However, finding alternative ways to drive revenue from customer data can open up a niche of untapped resources. This advantage can benefit your bottom line and put your organization ahead of the competition.
Driving Revenue is Dynamic
Many businesses make a significant mistake in finding a successful revenue stream and remaining stagnant. When exploring marketing analytics from any industry, it is clear that success comes from utilizing more than one approach to driving revenue.
By recognizing these seven alternative methods, your organization can improve its current data-driven marketing strategies to improve profits:
- Customer feedback forms
- Use live chat and support
- Integrate a customer loyalty program
- Built-in polling tools on social media
- Instant feedback from your website
- Remarket your target audience
- Usability tests
1. Customer Feedback Forms
Collecting customer data from successful purchases is a valuable tool that many organizations overlook. Providing customer feedback forms allow your clients to rate their buying experience and provide any additional comments.
Your company’s email metrics can distinguish the open, read, and click-through rates of your customer feedback forms. You can compare this data with your current conversion rates and adjust your marketing strategies accordingly.
2. Use Live Chat and Support
The customer service aspect of a business is becoming more vital as consumers make deliberate choices for purchases. Providing an exceptional buying experience can make a difference in selecting your company in an industry with high competition.
Integrating live chat and support functions on your corporate website allows potential customers to ask questions and receive information. These online tools provide a more personable approach that makes it simple for your target audience to feel valued.
3. Integrate a Customer Loyalty Program
Customers still want to feel important and valued. They will remain loyal to a company where they feel appreciated and have the opportunity to receive individualized benefits. Incorporating a customer loyalty program within your customer data platform can help retain repeat business and increase revenue.
Monthly discounts, sales for returning customers, or a reward program that accumulates can help provide helpful marketing data while driving more revenue.
4. Built-In Polling Tools on Social Media
Organizations know how powerful social media can be when targeting their audience. However, getting potential customers to engage with you can be challenging if you do not use the right approach. That is where built-in polls come into play.
Including this valuable social media tool entices your target audience to participate in a quick poll. Therefore, this approach provides immediate feedback for you to use in your marketing efforts, enhances brand awareness, and increases engagement for your product or service, thus driving revenue.
5. Instant Feedback From Your Website
Using online tools that provide instant feedback from your website is a valuable resource of intent data. For example, this method can help determine bounce rates, failed searches, or which pages receive the most attention.
Instant feedback is beneficial for location-based marketing efforts when targeting a specific geographical location. If your data is not showing your desired audience, changes are essential for driving revenue.
6. Remarket Your Target Audience
Many organizations avoid remarketing their target audience because they believe they will purchase again. Unfortunately, numerous first-time customers will not provide repeat business without further engagement.
Recognizing current sales trends and the habits of your target audience can help you engage with previous customers to increase revenue. Make an effort to show how valuable your products or services still are to earlier customers with sales, discounts, and incentives. These simple tactics will aid in regular purchases and increase revenue with minimal effort.
7. Usability Tests
Usability tests involve real-time customers and their experience using your products or services. The customer data you collect from this method can help pinpoint areas that require more focus or showcase what approach works well with your target audience.
The feedback from real users may present challenges they face while trying to obtain your product. Usability tests can be available to a small target group before making adjustments company-wide.
The Takeaway
There is no one perfect way to drive revenue from your customer data. However, when you incorporate more than one marketing data strategy, the results speak for themselves. Utilising methods that fall outside traditional practices can help your organisation tap into the hidden revenue stream that has been there all along.
We strive to find the most productive methods to suit your industry that will increase profits. By incorporating our successful strategies with helpful tools, we provide the expertise your business needs to see results from alternative marketing methods.
Contact us today to learn how we can help you drive revenue from your customer data!