How Customer Data Can Increase Revenue

Chapter 01: How Customer Data Can Increase Revenue

How Customer Data Can Increase Revenue

Abandoned carts. Unopened emails. Failed promotions.

Not everything will resonate with your customers, and that’s okay. But, rather than brush those unsuccessful experiments aside, focus on the one thing that can make a difference: collecting customer data.

After every interaction, marketing campaign, or sale, you have the opportunity to gather data and learn more about your customers. You can understand what they like and don’t like, how they prefer to consume information, how much they want to spend on a certain item and more.

All this information allows you to better personalize your products or service to increase conversions, retain customers, and ultimately increase revenue.

How to Capture Customer Data

It’s impossible to capture every single customer datapoint nor should you want to. Only capture data relevant to your business which can help personalize the customer’s experience. You'll also want to maintain customer trust — if customers feel like you’re requesting (or tracking) hyper-personal, irrelevant data, they’ll end the relationship.

Here are three ways to capture customer data:

  1. Just ask: If want to gather specific information, be transparent and just ask. For example, when prospects sign up for a free trial, make a purchase, or even download a lead magnet, they’re more likely to feel comfortable sharing information (since they’re already doing so). Add questions to this flow, but don’t go overboard. If you sell enterprise software, you could ask questions about that prospect’s company and role. If you are a clothing retailer, you could find out what types of outfits/style that prospect prefers.
  2. Get on the phone: If your sales or support teams connect with customers over the phone, encourage them to capture little pieces of data to fill in the blanks. Customers tend to be more open about providing information when talking to someone, so provide your team with a set of questions to ask. You could ask customers about what they like most and least about your company, what they wish you’d do differently, or how they use your product or service.
  3. Leverage marketing automation: You can also capture data without involving the customer. Marketing automation tools allow you to build landing pages and send emails, and come with built-in reporting capabilities. You can see how many people open an email and what they click on, or how they interact with certain pages.

How Keap Can Help

Once you collect all this customer data, you need to determine how to act on it in a scalable, realistic way. CRM, sales, and marketing software, like Keap, lets you intelligently get daily work done, combining all your essentials tools into one app and removing friction from your customer interactions. It eliminates repetitive tasks, like analyzing datasets or creating manual campaigns, to save you time and alleviate stress.

Here are four ways Keap can help you leverage customer data to increase revenue:

  • Personalize service offerings based on customer needs: You could offer a service based on your interests and skills, and hope customers appreciate it too. Or, you could reverse engineer the process and start with what you know customers want and need. For example, if you see that customers are frequently purchasing two items together, you could offer a discounted bundle. Or, if you sell software and notice that customers continue to contact support about the same challenges, you could host a training course.
  • Tailor promotions and sales: Offering customers a discount on a pair of shoes won’t increase sales if they’ve never shown any interest in shoes before. By collecting customer data, you’re better able to segment and personalize your promotions. Based on browsing and purchase history, and activity on your website or via your marketing emails, you can figure out which groups of customers will be most likely to respond positively to certain sales. You can then use this information to target your email marketing.
  • Invite one-time customers back for recurring services: Instead of spending time and money to acquire net-new customers, collect data on your one-time customers and motivate them to invest in a new, recurring service. These one-time customers have shown interest in your service in the past, so they are strong candidates for repeat purchases.
  • Set automatic invoice reminders for unpaid invoices: You don’t always have to use data to motivate customers to buy more. You can also leverage it to ensure you get paid for what you already delivered. With Keap Payments, you can create and track invoices, and see which ones have been viewed or paid. When invoices are overdue, you can send automatic email reminders to your clients.

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