Research says that more than 65% of business owners think they know their customers. Another 10% surprisingly think it’s not important to know the customers & what only matter to them are revenue, sales volume & profits.

Customer insight plays an important role in optimizing the customer journey and understanding why the customer is doing what they are doing. Hence it becomes imperative for marketers to generate insights, but to convert it into more accessible and readable intelligence to make the data driven decisions

The ‘Push-it-all’ marketing strategy of the early 2000s isn’t as effective now as before. Customers are no more bound to buy whatever’s available on the shelves. There’s simply no shortage of options across all price ranges. Times have changed drastically, for the good

In today’s cut-throat world… it’s absolutely necessary to research, analyze your customer profiles or their behavior on the web. This not only gives you key insights into their needs/wants but also what they expect from a service. Only when you know your customers’ expectations, will you be able to work towards the right track or even beyond.

Let’s discuss on the most useful insights you should look into your customers for & work on:

New Customers v/s Returning Ones

It costs at least 5 times more to acquire a new customer than to keep an existing one. Hence, it’s always a wise idea to divide your customers into two categories: new & returning.  And then analyze what you’re doing or how you will hold on to your customers. Are you offering enough to your existing customers to keep them stuck to you? If it’s a new customer, are you offering him a better solution to his problems? Any un-resistible discounts or freebies? In short, you need to make them feel that you’ve served their purpose & will be there for them in the long run.

Clean And Reliable Data

Using clean and reliable data you can make sure your insights are based on the facts. Ensures the data is complete and confirms that you don’t miss any data that changes the perception.

By creating a Single Customer view, data from everyplace is centralized, cleansed and reduplicated. It is therefore important for any marketing team that are serious about using actionable insights to increase the profitability of marketing campaigns and decisions. Creation of a Single Customer View, where data from everywhere is centralized.

Who Brings You The Money

Not everyone has deep pockets. In fact, there’s a famous saying that only 20% of your top customers may account for 80% of your revenue. Try to find out those superstar customers & make sure they’re getting the service they deserve or even more than that. Prioritize their tickets above all, be available for a call anytime they wish… every small thing matters.

Who Are Your Loyal Customers

Knowing those fraction of people who are inclined towards your services, keeps you in a good spot to offer them something extra to cement that bond into a long-lasting relationship. Free deliveries, custom-made discount coupons, free vouchers etc. would go a long way towards making your loyal customers delighted. And, always remember… Happy customers tend to spend more on your offerings.

What’s Your Average Order Value

Consider your total revenue & divide it with the total number of orders/subscriptions; that’s your average order value (AOV). This particular KPI is very essential in determining what your pricing would be in the coming future & what kind of offerings (cheap or expensive) your target audience is most interested in.

Having Right Tools:

Having the right tool is important, as it helps to analyze the data that are more subjective. All technology vendors will tell you they will provide the right CRM tools to you. There is an 8,000 potential solution for the right tools. It is important to write down your requirements and match the solutions to your requirements.

(Source: BlueVenn)

Then go for the tools that provide the right marketing customer insights. You can also check these factors before selecting one.

• People – Who is going to use it? What are their skills? Do you have enough?
• Data – What data exists already? What data do you need but don’t have?
• Technology – How much is it? How is it hosted? What is the support? How complicated/easy is it? How long to implement?
• Culture – What is the culture? Does it fit with your plans? Do you foresee any barriers?
• Process – What new processes need adopting? Which processes will the technology replace? What happens before and after the technology?

Conclusion:

Actionable Insights is a collected form of various sources, customer service, product, service reviews and more.

Getting to know your customers in & out, is the key to a successful sales pipeline. Need help? Wakeupsales CRM offers you an easier & more effective way to manage & know your customers. More so, it has lightweight project management & support ticketing built into it too. 🙂

Try Wakeupsales Today