6 Ways That Business Analytics and Business Intelligence Can Help Your Business
by Paul Rudo on 03/02/11 at 5:37 pm
Price Your Products For Maximum Profit: Pricing is one of the most critical, and least understood areas of any business. Pricing too low can destroy your brand and increase financial risks, pricing too high can lead to unhappy customers and lost sales opportunities, and fluctuating prices can create a bad reputation and confusion. Instead of simply “guesstimating” the right price, you can use historical sales data to figure out the “sweet spot”, and get it right the first time.
Profile Your Customers: Using the business data that you collect, you can gain deep insight into customer buying behaviours. This can be helpful in marketing activities, since you’re able to classify them based on behavioural, psychological, and demographic factors. This is perfect for online micromarketing and social media campaigns.
Analyze Spending: Collect, analyze, categorize and standardize all of your product and supplier data in order to make predictable improvements to the supply chain process. This way, you can reduce the likelihood of fraud, reduce costs and improve overall efficiency.
Personalize Marketing Efforts: Pull customer data from various sources to create a truly custom-crafted experience. High degrees of personalisation help build loyalty and provide much greater value with minimal additional cost.
Expedite Problem Resolution: Help desk calls are expensive for your company, and irritating for your customers. The key to great customer satisfaction is to completely resolve the problem, while minimizing the amount of time spent on the phone. With proper business intelligence, help staff can track issue histories and gain access to detailed customer profiles. All of this can help shave precious minutes from each call, which add up very quickly for a huge cost savings.
Guide Customer Acquisition Strategy: It’s often been said that 20% of your clients create 80% of the problems, and that 80% of the profits come from 20% of your clients. By gaining better insight into the total lifetime value of each client, you can focus your marketing on high-value business while letting your competitors deal with the undesirables.
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