Customer Data Analytics is the information gathered from interactions between the business and their customer base. This data comes from tracking customer behaviors. Business owners use this information to interpret the success of their efforts and design future plans.

Type of Data Collected

What exactly does data on customer behaviors include? Well, this information should be specific to the business and how customers seek it, make decisions, and develop perspective.
In order to analyze these, a business must measure:

Traffic

The timing and number of customers browsing the business via store, calls, or web. When does your business thrive? When does it struggle?

Areas of Interest

The services, products, or offers that attract your customers. Why are people interested in your business?

Customer Base

The demographic makeup of your customers. Who is interested in your business?
By uncovering patterns or connections with each of these factors, owners and managers can modify their sales efforts, marketing techniques, or product offers to improve their business outcomes.

The Significance of Your Data

Any business can adjust products or observe fluctuation in sales. A business focused on maximizing their results will consider customer data before making changes to their offers or operations.

Monitoring traffic allows owners or managers to highlight what times/days have an increase in customer volume and completed transactions (actual purchases instead of just customer presence). Based on the findings, adjustments can be made in regard to staffing and in-store opportunities. For example, Datacam, a product of ReBiz, has the capability to highlight such areas for your store traffic. A manager can then utilize the most capable staff members for the most demanding time periods. Special offers on products and services can also be adapted to best serve the business.

For example, a small diner may assume that their busiest times are Friday and Saturday nights. Through Datacam, the owner discovers that weeknights are the busiest and when customer surveys reflect the most dissatisfaction. This discovery might prompt the owner to better staff those nights, leading to better coverage and customer feedback.

Once traffic patterns are identified, an owner can then study the customers’ areas of interest. Monitoring the customers’ interests gives insight into how people choose one brand or product over another. This data suggests which items yield success. Once the business owner understands what customers are seeking, they can then look at how customers make their decisions and modify offers and marketing strategies based on that information.

The background of the customer plays an important role in the business owner’s decisions. The method of marketing, types of sales promotions, and even business hours are all elements that can be adjusted to reach the most appropriate audience. Some of this information presents itself within the other data collected; average age, times of availability, location, and browsing preferences, all become apparent during the sales process. Other influences for their business might be more difficult to detect and become clear through efforts such as loyalty programs.

How Data Impacts Decisions

General sales data tells us how a business is doing, but customer data explains why. Knowing the reasons for success or struggles allows a business to adapt to plans that ensure positive progress. Without an effort to analyze customer data, any adaptations would be unpredictable. Completing the analytics process gives owners better insight to make informed business decisions and maximize opportunity.

Visit ReBiz.com to find out more on data you should be focused on!