Data, data everywhere, but are you getting results from using it effectively? You probably have more data on your customers than you realize – a treasure trove of insights. But just accumulating it does little good unless you’re realizing results from it.
The real challenge is transforming customer data into focused strategies. Only a few years ago technology made processing faster. Today it’s even twice as fast and it’s affordable. Sadly, most businesses are not using customer data twice as effectively.
Harvesting value from your customer data is more about the approach you take to technology than it is hiring big brains and doing scientific data research.
One common mistake is assuming that all your data is good data. The fact is, much of your customer data is not of value for marketing. It may be so later down the road. More effective data collection is spearheaded by a specific purpose – preferably one that generates revenue.
A goal that is beneficial to both the company and the customer is a good starting point. Of course, the company wants to find new prospects and increase satisfaction of their existing customers, while also reducing costs and managing budgets. If the collection and analysis efforts are targeted the goals can more easily be reached and in the process metrics can be established for measuring each initiative.
If you can find ways to consolidate your customer data and make it as clean and accurate as possible, it will benefit your long-term goals measurably. Your customer data is an asset and deserves detailed attention to keep it working for you. Bad data is no good for the company and it will lead you to futile dead-ends.
Third-party sources can often be a valuable add-on and even help to validate your company’s data while unearthing new potential customers.
If your customer data is not producing results, your sales team lose confidence in it. That could mean lost revenue and sagging morale. And if you’re pummeling your active customers with too many offers and not the right offers, you’re doing more harm than good.
A comprehensive assessment of your IT resources could be a smart first step to ensure you have the best components in place to use your customer data proficiently. Sentry GT can provide detailed technology assessments to determine upgrades or updates to help you achieve your desired goals.