How to Use Data to Improve Business Sales: Data is now the raw material in any business. Customers are now more dynamic than ever before with different needs and they make rapid adjustments arising from several factors. Data can now help businesses to track customers’ interests, predict customers’ behavior, determine Return on Investment (ROI), and improve sales.
Businesses are beginning to implement the right strategies that will help collect customers’ data and these can be done through diverse ways such as surveys, reviews, online tracking, ads monitoring, interaction with business services, recommendations e.t.c.
In this article, we listed a few ways businesses can use data to improve sales and drive growth.
Using Customer Basic Data
Basic data can be location, household income, gender, interest. This can help a business target customers based on their gender, income, or geographical location. It can also help recommend products based on their interests which could improve marketing efforts to boost sales and drive business growth.
Survey Generated Data
Surveys generate data or insights and this can be a great way to improve in areas where you are making great sales. If your clients are telling you they choose you because of the serene and aesthetically pleasing working environment, then maybe you should make the environment even more beautiful and take more pictures of the working environment, which means your customer’s reply would determine if you are doing a good job or not.
Another major question your marketing department should always ask is “which advertising channel is working for us?”. A market survey can be conducted to generate sufficient data that can help to expose where you are generating the biggest leads and conversions which will subsequently give you a general idea of which channel to invest money in terms of marketing budget. Your marketing data need to be analyzed sufficiently to further expose more areas where the business can be improved in terms of customer service, response time, or simply where costs can be minimized.
It is important to ask questions like “Would you Recommend this Product to Someone Else?” or ask customers to “Rate your Product”, this will help generate data on how your customers feel about your products or services. Recommendations are now at the heart of every business and data is the raw material used in serving meaningful and relevant advertisements or services that customers loved or will love, thereby improving sales.
Data from Exhaust of Business Processes
Data can also be generated from exhaust (by-products) of business processes such as after-sales services, warranty claims, after-sales reviews, third party vendors or suppliers, supply chain e.t.c. Data from these sources can be collected and analyzed from time to time to improve business decision-making and drive continuous improvement and sales.
Customers are always looking for ways to get the right and appropriate services. Collect and analyze data to keep the business running and customers satisfied.