Today, we’ll look at the final panel discussion of Series #2: Data & Insights. The topic discussed is ‘Leveraging data insights to drive higher conversion and customer acquisition rates across the customer journey’. If you are yet to read the previous blog, click here to visit.
It’s crucial to provide a good customer journey to ensure secure and steady business growth. To provide our customers with a positive experience, we need to understand who the target customers are.
One of the effective ways to know your target customers is through data. Analysing customers’ data allows us to know how to improve customer satisfaction, boost repeat purchases, increase customer retention and achieve other desirable goals.
Let’s dive into the keynotes of this topic:
1. Big Data
Big data can be a scary term for most people since it entails dealing with a huge volume of data that is coming in rapidly and changing frequently. However, the data can’t be analysed and manipulated by using traditional tools.
Nevertheless, not every business needs to deal with a huge volume of data. Even though you do not have big data, it does not mean you should ignore data.
Use the data you have to understand your customers better, instead of making business decisions based on instinct.
2. Store your data
For SMEs, you might be thinking about where to store your data. You are not alone in this; some partners can work with you to provide you with a data warehouse.
When you need the data set to understand your customers or other things you would like to find out with the data, you can access the warehouse and gain the information you require.
Therefore, do not take this data journey on your own, try to reach out and seek help from other resources.
3. Avoid violating the law
If it is your first-party customer data, ensure that you get their consent to use their data so you will not violate the law.
On the other hand, if you are using third-party data, the customers would appear anonymous, which means there is no personal or identifiable information for a particular data.
However, you can know where your customers are, what their behaviour is without knowing the person’s name or address. So, by dealing with third-party data providers, you can avoid violating the law.
4. Misconception of Data
Having data does not mean you got all the answers you want. Most people might have the misconception that by just having the data, I will know what is going to happen next.
However, data can be misleading, it can be manipulated to show what it wants to show. To get the right answer from the data, you need to understand the question being asked, understand your business and have a hypothesis.
After collecting all the data, you can examine whether the result of the data was aligned with the hypothesis you set beforehand.
5. Free tools to start data journey
To get and analyse big data you do not need to spend huge amounts of money. People might think that they need to spend a lot to have big data and do all the data analysis, but it is not exactly true.
There are free data analytics tools online, where businesses can access and analyse data without spending a lot of money.
For example, Google Analytics is a useful tool for business owners to observe and analyse the data of their business websites. With the data you get from Google Analytics, you can gain insight on how to optimise your website.
Nowadays, there are tools for us to know more about our target customers easily. You don’t have to be afraid of big data. It might sound scary but is very useful for your business.
Let the data speak to you, tell you what your customers’ preference is, where your customers are, or any other things you need to know about your business.
It’s important to have the insight and craft the strategies that would bring a more pleasant and satisfying experience for your customers.
In this panel discussion, we had Daniel Zadkiel Cheong, Skill & Talent Development as the moderator. The panelists were Stephanie Caunter, Head of Customer Strategy & Marketing, AIA Malaysia; Hanson Yu, Digital Marketing Manager, Xendit; Nicholas Tan, Senior Director, SME & Enterprise Development, Fusionex Group, and Alvin, Biddable Channel Manager, GroupM. They had shared valuable and useful tips on how to use data to improve customer satisfaction.
Wish to know more? Watch the full video of this session and learn all the details!