Data is one of the most important tools that a business can rely on when they are building their business strategy model. Through data, businesses are able to learn exactly what their customers are looking for and the best ways to deliver this to them.
There are many ways that data can be gathered and utilized in the business world. Some businesses choose to focus on customers who physically enter their doors and others rely on social media to do the trick. Learning the best ways to apply this data is something that all businesses should spend time focusing on when building their business strategy.
Real World Applications
So, how does this play out in the real world? One great example is the department store Kohl’s. They have developed a simple system of providing value to their customers as well as encouraging them to make purchases.
When a customer opts to receive information from the mobile app, Kohl’s is able to rely on their indoor positioning system. Essentially, this system travels with the customers as they shop in the store. For example, if a customer is in the store and seems to be spending additional time in a particular section of the store, the mobile app will alert them to specials that are occurring in that section.
This system also allows the store to track purchases that the customer has made in the past and basically predict how they will act when they enter the store. Imagine if we all had that information on our customers when they entered our businesses. We would be able to provide everything that our customers are looking for, maximize their satisfaction and offer them an awesome experience at the same time.
Arby’s, on the other hand, takes a completely different approach to this concept. They use data to connect with their consumers through Twitter and other social media platforms. With their efforts, they are able to connect the company with major, popular news and celebrity stories, which allows them to stay ahead of their competition.
One example of this is when the company interacted with singer Pharrell Williams through Twitter after the Grammy’s a couple of years ago. The star had chosen a unique accessory for the evening, and Arby’s took a moment to connect themselves with it. This showed that the company was keeping up with the times and helped them to stay connected with their fans in a unique way.
Measure the Results
No system is complete without the ability to measure the results. Plus, by measuring the results that you receive from your data driven marketing campaign, you will have even more reason to embrace it fully. The important thing to remember when you are gathering your data is to ensure that you are collecting data that lines up with the goals of your company. While more information may seem valuable, this will actually work against you and cause you to be distracted from the most valuable results.
After you have gathered the data regarding results that directly affect your company in one place, it is time to look into what is working. This will help you to determine which initiatives are working and which may need some tweaking. In the end, your results will give you a starting point for you to begin delving into the real-time results of your business strategy.
Building a business strategy around the data that you receive from your customers is an excellent idea. To learn more about how you can utilize data from your customers, be sure to contact us. Today’s world is constantly shifting towards gathering more and more data from customers. Now is the time to build a strategy that will help to keep your business ahead of the competition so that it can remain successful now and in the future.
