{"id":157,"date":"2023-08-30T17:20:52","date_gmt":"2023-08-30T15:20:52","guid":{"rendered":"http:\/\/james@data-cubed.co.uk"},"modified":"2023-08-30T17:20:52","modified_gmt":"2023-08-30T15:20:52","slug":"why-tapping-into-customer-data-can-help-you-make-faster-smarter-business-decisions","status":"publish","type":"post","link":"https:\/\/data-cubed.eu\/blog\/why-tapping-into-customer-data-can-help-you-make-faster-smarter-business-decisions\/","title":{"rendered":"KYC: Knowing your customers"},"content":{"rendered":"\n<p>Beyond the usual KYC requirements, we believe the value of knowing your customers is a massive competitive advantage for businesses. We believe that every customer-related business decision should be data-driven, or data-informed. The days of making business decisions based on gut feel, intuition or whoever shouts the loudest, should be long gone. That\u2019s why we do what we do. We use customer data analytics to power business performance for our clients.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/data-cubed.co.uk\/wp-content\/uploads\/2020\/12\/3-2.png\" alt=\"\" class=\"wp-image-2754\" width=\"677\" height=\"150\"\/><\/figure>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p>Most businesses are sat on a goldmine and, if they tapped into it, they could make more money\u2026but they don\u2019t. The goldmine is customer data\u2026and this could include customer records, customer transactions, website behaviour, marketing responses, call centre interactions\u2026any type of data that shows a customer touchpoint.<\/p>\n\n\n\n<p>Most businesses have loads of data on their customers. But often data is sat in different locations, in different formats and with different people\u2026but we always find businesses have a goldmine of customer data when they dive into it.<\/p>\n\n\n\n<p><strong>Imagine if you could\u2026<\/strong><\/p>\n\n\n\n<ul><li>Identify who your most valuable customers are so you could target more customers like them in future<\/li><li>Identify, in advance, when a customer might leave you, so you can intercept and apply preventative measures to retain them<\/li><li>Calculate your cost per acquisition across your sales channels so you can adapt your sales and marketing activity<\/li><li>Segment your customers, understand their value and design specific products and services to match their needs<\/li><li>Predict how customers will behave in future so you can make decisions now to maximise your business opportunities<\/li><\/ul>\n\n\n\n<p>You can do all of this, and more, with data.<\/p>\n\n\n\n<p><strong>Customer data analytics enables businesses we work with to:<\/strong><\/p>\n\n\n\n<ol><li><strong>INCREASE ACQUISITION<\/strong>\u200a\u2014\u200agrow your customers based on your improved understanding of customer behaviour and improved knowledge about which ones are the most valuable<\/li><li><strong>IMPROVE ENGAGEMENT<\/strong>\u200a\u2014\u200aconvert low-value customers to high-value customers based on your improved customer segmentation and targeting strategies<\/li><li><strong>IMPROVE RETENTION\u200a<\/strong>\u2014\u200aretain more customers based on understanding the triggers for customer loss and implementing interceptions before they leave.<\/li><\/ol>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/data-cubed.co.uk\/wp-content\/uploads\/2020\/12\/4-2.png\" alt=\"\" class=\"wp-image-2755\" width=\"662\" height=\"147\"\/><\/figure>\n\n\n\n<p><strong>Knowing your customers helps businesses to make smarter decisions<\/strong><\/p>\n\n\n\n<p>We work with businesses that use new data-driven customer insight to influence their strategies on:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn-images-1.medium.com\/max\/800\/1*K6LQKJcEKPKVYTdh9C-Evw.png\" alt=\"\"\/><\/figure>\n\n\n\n<ul><li>Product strategies\u200a\u2014\u200aby analysing behaviour on what products &amp; services customers buy, and how this varies over their customer lifetime, some businesses have decided to add a new product into their product suite, or sometimes delete one. So data can be used to make your product line more efficient and more profitable.<\/li><li>Price decisions\u200a\u2014\u200aby analysing price elasticity and customer behaviour related to price, a business can decide when to raise\/reduce prices in order to drive demand.<\/li><li>Marketing plans\u200a\u2014\u200aby understanding who the most valuable and profitable customers are, the marketing team can target their promotional activity to their customers more effectively. And stop wasting their time on customer segments that are not valuable to them.<\/li><li>Sales targeting\u200a\u2014\u200aby identifying the most effective sales channels, distributors or retailers, the sales team can focus their effort on the areas with the highest opportunities and\/or target areas of high attrition or churn.<\/li><li>Distribution channels\u200a\u2014\u200aby understanding how the different distributions channels (eg retail, online, intermediated) are working, the business can focus their efforts on the one\/s that are most valuable to them.<\/li><\/ul>\n\n\n\n<p>We\u2019ve helped businesses to create brand new multi-million-pound revenue streams just by tapping into their customer data.<\/p>\n\n\n\n<p><strong>We build intuitive customer data-driven tools in three stages\u2026<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn-images-1.medium.com\/max\/800\/1*OeJYjZn2KCCyZCRHClUqIw.png\" alt=\"\"\/><\/figure>\n\n\n\n<p>Our customer data tools power our clients\u2019 businesses on a daily basis.<\/p>\n\n\n\n<p><strong>We\u2019re Data\u00b3\u200a\u2014\u200awe use customer data analytics to power business performance for our clients. Can we help yours?<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beyond the usual KYC requirements, we believe the value of knowing your customers is a massive competitive advantage for businesses. We believe that every customer-related business decision should be data-driven, or data-informed. The days of making business decisions based on gut feel, intuition or whoever shouts the loudest, should be long gone. That\u2019s why we [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[11],"tags":[21,39,41,44,59,61],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KYC: Knowing your customers - DATA\u00b3 Central Europe<\/title>\n<meta name=\"description\" content=\"KYC - knowing your customers. Why tapping into customer data can help you make faster, smarter business decisions....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/data-cubed.eu\/blog\/why-tapping-into-customer-data-can-help-you-make-faster-smarter-business-decisions\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KYC: Knowing your customers - DATA\u00b3 Central Europe\" \/>\n<meta property=\"og:description\" content=\"KYC - knowing your customers. 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