The needs and convenience of your customers should be at the center of your technology strategy. Figure out what touchpoints you have with your clients to get a better picture of how digital tools can be used to improve their experience.
Ask if technology can be used to improve the purchasing journey at every step.
How do clients become aware of your company? Digital advertising? Social media? Word of mouth?
Does your website provide enough information for clients to evaluate what they need from you properly?
Is it easy to purchase from you, both online and offline?
How do you keep in touch with clients after they have purchased? Do you send them emails? Is their information stored in a database?
The goal at every step of this process should be to anticipate the needs of clients so they decide to purchase and repurchase from your company.
The explosive growth of e-commerce has given customers increased power to demand better—products, services, prices, and customer experience. It has also made it easier for them to switch to a competitor. This is an opportunity for you to differentiate yourself from the competition and a chance to increase customer retention and loyalty.
This starts with collecting information about your customer. To connect with your clients, you will need to invest more in data analytics to connect with clients before they begin shopping as well as to improve the overall consumer experience.
Businesses and entrepreneurs have tons of data about their finances, customers, and operations. All this data can be an invaluable resource that increases your efficiency and profit margins.
Some businesses go even further, using data-driven insights to make key decisions, develop products and create new business lines. Here are four tips to start taking full advantage of your data.
Musato Technologies assists businesses and organizations in adopting and implementing technology solutions and products that boost performance, productivity, profitability, and competitiveness.
Choose two or three things to measure at first. You may already have data on your finances for tax and banking purposes. You might also collect sales and marketing information, such as customer details and data on internet traffic and social media interactions.
Operational or backoffice data is also useful. Look at inventory turnover rates, product margins, and employee idle time to find areas of your business that could be improved.
Ask yourself what your customers want and how you lose money to competitors. Retail customers may want shorter queue times or better service. Useful data, in this case, could include wait times, queue abandonment rates, and average time to service a client.
If you’re a plumber, you might want to gather data on service time, travel time to jobs, and time spent going to the store for missing parts or equipment.
Also, think about data that could help increase margins and reduce costs. For example, tracking inventory turnover may reveal that some product lines haven’t had a sale in months, while others are often out of stock. The data could help you refocus your efforts on higher-margin items, optimize restocking rates, and reduce inventory costs.
How often will you collect the data? Will you do spot checks on your performance? How will you record the data and validate its accuracy? Start simply and develop your process over time. As you tweak your methodology and gain experience, you can progress to a spreadsheet, dashboards, and business software such as customer relations management or inventory control systems.
A retailer could use queue data to optimize cashier staffing at peak hours, better direct queue traffic, or add self-service or mobile checkouts. A plumbing service can use service time data to optimize training or improve the stocking of parts and equipment in service trucks. Data can help you figure out what your next product will be, where to expand operations, and how to personalize customer web experiences. It drives your whole business strategy.
Contact Musato Technologies to learn more about our technology platforms and solutions that empower businesses to thrive.
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