Using Analytics to Identify Additional Revenue Channels
Managing and utilizing customer data is becoming increasingly more complex. As an increasing number of customers use alternative buying channels other than brick-and-mortar stores, companies need to get more creative with how they identify and capitalize on additional cross-selling opportunities and loyalty marketing to stay competitive.
Using analytic tools, companies can easily manage and analyze massive amounts of customer data, allowing companies to probe deeper, developing a greater understanding of their customer data and market opportunities, including the following specifics:
• Ask more complex questions. Challenge your business by modeling additional growth strategies and revenue streams. Once you can answer these complex questions, you can adjust your business strategy to be more successful.
• Empower business users, not just decision-makers. From the supermarket butcher to the supermarket executive, everyone has questions that would help him do his job more productively and effectively.
• Aggregate multiple data stores. Businesses receive data from multiple sources. To have full visibility into the market and to make critical business decisions, you need to be able to gain access to all of this information for full market assessments.
• Enable innovation. By utilizing adaptable analytics solutions, you can roll out new products and solutions more quickly and more strategically for additional revenue-generating opportunities.
From sales reporting and merchandising to store operations and coupon billing, analytic solutions enable a wide range of loyalty marketing activities and may be the key to getting your small business to the next level of success.
Greg Munves Associate 1010data New York