7 Creative and Effective Ways To Use Data Insights To Boost Sales
As a business, you’re always wanting to improve sales revenue. It’s a fundamental part of growing the business if you have enough money coming in to make the necessary changes and improvements required to level up.
Thankfully, nowadays we have access to a lot of big data that can help provide insights into how a business is performing and what can be done to improve an organization. There are lots of creative and effective methods to utilize data insights to help boost sales in 2022.
In this guide, you’ll learn about the importance of data and seven ways to use this data for your own company’s benefit this year. A boost to your sales as a business is always something worth doing, particularly for small businesses that have a lot of growth to gain.
How does data benefit a business?
Businesses collect customer data from a variety of different mediums – customer feedback through newsletters to physical retail, online with e-commerce, and most prominently, through social media.
Data can be majorly effective in helping understand what your customers need and how that influence future business decisions like the creation of products and services. By having customer insights, you’re able to further personalize the experience so that hopefully the customer comes back again and again.
Consumers take their experience with a brand seriously, especially when they’re paying money. In fact, 86% of consumers will leave a brand after having just two poor experiences with the brand.
Further benefits of using data are that it can provide a deeper understanding of your market. Launching a product or generating a new marketing campaign is only successful if you know what your market is after. You could spend thousands on product development but, with no customer data to refer to, you’re risking that money going to waste.
Growing your database is important when it comes to building a brand and business. With more knowledge of your customers, the more tailored the experiences you provide, can be.
7 Creative and Effective Ways to Use Data Insights to Boost Sales
How can you use data insights in a creative and effective way? There are several approaches that you can do when it comes to utilizing the data you have. Here are several opportunities where using data insights can help you to boost sales in 2022.
1. Create personalized and targeted advertising
Personalization is essential when it comes to targeting your advertising to consumers. Whether they’re current customers or not, every individual consumer deserves a tailored experience of the brand.
If you imagine the sales funnel, consumer is going to be in a different part of that funnel. They could be previous buyers who are on the look out for new products or they might be potential leads who need a bit more encouragement to make their first purchase.
By having this information, you can tailor your advertising to target the right consumers in your customer segments. That way, your paid efforts in advertising are likely to prove more fruitful than sending a bulk advertisement that might not be relevant to all customers/non-customers.
With 71% of consumers feeling frustrated when shopping experiences are impersonal, the need for tailored experiences is cruical and then can only happen when you’ve got the specific data available.
2. Provide a more unique customer service experience for your customers
Customer service support is a key part of the customer’s experience and you’d be surprised at just how many businesses have very few customer support services in place. Many businesses have a knowledge base built and made available to the public to help with any questions or queries the customer may have.
This knowledge base is built up of data that the business already has from previous efforts made to gather information on customers and anything that may prove useful for the business to sell its products and services. By providing more knowledge for your customers, the easier everything is for them to make purchases.
3. Build forms with existing data to gather extra intel from your customers
Forms are a great way to gather additional consumer information as and when you need it. You can build forms without coding and utilize your existing data insights to ask and gather extra intel from your customers.
Whilst customer feedback forms are beneficial to send out, you want to make sure you’re asking the right questions, rather than questions that don’t make sense to the customer. Forms are also great to have on your website when users want to get in touch.
The right questions you ask on these forms will help solve the user’s problem sooner, rather than having to chase them with additional queries. By simplifying their experience, you make it a better one that they’ll remember.
4. Identify your stronger performing products to replicate their success.
As a business, not every product is going to succeed and if they do, you’re one of the lucky few. The performance of your products or services can rely heavily on the data you have available to lean on for inspiration.
When it comes to your existing products, take a look at the sales data and real-time data insights on how certain products are selling. Some may do very well and sell out quickly, whilst others might not even get a look in from the majority of your customers.
Identifying your strongest performing products is going to help you and your team when creating future products. It’s the secret formula that you need to hopefully replicate the same success over and over again.
There are some great tools available for analyzing sales data on your website. Hubspot Sales Hub or Salespanel are fantastic tools that you can implement onto your site to gain customer insight and analyze traffic.
Their reporting services are useful for helping gather information across all of the catalogues of products you have on sale.
5. Use customer feedback to showcase your products and services
When it comes to selling and promoting your products online, a trend that many businesses are using nowadays is user-generated content. Both big and small businesses are utilizing the content that their own customers create and using it via their own social media platforms and website, to promote the products they’re selling.
This is a trend that all businesses should pick up on when it comes to showcasing new products and services. Even if it’s older products that the user has posted about, it can always be used to link new products on sale that are similar or relatable to the ones being promoted.
Not only is this great for driving more sales but it also involves customers in the business and its growth. It will create a community environment that those customers will feel extra special to be involved in.
6. Automate processes to simplify any painful pinch points
With data available, you can utilize these insights to help automate certain processes so that you can simplify any painful pinch points that perhaps have set your business back from progressing.
Automation is a great form of technology that helps your employees offload a lot of monotonous tasks that are taking up too much of their time. There are also lots of different tools and software that use automation for various pinch points within a business.
For example, social media scheduling is a hefty job that can take up a lot of time if everything is published manually. Tools like Later are perfect for helping pre-schedule and automate social media posts, sometimes weeks or months in advance.
7. Gather real-time data to help fulfill customer issues within the moment
Real-time data has proven very useful for a lot of businesses to use to make actionable changes and fix problems at any moment. This is particularly effective when it comes to fulfilling customer issues.
Modern customers are demanding and expect more from businesses they purchase from than ever before. It’s therefore essential that you’re utilizing this real-time feature when it comes to data to help cater to those demands. It further adds to the customer’s experience and hopefully will encourage them to make more purchases in due course.
Many platforms and software that are available to use will have a real-time feature, so it’s worthwhile as a business to go for tools that have this option where possible.
Focus on using data insights for boosting sales this year
Boosting your sales as a business is a critical part of growth. With more sales cha-chinging through your site, the more revenue the company has to make positive changes and business decisions that will grow the business further.
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