Sports teams and musicians have raving fans and you can too! Raving fans for businesses are the business’ advocates and would never consider taking their business elsewhere. That’s a tall order in this highly competitive market place, but it is possible. Businesses with raving fans not only provide an exceptional product or service, they also provide an exceptional customer service experience. Follow these customer service tips for ensuring you have raving fan customers: Continue reading
With all that marketing data available you would think that every company would be successful; unfortunately, sometimes they miss the mark. Chances are they weren’t getting the right marketing data or they misinterpreted what they had. Let’s take a look at two technology related companies. One that read the data right and one that missed the mark.
Apple, Inc. has created brand loyalty and great success through their marketing campaigns and product development. They have been able to do this for two reasons. Continue reading
Acquiring good customer data is only one ingredient in “the sauce” for successful marketing, but you need to realize that it is just the base ingredient. Through surveys and demographic data, you can gain the foundation that will allow you to make informed decisions on which direction to go with your marketing strategies. However, savvy entrepreneurs and other business professionals understand that they need to trust their instincts and creativity to develop a successful and effective marketing strategy. Continue reading
Big Data could mean Big Bucks for the companies that know how to gather it and use it. However, since the discovery that big data can help drive up revenue the number of organizations that actually use it are few and far between.
What is Big Data?
As our world becomes more technology driven, large companies have been at the forefront of implementing new technologies and seen data management become an important part of business. High definition video, Tweets, Facebook, tags, SMS and intelligent chips do more than process information and accelerate communication, they also leave a digital trail. This trail, when analyzed properly, can be used to track what consumers consider important.
What Do You Do With Big Data?
This is the key question that many businesses are struggling with. But fear not, the business world has given us the Data Scientist. This new specialist position is not merely an IT guru or analyst, but leaders who forge a collaboration of sorts that combines the creativity of marketing aspects with the science of the numbers to turn out actionable data to drive new marketing strategies.
Why Aren’t More Businesses Using Data Scientists?
Indicative of technology; the idea of Data Scientists has spread fast and created a demand. The number of Data Science experts is not nearly great enough to meet the demands. Mashable reported in the largest-ever global survey of the data science community that:
- 63% of data science professionals believe demand for data science will outpace the supply of talent over the next five years.
- Lack of training (32%) and resources (32%) were identified as the two biggest obstacles to Data Science adoption.
- Only 1/3 of respondents report they are confident in their ability to make business decisions based on new data.
- 38% of business intelligence analysts and data scientists strongly agree that their company uses data to learn more about customers.
Results suggest that Data Science, as a field is still in its infancy and elusive to many companies. Some of which are oblivious to the growing necessity for Data Scientists.
No Matter the size of your organization, the utilization of Data Scientists could drive a huge boost in your bottom line. Being able to turn your tracking information into actionable data that results in profits is quickly becoming the new frontier of business. Implementing the Data Scientist concept to help streamline your marketing plan will not only generate mere income but it will also change the structure of today’s businesses.
Challenging economic times combined with easy access to the web have made it more difficult for businesses to gain and retain customers. According to numerous studies, the cost of a new customer acquisition is ten times more than retaining one. Now more than ever, it is important to understand how to develop long-term relationships with your customers.
When it comes to bottom line figures, the thriving companies are the ones reporting high customer satisfaction and customer retention rates. There is no denying the direct correlation between satisfaction levels reported on customer surveys and retention rates. How you analyze survey data will play an important role in the development of effective customer retention strategies.
Strategy from Survey Data Analysis
The companies that are succeeding constantly analyze their client relationships and develop strategies based on identified trends. A prime example is identifying factors that lead to customer attrition. By learning the shared characteristics of clients you have lost, you can identify those most likely to leave next, and develop techniques directly aimed at retaining these “high risk” customers. The ability to focus your marketing strategies appropriately to different client groups can increase your retention rate and the lifetime value of each customer.
A vigilant program of survey data analysis can give a company the edge it needs to understand how customers respond to various factors in their business relationship. Fortunately, advances in survey and data analysis technologies have made it easier to scrutinize the wealth of information needed to develop future strategies.