When considering your strategies for 2022 your customers should be at the centre of every decision you make.
The key to achieving this is by using your customer data as the driving force in your strategies. So many companies have vast swathes of data that they just don’t know how to apply and figuring out how to effectively use this data can be a tricky thing to nail down. This is where Gather can really help make a difference.
Inform future business decisions
The actual process of collecting customer data these days is easy especially if you use the Gather Capture app. The hard part, however, is understanding its underlying value and knowing how to best utilise it for increased ROI.
By analysing your customer data, you are equipping your organisation with the means to make informed business decisions based on facts and figures.
Below are 3 ways you can use your customer data to drive strategy in 2022.
Improve customer retention
Did you know that attracting a new sale can cost your business up to 5 times more than keeping an existing one? It’s quite a startling figure, especially with the emphasis we put on sourcing new leads. Retention of new business is key - as studies have shown that customers generate increasing profits each year they stay with the same company.
Increasing retention rates by as little as 5% could increase sales by over 25%.
This is all well and good but how can you use your customer data to increase retention rates I hear you ask. The key is to nurture your existing clients with effective outreach strategies.
The data you have can be used to craft meaningful and tailored experiences; this goes beyond the standard personalised email campaigns addressing customers by name. You have access to a history of data with each established client and you need to use this in your campaigns, for instance, try offering solutions to problems you know they have from previous interactions.
Something as simple as this can really impress customers as it not only shows you listen but that you understand their needs and what they’re in the market for. This can make all the difference when that renewal period comes around.
Another great incentive to shift some focus towards retention in your 2022 strategy is to stand out amongst competitors. 44% of companies prioritise customer acquisition vs. 18% prioritise retention.
Customers are all too used to a degrading experience with suppliers, so at least try to stand out from the competition by nurturing your existing customers.
Efficient growth opportunities
Although customer retention is a great way to rise amongst your competitors, most businesses cannot survive on this alone. To flourish you will need to seek growth, and this can only come through the acquisition of new customers.
Reduce the cost of acquiring new leads
Acquiring new customers can be a costly endeavour, and this is definitely the case for businesses that aren't utilising their customer data. With effective analysis, you can streamline everything from attracting new leads to optimising the onboarding process.
This is made possible by removing a lot of the guesswork that goes into acquiring new customers. With customer data analysis you can identify where you’re most likely to find those high conversion rate leads and make getting that final sign-off on a sale as smooth a process as possible.
Improve the customer experience
Understanding what sort of experience your website is offering potential customers is going to be a crucial step for growth in 2022. By using visitor data, you can determine where your customers first entered your site, how many pages they visited and when they left. This information is vital when looking to improve your website experience and will enable you to pinpoint both areas that are performing well and areas that require your attention.
These often subtle changes can make a significant impact on your website's ability to reduce bounce rate. This of course increases the chance of converting visitors into leads and eventually customers.
We have a variety of blogs based on how to get the absolute best out of your customer data. If you think your data could do with a little TLC then our unparalleled data services team offer a wide range of services to help unlock the value in your customer data.
Take the first step towards valuable data
With our Data Capture app and Data services team on offer we provide all the tools necessary to unlock the value in your customer data