How to have immediate access to answers to business questions
To ensure your business remains successful and ahead of the competition, you will want to keep moving forward and responding to trends in your market and target audience.
- But what are these trends?
- How often do certain groups of clients buy?
- At what stage of the customer lifecycle are clients most profitable?
- Which marcomms channel is most effective for my audience?
- What customers are likely to lapse?
- When is a good time to upsell?
- What is the lifetime value of a new customer?
There are so many business questions to consider. The answers to which could help increase your business and turnover.
So how can you have immediate access to the answers you need, whenever you need them?
Ultimately, the answers will be based on the insight you have into your customers.
Depending on the number of data sources within your business, you may need to consolidate these into a Single Customer View prior to analysing, to ensure the best insights and answers.
By improving your customer insight you will be able to:
- better understand the relative values of different individuals and groups of customers;
- ...and their loyalty to your brand;
- analyse and segment your customers based on transactional patterns;
- understand how likely they are to respond to your different marketing approaches;
- understand product and channel preferences.
Insight and Analysis services will enable you to answer so many business questions based on factual data, where previously you may have had to make a ‘best guess’.
With answers to your questions you can make more informed business decisions around target markets, product development, strategy and more.
Getting your data right for Insight
The answers to all of your questions can only be as good as the data they are drawn from.
So it is key to ensure that whatever sources of data you have, they are compiled in a consistent and accurate way.
Data should be cleansed before using it for analysis. It may include duplicates and other inaccuracies that could disrupt or distort the results of any analysis you undertake or commission.
More and more businesses are investing in data analysis. However, some still find when they are ready to take this step, that their core data is not in a state to be used for these purposes.
The more sources of information you have from your different departments, the more insight may be possible. However, you should use consistent data collection methods and formats across your business, to improve and ease your ability to undertake insight and get the best results.
- What business question would you most like answered by data analysis?
- Have you previously used data-driven insight to inform business decisions?
- Are you able to consolidate all of your data sources so that you can analyse a single version of the truth?