Blog Article

Four Ways Your Data Strategy Can Make or Break your Business

Author: Paystone

Gathering and leveraging deep customer insights can be one of the strongest weapons in a Retailer’s arsenal. After all, analytics drive everything – better promotions, more personalized rewards and stronger marketing messages, just to name a few.

What is your customer data strategy? Here are four ways a data strategy can make or break your business:

  1. Know Thy Customer: Research indicates that companies who invest in data analytics experience a 49 percent increase in revenue growth. Plus, 63 percent of companies say the use of customer information and analytics creates a competitive advantage.
  2. Data Rich, Insights Poor: To take full advantage of customer data, it is critical for Retailers to act upon insights quickly enough to influence the purchasing process.  Access to real-time customer data is a benefit, if you have a plan in place to leverage it.
  3. Pin down a social media plan: Social media monitoring is now a valued source of business intelligence and can be used to identify, predict and respond to consumer behaviour. There is huge potential for Retailers to leverage their social media data to create a complete history of all transactions and interactions across channels for each customer.
  4. Insights from your payment data: Payments data can enable retailers to target potential customers by location. It can also provide insight into the average spend by card type.