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How do you maximise the returns from your data?

Michael Psaila
October 12, 2021
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How do you maximise the returns from your data?

"The new black gold" - this is the term used to describe what has, in the last decade, become the most effective tool used by the largest companies in the digital world to increase their revenues, lower their costs or develop their structure efficiently. The data.

Similar to an iceberg, personal data, or user data, is only what emerges from the water. The use of customer data to target ads is what the general public remembers about the world of data, but it's a wider world of opportunities and efficiencies for businesses.


Quantity as a quality

The health crisis that the whole world has experienced has boosted the digitalization of companies. Firstly, from an external point of view, with the development of websites and e-commerce, but also from an internal point of view with sometimes organizational functions within companies having been totally rethought and digitalized : accounting, human resources, meetings.

Digital technology has thus taken an important and even omnipresent place in the life of the consumer but also in the professional world, leading to an explosion in the creation of data, an opportunity for all companies, unless they know how to use it.

Mining and exploitation

More and more companies are aware of the opportunities that data represents, without having a clue how to proceed. At Onest Data, market research is conducted to extract and offer clear, reliable and above all, usable data for your company, so that external data becomes a real business opportunity for your company. Internal data can also be a source of cost reduction rather than revenue. Supply chain data, accounting data, operational data, all of which can be leveraged with a CRM or ERP, depending on the size of your company, to optimize the return on your business.

External data 

Certainly the ones to be wary of, this external data, representing 90% of the customer data, are not produced by the company, and can be collected in several different ways. However, they require a much more thorough process and analysis if they are collected in mass and come from several different sources. Moreover, in no case should external data replace internal data.

Internal data 

The results of your company's work are very important for the progress of your strategies. To obtain it, several means are available to you, one of the most effective: loyalty campaigns. You will collect a significant amount of data on your customers, and as we know, a loyal customer is more profitable than a new customer. You can let the internal data guide you in the strategic choices of your marketing actions coupled with external data to aim for an optimal return.

Internal data is the simplest opportunity in this complex technology, so set up actions to collect your data. Without this data, it would be like moving forward blindly and would be a disservice to your business. Your data is your eyes, trust it.

Loyalty program, your data mine 

As we know, a loyal customer is more profitable than a new customer, 49% of consumers admit to spending more after joining a loyalty scheme, so don't ignore it. These programs give you a behavioural view of your customers, their habits, their consumption levels. On the business side now, 64% of retailers say that a loyalty program is the best way to connect with customers. In addition, they help to increase and maintain your market share, competition is present and has evolved, as has consumer behaviour. So how do you keep your program attractive to the consumer? With your data. 

This is what makes the difference between a classic loyalty scheme and an excellent one, the use of the data collected, to personalize, to bring novelties, to make your loyalty scheme evolve according to the market trends, and of course, to measure efficiently the performance of your program to check if it is in symbiosis with your marketing objectives. Different possibilities are available to you for the development of your loyalty plan, however, it is important to keep in mind that the world is changing, and the use of digital means is essential for your company. A mobile application, for example, will allow your customer to have your loyalty system in their smartphone, an object they rarely separate from, and what's better than an application on a smartphone to obtain the best possible consumer data. 

5 tips for maximizing the return on your data 

The strategy in using data for your business must be optimized to avoid as many obstacles as possible.

1) Identify the useful data for your business.

You will have to make choices for the mining and the use of your data so that it follows your strategy. Some data will be more valuable than others, so you must make strategic choices for your marketing and your business. 

2) Centralize your data 

One of the main challenges of using data is storage, where to store it so that it can be used by your entire company as easily as possible. Multiple storages within a single company would lead to confusion, loss, and inefficiency with this data.

3) Protect your most sensitive data

Whoever says data says IT, and the security of your facilities is not unbreakable, cybersecurity will be your ally, it should not be overlooked.

4) Define the responsibilities

More and more companies have in their structure people qualified in the world of data that are responsible for the management of these to coordinate the various actions of the company relying on data technology.

5) Analysis for more profit

Gathering data in mass just to focus on quantity could stunt your development and strategy. Get the right insights from your data and you will be able to drive your data strategy.

Towards data-driven marketing

Leave your intuitions and long thoughts about your marketing strategy behind. Analyse the data and then, develop your plan based on the conclusions drawn from this new tool. You'll gain insight into your customers' behaviour with Onest market research data, so you can apply your marketing strategy or directly take advantage of the collaboration between Onest Data and Anchovy.