Enterprises are making use of business analytics more than ever before, but with myriad options to consider – let alone thousands of metrics to measure and analyze – it’s not always immediately clear what insights companies should be focused on. It’s actually quite easy to get lost in the sea of Big Data, leaving valuable information on the table that could transform your marketing and sales operations and boost your bottom line.
Business analytics solutions are designed to help enterprises make sense of the sheer volume of data their organizations are generating and collecting. But even with these solutions, marketers sometimes struggle with understanding precisely how to turn data into actionable insights. To gain some clarity, we asked a panel of business analytics and data-driven marketing professionals to answer this question:
“What is the most valuable piece of customer insight/information companies can gain from their business analytics?”
We’ve compiled their responses below into this comprehensive guide explaining the most valuable customer insights enterprises gain from implementing business analytics.
David Ferguson
@5000fish
David Ferguson is the CEO & Founder of 5000fish, a company that enables companies to improve their business processes by leveraging their existing business data. David is the Chief Visionary for Yurbi, the dashboard and reporting solution for growing businesses. He has been helping companies convert data into intelligence for 17+ years.
“The most valuable piece of customer insight you can gain from business analytics is…”
Customer satisfaction and the likelihood that they will continue to be your customer. There are a variety of ways you can glean this insight and the exact methods will depend on the types of products and services you provide and the level of communication you have with your customers.
One of the easiest ways to get customer feedback is the NPS survey. The NPS survey asks one simple question: “How likely are you to recommend {your product or service} to a friend?” The customer will rank you on a scale of 1-10 and provide an optional explanation. By posing this question to customers on a regular basis you can gauge their satisfaction with your offerings and take proactive action should the signals start to decline.
You can also leverage your existing data to get indirect feedback on customer adoption and happiness which both factor into repeat business and customer loyalty. Those include tapping into your Customer Management system and analyzing the frequency, severity, and average closure times of support inquiries. By analyzing data and correlating data against the patterns of customers who have not renewed in the past you can glean insights on potential red flags. You might find that customers who are not actively engaged and not contacting your support team are the ones you need to focus on.
A third tip, specific to software companies that have access to software usage data, is to monitor if activity levels in the software have increased or decreased and again correlate this information against past trends and NPS scores to build a profile of what is a happy and active customer vs. a customer who is about to walk out the door.
Ian Lam
Ian Lam is the co-founder of Cohesion.sg, a provider of Team Building games featuring Bubble Soccer, Archery Tag and Laser Tag.
“The most important insights that can be gained from business analytics include…”
Consumer demand data is a huge part of our business processes. Consumer demand is analyzed by the session to help our managers come up with effective pricing schemes for our non-peak and peak periods. These often have a big impact on our bottom line as we are able to effectively shift our customers around during our peak periods and manage our peak capacities.
Jason Jaslow
@perfectlyinvite
Jason Jaslow is the owner and founder of Perfectly Invited, a company that prints and designs custom wedding invitations.
“The best insights I ever got from business analytics were from…”
Tracking every search term entered on my website. It enabled two things:
1. Being able to better add new products that are trending.
2. For products that I can’t easily design on our website, we can link the customers to either our Etsy store (for a quick fix until we can add the product to the site) or direct them to a consultation with a graphic designer for a custom design project.
Nenad Ćuk
@Davinci_Virtual
Nenad Cuk is a digital marketing specialist working in house for Davinci Virtual. He handles the companies SEO, content development, website analysis, and outreach marketing. Originally from Croatia, he has been working in the tech industry for over 10 years.
“The most valuable piece of customer insight/information companies can gain from their business analytics is…”
What channels are growing and bringing in business vs. channels that are slowing or falling. Companies that have good tracking in place should be able to see where their marketing efforts are working. Whether this is TV, radio, banners, sponsorships, affiliate programs, paid ads, billboards, social, or any other marketing channels, companies can gain information on what kind of return they are getting for each $100 or $1,000 spent.
David Waterman
@SEOWaterman
David Waterman is a seasoned digital marketing professional with over 12 years of experience. He works with large brands across various industries to help them establish digital strategies that will grow their business and brand visibility through his role as Senior Director of Earned Media at The Search Agency.
“Business Analytics is key to overall success and growth. One of the most valuable consumer data sets a business can have is…”
Marketing channel attribution. Knowing how all of your marketing channels (both offline and online) work together to drives sales/brand engagement is vital to growing your business. It allows you to better invest your marketing dollars and not solely focus on last-click attribution, which can help maintain business objectives but not necessarily grow them.
Comentarios