Ever since businesses have existed, the key questions have always been: what do the customers want and how do we sell it to them? In an ever-changing digital age, we have the means to answer that question – through data.
Data has been the key to a more objective, quantitative understanding of the customer. Now, when purchases are made online, businesses are able to examine browsing preferences, click-through rates and popular market trends to deliver on the greatest demand.
Today, organisations have more access to detailed data than ever before and they must leverage the information available for them to seize the attention of new digital markets – or risk being left behind.
The new mobile customer
Data also helps customers track offerings between competing businesses. Take retailers, who are operating in the age of the empowered consumer who is well-informed and has the capacity to receive real-time offers anywhere, any time. With an IMRG/Capgemini/Ayden/PWC survey finding 46 per cent of consumers say they buy products via mobile, there has been a sizable increase of purchases via smartphones and tablets.
Additionally, with the rise of omni-channel retailing and mobile purchasing, retailers have had to innovate with agile supply chains. With consumers now able to make purchases via multiple devices and from varied locations, they are also expecting more flexible delivery and return options. Retailers must be able to fulfil varying customer demands with greater flexibility in their business processes.
As the new mobile customer enjoys greater choices, companies must innovate to be competitive. Target markets provide a digital footprint that enables companies to build profiles of customer segments, helping to truly focus their targeting.
Leveraging analytics for the data-driven business
With companies increasingly seeing the benefit of data analytics, the challenge is in collating the relevant information, analysing it in a way that fits business goals and then spreading this knowledge throughout the company. But how does a business go about this?
Visual analytics provide workplaces with the power to analyse all types of data, unconstrained by pre-defined search queries, and to uncover trends and insights as to what’s going on beneath the surface of their business. For companies to truly leverage data tools across the whole operation, the platforms must be both understandable and accessible. Providing access to data analytics for all employees ensures greater opportunity to harness knowledge and boosts levels of understanding throughout the company.
Also, the mastery and integration of data analytics has transitioned away from being a novelty to something that delivers real competitive advantages for the business. For those who can collect, analyse and understand the full picture of what their customer data is telling them, the possibilities are endless.
