Leveraging Customer Insights to Increase Revenue
Understanding customer behavior and how they engage with your application is only the starting point in increasing your revenue and meeting your customer happiness objectives.
What is important is taking those insights and making it easy to implement an action plan to acheive your objectives. This is why integrating analytics with your existing systems is key to fully leveraging your customer knowledge. The Collect-Analyze-Act-Measure cycle can be sped-up allowing you to quickly iterate on marketing campaigns, sales promotions, sales programs and product features.
Analytics and Operations integration can lead to
- Increase Sales Productivity - If your Sales Reps can easily access customer engagement and social analytics data for an account directly in the CRM system, they can integrate this easily into their work flow to close deals and up sell.
- Increase Marketing Efficiency - Paid-search or email campaigns are more effective and fetch the highest ROI when you target it to the right prospects. Understanding behavior of customers at a campaign level will help you target the right customers easily.
- Increase Customer Retention - Insights on Customer engagement with your product can foretell churn. If your customer success folks can access the engagement data easily and periodically, you can quickly intervene and engage with them before loosing them. Retaining customers is 4x less expensive in SaaS space than acquiring new customers. So this is an investment well spent and can also help you gain valuable insights into product market fit if you are still early in the game.
Analytics on its own is only a bunch of numbers. Integrate it with your operations and make sure all your business functions have access to customer analytics to take full advantage of your resources.