Improving your customer strategy through data

02 Jun 2023. 13:53
5 min. of reading

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  • SME maturity
    1. Inteligencia de Negocio (Big Data y D&A)
    Scope to digitize
    1. ICT infrastructure

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In this monograph you will discover how to harness the power of data to enhance your customer strategy and achieve business success.

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Executive summary

Today's businesses can easily improve their customer strategy by exploiting and analysing the data at their fingertips. This brings with it a number of benefits such as customer loyalty, product customisation, improved customer relationships, greater productivity and immediacy of service. 

It is therefore essential to identify the data sources that SMEs can access, such as customer and employee satisfaction forms, data analysis of the different social networks that a business may have or data from the business's own website. However, especially in self-employed and SMEs, it is not common and there is generally no defined process for extracting data and making decisions based on it. In short, there is insufficient awareness of its importance and the great possibilities that derive from its correct use.

Thanks to data, it is possible to get to know a potential customer and to target them better. Knowledge of the complete life cycle allows us to know the details of the customer's needs, to know what prompted the purchase, to know at what point they stopped buying our products and what the reasons were, etc. Once you have a clear view of the customer lifecycle, you can begin to identify and analyse the data that can help you in the customer acquisition process.

One of the main methods for attracting new customers is to improve your web presence. But how to do it, is it possible to rely on any metric? The website is an element that allows access to a great deal of data and information to enhance one's own business. In this sense, there are data that can be used to characterise users and learn about their behaviour throughout the browsing and purchasing process. Data can also be used to understand the performance of digital marketing actions and advertising campaigns.

Exploiting the data available to any business not only helps to attract new customers, but also to avoid customer churn. It is possible to build a series of analytical models that allow early detection of customer churn, making it possible to proactively prevent churn before it occurs.

Overall, by using a data-driven customer strategy, SMEs and freelancers can identify trends, patterns and relationships in their data. This can provide valuable information to improve efficiency and increase profitability. For example, an SME can use data analytics to identify which products or services are most popular with its customers, or to detect inefficiencies in its supply chain.

Overall, a data-driven customer strategy provides a solid foundation that enables any organisation to make better informed decisions, increasing efficiency, improving customer satisfaction and increasing the profitability of a business.

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