figure out these pain points from their purchase behavior. If many of your customers show the same pain points, you can optimize products that fulfill those needs.
Segment your customersAlthough customers are different individuals, you can still classify them based on some similarities into different segments. These similarities may be their location, buying power, favorite products, and many more. Use customer data to segment them and figure out the best offers for each segment.
Give rewards in special momentsOne of the most general information customers will freely give out is their birthday. Use this to reward them on their special day to show how much you appreciate them. This small act will leave a lasting impression for them.
Reactivate customersWith a customer data platform, you can know which of your customers have been dormant or inactive. Reach out to them and reactivate them to return! Give special rewards to incentivize their purchase.
Create a personalized experienceBased on the type of products customers buy the most, create a personalized experience for them. Give them rewards that they actually like or offer bundles based on their favorite products.
Calculate Customer Lifetime Value (CLV)Every customer has a different value, some of them make big contributions to your business and some do not. With your customer data, you can calculate the CLV of each customer and identify which of them are the most loyal and worth investing in. You can also work to improve the CLV if the results are still low.
Give rewards to the best advocatesBy integrating your real time customer data platform with your loyalty and referral program, you can figure out exactly when customers do referral activity. Then, you can know who your best advocates are from their number of referrals, and give them rewards accordingly.
Build communication in real timeCustomer data helps you stay connected with customers although they are not at your physical store. Communicate with them through email, SMS, and push notification with interesting information and offers. Make sure you’re always on their mind in their daily lives.
Gather customer feedbackYou can also use your real time customer data platform to send out surveys for customers. Their answers will be neatly and securely recorded. You don’t only obtain precious insights, but you’ll also be able to evaluate the changes in their satisfaction over time as a reflection of your business performance.
Convert data into interesting contentAlthough most of your customer data is confidential, there are still some parts you can convert into interesting content. For example, you can find out which of your products are sold the most in the current month and announce it on your social media to attract potential customers. Next, if you get highly positive reviews from customers, you can post it as powerful content on your social media.
Customer data is crucial for every business, and using a real time customer data platform can greatly help you capture, process, and understand customers better. With a real-time customer data platform, you can figure out customer pain points, reward and reactivate customers, evaluate their feedback, communicate with them, and many more.
TADA can help you create a customer data platform to optimize your business. This platform can also be integrated with your loyalty and rewards program to make it more effective. Contact us and start your journey with us!