Today we will delve into the question of how to collect customer data to get the most out of it without breaking the law. After all, one of the conditions for success in scaling a company is the automation of business processes. In turn, automation requires the collection and storage of large amounts of information that will be used to make decisions and execute certain scenarios.
Why Data Is So Important
Analytics allows a company to navigate the business space by identifying shortcuts to its goals. It can be compared to a flashlight that lights the way in total darkness: without it, you have to proceed blindly through a dark forest, risking falls and injuries.
When you collect customer data, you have a serious competitive oman whatsapp number data 5 millionadvantage. This information enables you to make more accurate decisions that improve your financial performance indicators, increase customer loyalty, increase your company's resilience to unexpected problems, and optimize costs. Here's what big brands have to say about it:
Forrester says that companies that use customer information grow 30% faster than their competitors.
According to BARC, the use of modern data collection and processing technologies increases net profit by an average of 8%.
McKinsey & Company research shows that accurate analysis of user information increases the likelihood of a repeat transaction by 6 times.
According to an IBM survey, 62% of marketers consider customer data processing a must for a company to grow in a highly competitive market.
In a Pointer Pro survey, a third of business leaders and owners call the right choice of analytics tools a key success factor.
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You need to collect customer data the right way. The methods should be simple, effective, and as user-friendly as possible. They should be adapted to existing legislation that protects people from problems related to information leakage and illegal use of personal information.
The Future of Business Data Use
The emergence of artificial intelligence technology opens up new opportunities for business process automation. If you collect customer data effectively, you can accurately predict their behavior today. This allows you to recommend certain products, emphasize certain product features, and even completely reconstruct web pages for a specific user.
Experts at Intellect Insights Journal say this trend will continue in 2024 and into the distant future. They expect that by 2030, predictive artificial intelligence that predicts customer behavior will generate $1.8 trillion for companies each year.
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The next step can be to personalize products as much as possible. The emergence of new materials, manufacturing technologies, and information processing tools will make it possible to produce goods customized to individual customer preferences. Have you long dreamed of a car that changes the color of the interior and selects a playlist based on your mood? That future is not far off, and personal data collection will play a key role in it.
Benefits of Collecting Customer Data
Collecting, storing, and processing information provides important competitive advantages, which we will explore in more detail.
1. Better understanding your target audience
Data collection can help you find out what your potential customers want, how much money they are willing to spend on certain products, and what factors influence their choices. This allows you to optimize your marketing strategy and increase conversion rates.
2. Identifying problem areas
One of the benefits of collecting customer data is the ability to smooth out irregularities in the sales cycle. You will find out which moments cause the most problems, at which stage a significant number of users abandon, and which product defects lead customers to consider alternatives.
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3. Identifying available market niches
During your research, you may discover that your potential customers need a completely new product that your competitors do not have. Analyzing the information allows you to identify its key features and values, so you can be the first to occupy a free niche and achieve a significant increase in revenue.
4. Optimizing your business model
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