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Importance of customer data analytics to your business

Businesses exist for customers. And the age-long practice of treating every customer the same way has proven to be not very effective with the modern-day customers who are more enlightened, less patient and whose attention span is very short.

It is because of this reason that businesses today have to spend quite a lot on gathering their customer data as it helps them to understand how their product and services are being utilised by their customers. This data can be very helpful to the business as they get to have important feedback on the experience and satisfaction their customers derive from the use of their products.

However, the sad truth is that most businesses are not maximising the use of this gathered data to improve the efficiency and profitability of their business. Some of them are not properly utilising the gathered data to forecast the evolving future needs of their customers.

Though some big businesses like Uber, Facebook, Google etc. have perfected the art of utilising their customer’s data to stay at the forefront of the game, there are still a ton of businesses who are still struggling on how they can employ the gathered customer data.

It is why in this blog article, we would seek to understand the importance of consumer data analytics and how businesses can use it to improve.

Enables product development

Like we said earlier, businesses exist to please customers. This means that any business that wants to remain profitable and at the vanguard of its industry has to pay attention to its product development as this is the best medium a customer would always interact with a business.

Businesses would from time to time need to gather data from their customers so that their products can be tailored towards the taste of the customer. One way companies can gather data towards it product development would be for it to use surveys or customer feedback to improve the product or service and also identify new opportunities that may be available for your business in the industry.

Delivering a more personalised experience

Businesses have realised that the best way to get to customers of today would be to give them a personalised experience of their products and services. Customers want to be treated like a king. They want to be treated as being very important and bet that feeling is not misplaced as it is their patronage that would help your business stay afloat.

One way you can effectively and efficiently give a customer that royalty feeling is when their experience with your service or product is personalised, that is, though they know they are not the only one using your product, by personalising the experience they have with your business, they feel on top of the world and would always want to come back for that exquisite feeling the patronage with your product or service gives to them.

Helps your business segmentation

By gathering customer data, your business can know about the demographics of its customers. Customer data fills the vacuum of knowledge a business might have about data relating to age, location, behavioural patterns etc. This data would in the long run help your business come up with marketing messages that resonate with each segment deeply as they are able to relate with the message being passed.

Also, through business segmentation, you are able to know the class of your customers who are purchasing your products or services the most and would enable you to shift your focus on them so that your business can maximise more profit. Through this segmentation, businesses know which class of customers to focus on which would drive its sales and bring in more profit and enable it to not waste resources on classes that are unyielding and unpatronising.

Help improve your customer service

Customers would always be in need of customer service during all of their interactions with your business. If the customer service rendered to them is not available and is not as available as they want, it would portend some bad image for your business.

But when you customer data are gathered, businesses would be able to determine the medium through which customers reach them most and how best they can help their customers experience a seamless service that can convince them to keep patronising the business.

With our [AI] Platform -- a data management platform (DMP) data collation and management is made easier. The platform is also used to deploy big data analytics and artificial intelligence algorithms to process and find insight from large datasets.

For more information on our [AI] services and how it can be incorporated in your company's processes, kindly click here or send an email to info@analyticsintelligence.com