Executing efficient and effective business decisions with consumer happiness in mind can be the difference between a flying, floating, or sinking business. With a forever fluctuating economy, satisfied customers can be the sole reason why a business remains in operation for the long game.
Leveraging data analytics can lead to smarter decision-making and help increase customer satisfaction by granting insight into consumer preferences, pain points, and behavior. Everest Business Funding explains ways to better utilize this paradigm-shifting tool below:
Allow Data Analytics to Guide Decisions
Data analytics can act as a map to guide business decisions toward enhancing a consumer experience, but the keyword here is “guide.” Evaluating market trends is an example of collecting data to target desired clientele, but trends come and go, so they should not decide all the moves.
Touching back on a metaphoric map, there is more than one way to get to where a business wants to go. Considering all of the options and then collaborating on the best solution will lead to the best decisions and humanize consumers. Incorporating multiple angles to data analytics, such as identifying patterns through machine learning, mapping the buyer journey, and assessing market trends, will ultimately lead the way to greater paths and results.
Level Up Customer Connection with Personalization
Modern-day consumers live in a more connected generation than ever because of technological advances. The high ratio of connectivity has eliminated a one-size-fits-all approach when marketing to customers. Thanks to advanced data analytics, businesses can personalize marketing advances that help customers get rid of the feeling of being “just another number.” Interactions with consumers can shift from solicitation to something special, creating a domino effect leading to higher customer engagement, conversion rates, and more loyal buyers.
To deliver a more personalized consumer experience, a business should start with data collection surrounding customer preferences and behavior. Resources like social media, purchase history, and demographics can reveal patterns or trends that can more accurately cater marketing messages to individuals or small groups of customers.
An excellent example of a company successfully implementing data-driven choices to fuel consumer personalization is Coca-Cola’s campaign “Share a Coke.” Coke’s soda sales had been in decline for the previous eleven years before executing this particular campaign, and the decision to focus on personalizing customer experience and make buying a soda more enjoyable by including popular names and terms of endearment on every familiar red label elevated sales by 2.5%.
Continuously Test and Optimize
When testing strategies such as personalization developed from data analytics to boost customer satisfaction, the key to ongoing success is trial-and-analyze, or testing and optimization. Trends, behaviors, and patterns can shift, so using A/B testing to try and assess the results from data-driven solutions can lead to constant improvement and inflated probability for more content consumers.
About Everest Business Funding
Everest Business Funding provides alternative finance options and revenue based funding to small business owners. They serve a diverse pool of businesses, from healthcare to retail, to help them obtain working capital to grow, buy inventory, launch marketing campaigns, or hire staff. Everest Business Funding’s clients are treated with respect and receive high-quality guidance and service from its professionals.