Most businesses collect data for their marketing and customer service applications. Finding unique ways to leverage this data can unlock incredible value, provide valuable insights, give them a competitive advantage, and unlock new opportunities. Let’s look at ways they can use the vast amounts of data they collect.
Hyper-personalisation
Every business owner now understands personalisation is the key to unlocking better customer experiences, increasing customer retention rates, convincing potential customers to become actual customers, and growing their revenues. However, you can go beyond surface-level personalisation and use the data you collect for hyper-personalisation.
Hyper-personalisation leverages real-time data and artificial intelligence to deliver individualised content, better customer experiences, and product recommendations. It goes beyond using demographics and incorporates data such as browsing behaviour, social media interactions, and purchase history to offer elevated customer experiences.
Because of how targeted and relevant it is for individual customers, it produces much better results than traditional personalisation. It also requires vast amounts of highly specific data, so businesses are required to have measures in place to protect it from malicious actors.
The GDPR in Europe provides a framework for how businesses collect, store, and use customer data. To ensure compliance, they should encourage their employees to complete a GDPR course that teaches everything they should know about these regulations.
Demand Forecasting and Dynamic Staffing Optimisation
Successful businesses understand the likely future demand for their products and services. They do this through demand forecasting and predictive analysis. Data like sales data, social media trends, seasonality, and weather patterns can all help businesses optimise inventory management, better manage their production schedules, and run targeted promotions.
When forecasting demand, businesses should also predict future staffing needs. They can use available data to adjust staffing levels dynamically and in real-time to make the most of their resources and provide superior customer service.
Predictive Maintenance
Businesses that rely on equipment for different processes cannot afford downtime. Any delays in manufacturing or delivery could mean loss of sales, reputation damage, and loss of customers. To avoid this, they can use the available data to predict when their equipment needs maintenance.
By knowing about potential failures before they happen, businesses can avoid all the issues associated with breakdowns and downtime.
Dynamic Pricing
Pricing is one of the factors that determine how competitive a business is and how likely a customer is to choose them over others. Getting pricing right is a balancing act because you want it to be favourable enough to attract customers but also high enough that the business makes a profit. Instead of manually checking and adjusting prices, businesses can leverage data for dynamic pricing.
Doing this right starts with collecting data on user behaviour, market demand, competitor prices, seasonality, and other factors and using algorithms to adjust prices automatically. Doing this can optimise customer acquisition, maximise revenue, and allow for better pricing optimisation.
Businesses already collect massive amounts of data. However, many of them do not use it to its full potential. Those that do benefit massively, while those that do not lose a competitor edge and can be forced out of the market. Find different and unique ways to leverage the data you collect that are relevant to your business and you will soon be ahead of many of your competitors. Lastly, make sure you’re utilizing first party data strategy when collecting data to ensure that you’re in compliance with the data privacy laws in your country
