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Using Your Data to Identify Opportunities for Business Growth
We’ve created more digital data in the last two years than in the entire history of humanity.
Niche or sector aside, using a cohesive mix of the data-driven insights to your advantage will empower you to spot new opportunities for growth while improving your existing strategies and processes.
Brands in the banking sector utilise big data to provide highly-personalised experiences to their customers, retail companies work with metrics that enhance their customer experience (CX) offerings across channels, and healthcare institutions invest in analytics to streamline patient care while lowering mortality rates.
These examples are merely the tip of the iceberg—data analytics offers a wealth of business-boosting benefits to every industry imaginable.
If you’re looking to accelerate your success and get one step ahead of the competition, placing data at the heart of your organisation is essential. A CRM tool will make your migration towards a brighter, more intelligent commercial future possible.
A robust CRM will drive new business opportunities by offering access to a host of invaluable demographic data (geolocation, sector or industry, age, interests, job role, etc.) as well as behavioural information (preferred consumer touchpoints, most-engaged channels, preferred content topics, etc.) that will empower you to tailor your service and content to the specific needs of your customers.
CRM software is an invaluable vessel for processing and visualising data from one convenient location, allowing you to transform insight into action while identifying strengths as well as weaknesses across departments.
CRMs can increase sales by up to 29% while offering a level of insight that will make your business more innovative and efficient than ever before.
Here is how CRMs can help you use your data to identify new opportunities.
Tailored content & messaging
A CRM give you access to demogtaphics and behavioural insights based on who your customer is, what products he/she like the most as well as the type of content that will spark his/her interest the most.
By using behavioural and demographic data to your advantage, you can create content that will provide personal value while offering product recommendations that are more likely to result in conversions.
Considering that 91% of consumers say they are more likely to shop with brands that provide offers and relevant recommendations, creating personalised content and offering tailored recommendations is paramount to ongoing success.
From a data perspective, CRMs can also contribute to nurturing workflows.
By serving up a mix of past, predictive, and real-time insights from one central location, a CRM can assist with moving customers through flows while recording all the touchpoints they engage with until they are considered ‘sales-ready’.
This in-depth practical knowledge will give you a greater insight into what it takes for a lead to become an opportunity, making it possible to replicate these tactics or processes at scale.
A CRM serves up a wealth of invaluable engagement insights that can significantly improve your customer engagement and lead-nurturing processes.
For instance, if a customer starts looking at new areas on your website, you can set up a notification and drop them a call to ask them about their experience and find out what they are interested in at a time they’re likely to engage.
If your customer has recently bought a product, and you’ve launched something relevant to their purchase, you could reach out to them with a personalised recommendation via email, social media, or SMS. This type of insight also offers excellent revenue-boosting opportunities, from cross-selling or upselling.
If you work in the publishing sector, analysing subscriber data will help you run events and target sponsors that are likely to spark the most engagement and, ultimately, drive more conversions to the business. For example, if your CRM data is telling you that a large segment of your customer base subscribes to energy magazines or content, you could launch a green energy event or conference.
As a business decision-maker, earning a healthy return on investment (ROI) for your marketing, advertising, and strategic efforts is vital. You can ensure your organisation is running at its optimum capacity by using data to spot opportunities while identifying inefficiencies.
If you notice a particular trend emerging in your sector, you will be confident when increasing spending in these areas, as you’ll know your activities are likely to offer a healthy ROI. With the right metrics at your disposal, you can also set targets to identify if these efforts are returning the desired results or if you need to make further strategic improvements.
“Torture the data, and it will confess to anything.” – Ronald Coase
Embrace the power of data analytics, and you will refine your internal operations, enhance your decision-making processes, respond to changes rapidly, and meet the needs of your customers head-on.
Once upon a time, businesses had to dip in and out of endless spreadsheets and platforms to uncover relevant data and develop targeted strategies. A CRM allows you to interact with all of the insights you need from one accessible location. No more confusion, no more fragmentation—only growth, evolution, and progress.