These days, when we are bombarded with different information from different sources, businesses can find hidden gold buried in customer analytics data. Take the case of swimming pool builder Narellan Pools. When Narellan hired a marketing firm to develop a data-based sales strategy, company leaders soon discovered that, periodically, sales conversion rates would spike extraordinarily, only to return to normal after half a week.
Further analysis revealed that the boost in conversion rates correlated with periods when the temperature in any given locale was higher than the daily or monthly average for two or more consecutive days — and then if that heatwave lasted an additional four days.
The Australian pool builder then began to run an online marketing campaign during these peak periods, resulting in lead generation increases of 11 percent and sales surges of 23 percent, with an ROI of more than $40 for each dollar that was spent.
Narellan’s results have been replicated by organizations of all sizes across a wide variety of industries, with Gallup indicating companies that apply customer behavioral insights outperform their counterparts by 85 percent in sales growth and 25 percent in gross margins.
Is your company looking to experience similar results? Here are three ways to start harnessing the power of customer analytics that will help grow your company.
1. Online Marketing Data
The foundation to achieving a strong customer analytics strategy is the ability to properly analyze your marketing data to ultimately determine customer preferences and tastes. Think about it: This data can provide you with vital insights, including which types of customers buy from you most often and which of your digital marketing channels lend the best lead-gen results.
Furthermore, leveraging this type of data can increase your lead generation volume and conversion rates, thereby accelerating the growth of your sales funnel. The easiest type of marketing data to analyze is online marketing data since they’re already in digital form.
In particular, SEO analytics tools allow you to track the performance of your content marketing and paid advertising campaigns, identify your website’s top sources of online leads, and analyze the demographics of your website visitors. Meantime, social media analytics tools let you see the prospects who “like” you on Facebook and follow you on Twitter.
2. Sales Data
Another vital source of insights is your sales data, which can help you analyze customer demographics, identify your top customers and determine their individual purchasing preferences. Ultimately, this information can help optimize your sales process by customizing sales offers for specific customers to increase both sales conversion rates and repeat sales volume.
The best way to harvest your sales data is to adopt a customer relationship management tool, which stores your customer data in digital form and that can be integrated with other software platforms for better analytics. After that, the ability to look at your data from a visual standpoint can further improve your decision-making. For example, a radius map tool can show you your ideal target range and thereby increase the efficiency of your efforts.
3. Customer Service Data
The most efficient way to use CRM tools is to adopt a tool that integrates with your customer service data, another rich source of customer insights. Your customer service data can yield critical insights into your customer satisfaction rates and how these correlate with patterns such as how long it takes your service team to respond to support tickets.
An ideal way to collect and leverage customer service data is to adopt a call center in the cloud, allowing you to centralize data from all your support channels, including live chat, phone, email, social media, and automated self-service options. Ultimately, having this information at your fingertips provides you with a complete picture of your customer service performance across all channels so you can make adjustments and improvements as needed.
Cloud contact centers also provide the means to optimize your support efficiency by integrating automated chatbot and IVR systems with live support. For instance, a chatbot can use artificial intelligence to quickly determine whether an incoming support request is a routine inquiry that can be handled automatically or a more complex issue that requires live human support. This can allow you to reduce your average response time and boost your customer service satisfaction rates.
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Better Understand Customer Habits Through Data
A solid customer analytics strategy begins with your marketing data, which can be collected through SEO and social media analytics tools. Ultimately, this allows you to analyze and optimize your marketing performance in order to increase your lead generation volume and sales conversion rates.
However, you can further improve your sales conversion rates and sales volume by using CRM tools, which help you analyze the habits of your top customers so you can make more personalized and compelling sales offers. To gain the most leverage from your CRM tool, use a cloud-based call center that integrates your sales data with your customer service data.
Together, your marketing, sales, and customer service data provide you with a 360-degree view of your customer-facing operations, empowering you to build stronger customer relationships and generate more revenue.