Do you hold all the aces for running your business on successful trek? Enlisting to the names of blue chip companies requires breaking your back. If you miss it, your business will have to go back to the wall. But accurate analysis can cross the bridge of losses when you come to it. Premeditating business strategies wants the solid ground of accurate analysis. If it gets it, the rest of path to making profit becomes a pie. Catch the roundup of the analysis and comprehend the amazing tricks of big data analysis for more customers:
1. Average purchases
Customers bestow way to earn more than bread and butter to a seller. Today is the wave of high end technology. So, running business online, in all respect, is meaningful for striking at huge profit. Here underlies the secret to rise and shine in big data. But first,
- You should have an optimal mix of static and dynamic website
- Spending a few bucks in internet marketing, you can kick start your business
- Now, lookup your online customers’ analysis thoroughly
- Group your customers into categories, i.e. Average, loyal and new ones
- While analyzing, always remember that online customers are the smartest of all. They perceive the value before and then, go through the price details
The foregone points will shortlist the data of your average online customers. Now, think further as you have the numbers of your customers to target.
2. Lifetime marketing value
Survival amid cut throat competition of online business is an uphill battle. So, put on your thinking cap and choose online promotions through SEO, SMO and SEM. This alternate will let the count of average cost per customer as easy as a piece of a cake. To calculate,
- Add the capital you invest in sales and marketing
- Divide it with the average number of your customers
- If it exceeds the addition of sales and marketing investment, it’s your harvest. But if it’s not, you have to go back to the drawing board. For it, you need to reconsider your existing methods of acquisition
3. Retention programs
Retention of loyal customer is the toughest battle. Attrition poses threat before the owner. So, you must think about channel incentive programs. These are proven cash cows for any business. The most valuable assets for a company are retailers, wholesalers, distributors, logistic supports and transporters. They are aligned and stuck to the company for lone. Check out few of such programs:
- Market development funds
- Rebate programs
- Trade promotional allowance programs or Co-Op Programs
- Sales contest
- B2B loyalty programs
4. Make the clients happy
Ever changing fashion and leg-pulling of the rivals for huge revenue are daunting challenges. You need to learn the secret of how to appease and attract your customers. Let I inform you that 1.8 billion American signed up for customer loyalty program in 2007. You can follow it up. So, here you need:
- To run B2C customer loyalty programs.
- Offer discount coupons and
- Issue cards to credit points on purchase for surprise coffee or gift in future.
5. Big analytics
Now, the forgone points emphasize over the tricks of how to carve out a niche in business. But analysis acts as the cog of the business machine. Ideally, you ought to comprehend the demography and behavior of the customers. Sifting the analytics of customers in analytical funnel will shed the spotlight on loyal ones.
Reviews will drop the clues of customers’ expectation. So, you can channelize newsletter or email marketing for attracting new entries. Free gifts and discount coupons glue eyes of the customers. Check out the analytical figure and shortlist those who make the conversion by such offers. Running loyalty programs as per peer group, behavior and demography of the customers steal the limelight. For example, if you have maximum traffic of adults and teenagers, you can offer 20% discount on branded slippers of men and women. You can adjust the discount amount in shipping charges. But the tag of discount on brand will win zillions customers for you.
6. Add real-time experience:
The analysis may prove futile if it lacks the real-time figures. You have to observe like eagle eyes to configure analytical stats. Once you do so, half of the battle will be won. As real-time big data will be at your hand, you can create strategies for your biz which will be fruitful.