Combining the power of analytics with the speed and flexibility of the cloud can generate the kind of real-time insights that help customer relationships flourish.

Do you really know your customers? And does your business have the technology to nurture them and get them to buy from you? Nearly three quarters of customers rate their experience with a company as being important to their buying decisions. And an even higher number – 86% – say they would pay more if it meant get a better customer experience. Clearly, customers want suppliers to understand them and meet their needs. Cloud data analysis can be helpful.

Why? To develop positive customer relationships, businesses need data. And to derive the right degree of value from that data, they need access to the right customer data and a strategy for how to derive value from customer data.

The term “customer data analytics” means different things to different people. For some, this may mean gathering customer information to create a profile of your business’ target market. For others, it might mean analyzing the customer journey to see how customers interact with your business, products, or partners. However defined, customer data analytics is about using data to make smarter decisions to develop and retain valuable customers.

See also: How artificial intelligence can improve the customer experience

The rapid rise of customer data analytics

Customer data analytics is not new, but certain factors have made its importance more evident in recent years. The rise of social media platforms, such as Facebook and Instagram, has created a plethora of consumer comments. Other sites like Quora and G2 Crowd have also amassed customer reviews and public questions for businesses to check out. Data analytics can help you discover how customers behave on your website or offsite, and better determine customer sentiment about your brand. This knowledge should guide business decisions and help you align with changing customer and market needs.

There are several ways to use customer data analytics in your business. One of the most important is leveraging data insights to improve marketing and advertising campaigns. In today’s digital world, marketers must be increasingly innovative and creative to meet changing demands. Insights from customer data analysis help you better understand how your customers interact with your brand and what messages will resonate best. Using customer data analytics will also help you use your budget more efficiently by running campaigns that match customer interests. Revenue starts and ends with your customers, so understanding how, why, and when they buy (or don’t buy) will ultimately lead to revenue.

Another way is to use analytics to develop a robust social media strategy. Social media has become a key marketing channel for businesses of all sizes, but it can be difficult without a solid plan in place. Customer data analysis can help you create an effective social media strategy, offering insights into which social platforms your customers use, which posts resonate most with different audiences, and how often you publish your content to maximize conversions. Modern consumers are constantly connected and actively engaged online. It is therefore essential to use the right channels for any company that wants to connect with its customers.

See also: Customer journey: speed of access to information is the essential measure

Transfer data to the cloud

In order to integrate customer data into your marketing and social media strategies, the data must be accurate and clean, and you must be able to store it securely without creating a barrier between your data and the teams that need access. data to make decisions. Data warehouses have been used for enterprise analytics and reporting for decades, but on-premises warehouses weren’t built to handle today’s explosive data growth and have struggled to keep up. to user requests. Moving your data model to the cloud removes many of the constraints imposed by physical data centers, which take up space and require constant maintenance.

Cloud data storage allows users to dynamically scale their data warehouses, up or down, to meet changing business needs. Data stored in a cloud-based data warehouse is structured and unified into a common pool. Of course, this doesn’t mean that the ingested data has to be structured, but using a cloud data warehouse allows users to access compliant, standardized, and accurate data when they need it. Additionally, cloud-based warehouse architectures are significantly faster than their on-premises counterparts, so you access customer data quickly and efficiently, allowing you to respond to customer requests as they arise. that they arise.

Your customer data analysis strategy

Now that you’re familiar with customer data analysis and know how to find and best use your data, here are four ways this insight can help you better connect with customers, starting today.

1. Find Areas of Opportunity

It’s important to know your customers as intimately as possible, including their likes, dislikes, and needs. The more you know about your customer base, the better you can identify opportunities within your business. The more opportunities you find, the more likely you are to meet those needs and make a sale.

2. See what your competitors are doing

Internet is a vast world with infinite information. You can use this data to your advantage by seeing what your competitors are doing and how they are using data analytics to fuel their business success. By following them on social media or seeing what they post on their website, you can see how they are trying to attract potential customers and what successes or failures they are having.

3. Get warning signs before they happen

One of the most important benefits of analyzing customer data is being able to detect warning signs before behavioral changes occur. Whether it’s a drop in sales or a shift in customer sentiment, getting ahead of these things can give you more time to react and resolve issues before they arise. affect your goals. Being able to take preventive measures will allow you to limit the damage before it becomes an irreversible problem for your business.

4. Find out what customers are saying about your brand

If something is wrong with your product or service, it can be hard for you to figure it out without feedback from your buyers. Buyers are increasingly turning to customer data analytics to aggregate data from public sources and get a more holistic view of customer sentiment.

The journey from prospect to customer can vary widely depending on the channel, stage of the sales process, and other factors. To strengthen revenue streams, knowing the basic metrics and activities you need to track is essential. Unfortunately, these are often locked into multiple systems and lack a holistic view of the health of the business. A cloud data warehouse or data platform can help bring this data together and reduce blind spots in your customer journey. A cloud data warehouse can also provide the ability to integrate, cleanse and ensure data accuracy across all systems, allowing your client teams to spend more time where it matters most – with your customers.

Understanding customers is no longer a lofty goal – it’s mission critical. By combining the power of analytics with the speed and flexibility of the cloud and technologies that enable efficient data management, organizations can generate the kind of real-time insights that help relationships thrive.