Small and medium sized businesses constantly face the issue of increasing the yield along with trying to reduce costs. This issue is consuming bigger margins due to the price wars between competitors along with ferocious online competition. The major focus here is to get an increased amount of hare in the wallet of customers, it can only be achieved using Customer Analytics. While it is one thing, another major focus is the return on investment (ROI) through cost reduction in management and marketing campaigns to promote the products and services.
The next time you see your customers, ask yourself, do you know everything about them? What issues are they facing? What is their status? What are the pending opportunities? Last but not the least ask yourself if you ask these questions, will you be able to access the information quickly and swiftly from anywhere possible. That said these questions require immediate action while interacting with the customers, whether on the phone or on the Internet or in person.
Small and medium sized businesses are struggling with this issue very regularly that said they don't have access to such information very commonly, they are facing troubles in attracting customers. There are a lot of customers who can be brought around to increase the yield. Similarly you can reduce the risk of running customers away because you don't have enough information to conduct a transaction.
In such an era of technology, customers expect their needs to be filled immediately while making a purchase decision. That said, if you have access to customer's information entailing facts about their lives, your customers will have a constructive experience to your brand and loyalty will be doubled amongst your customers.
|Customer Analytics (Leadformix)|
It is a fact that customer analytics require a great deal of expenditure and it is very costly to acquire and services the needs of existing customers. That said, there are a lot of alternatives to everything today, for instance there are thousands of sodas and literally thousands of tissue paper brands. Customers are constantly on the lookout for a brand which puts their needs first, and trust me, finding similar products and services is very easy. They can easily make the switch and to be honest, it can occur frequently if customers don't get a favorable customer experience from you then they will make the switch.
It is therefore very important to identify customer buying patterns and then to retain your customers. Customer retention is the key to grow your small and medium sized businesses into the biggest conglomerate of the domain. That said, if you acquire customer information through customer analytics tools you can apply that information to your marketing efforts in order to do targeted marketing enabling you to increase profits and enhanced customer retention topped with excellent customer experience for customers.
There are countless customer analytics tools and techniques available in the market today. Making the most of them is completely up to the company and what they get out of is something completely different. There are some very good tools both free and paid.