Businesses spend a lot of time, effort, and money on creating the ‘perfect’ product or service for their target market. But how exactly do they know if their product or service is perfect? This is where customer analytics comes in.
Customers are the lifeline of a business. They can either make or break an organisation’s success, regardless of the industry it is in. With customer insights and analytics, a business gets to interpret consumer behaviour and use the data for improving its product or service, which, in turn, boosts the company’s sales and profit.
The absence of customer insights, on the other hand, can only lead to the alienation of consumers towards a business. So, to attract the right audience and improve operations, many businesses in Singapore utilise the expertise of data analytics professionals. These experts, most of whom have a degree in business analytics, help companies build better strategies by analysing consumer data.
Analysing Customer Behaviour and Feedback
One way of utilising consumer data is by predicting customer behaviour. This is an effective strategy for segmenting the customer base and understanding how one particular group may differ from another. Observing consumer trends over a certain period of time, say a quarter or a year, also helps businesses specify products or services.
This is also where the interpretation of customer feedback and comments comes in. Feedback can arrive in the form of evaluation slips, online reviews, or any other means of communication. There is nothing like data and information that come from the consumers themselves.
Feedback can then be sorted and categorised to create products or services targeted to specific groups of people. By reading and understanding what people have to say about a business, the company can categorise the comments into specific categories. Feedback, for example, can be divided by the quality of service, product satisfaction, or staff helpfulness.
Reading positive feedback from customers gives businesses concrete ideas of what they are doing right and therefore, should continue doing to promote customer loyalty. Similarly, negative feedback allows businesses to know which areas need improvement. Listening to comments straight from the customers can lead companies with a clearer goal of what to achieve in the future. After segregating the data, it is time for businesses to come up with a plan of action to address any problems and improve sales.
Thanks to customer insights, businesses can create the right products or services that best suit their target market’s needs and preferences. In the process, they get to earn the trust and loyalty of their customers, resulting in improved returns on investment (ROI). By being able to target the right customer base, businesses also get to reduce operational and marketing costs.
Behaviour and feedback are two key elements of consumer data that businesses should continuously interpret and utilise with the help of data analytics professionals. This way, they can be sure of continued success, as they provide their target market with the products or services they need and meet their ever-evolving demands through the years.