Web & Social Analytics
Utilising customer data analysis to boost sales
In this age of thriving social networks, organisations that maximise the usage of online tools at their disposal will reach their full potential. Many people today consume content, gather the latest news, and keep up with popular brands and personalities. Not engaging with prospective customers over these channels is a wasted opportunity for any modern business. Customer data analytics help organisations track their target audience to get the most from their marketing activities.
Last year, Facebook had 2.91 billion monthly active users worldwide, and Instagram had just hit 2 billion, following a year of unprecedented growth. Twitter sees 211 million active users daily, while other popular platforms such as LinkedIn, Pinterest, and Snapchat each witness several hundred million active users every month. Collecting and analysing the massive consumer dataset available through social media channels helps organisations better understand their customers’ needs and desires to serve them better and make informed business decisions.
Customer data and analytics applications
Keeping an eye on customer behaviour analytics benefits your business in several ways. Insights gained from customer data helps you understand your target audience's buying habits and patterns. Such data is useful for the marketing team to craft and deploy targeted campaigns, which can attract new customers and grow the business. Retaining customers costs less time and resources than attracting new ones. Using social media to keep a finger on the pulse of your existing customer base can provide insights into how they feel about your brand and products. You can use this information to swiftly address issues and grievances, and this kind of attentiveness retains customers. Once you know more about your customers, you can also boost long-term loyalty by delivering a degree of personalisation along with each interaction or offer. Happy, satisfied customers enjoying a tailor-made service are less likely to shift towards competitors.
Important parameters to look out for include reach, involvement, acquisitions, and activity, which tell us how many users interacted with your brand in terms of likes, reposts, and comments, as well as the average cost of each social media interaction with customers. Below are a few aspects to consider when analysing customer data.
ROI of marketing campaigns
Constant analysis of your KPIs helps to accurately gauge the effectiveness of your marketing campaigns. Knowing where your marketing activities are most effective will guide you towards making informed and profitable decisions when fine-tuning strategies.
Effective promotional strategies
Access to customer data insights helps organise your promotional tools into a coherent structure. This will help you answer questions about the progress and success of promotional activities, including expected results, projected costs, effective channels, and duration. Promotional strategies that don't yield the intended results must be assessed and amended until they strike the right chord.
Performance comparison with competitors
Social networks make it easy to watch your competitors and analyse their social media marketing strategies. This gives you a better understanding of what works for them and what doesn't. It also provides valuable insights when creating or modifying your own marketing strategy.
Engaging with your customers is a sure-fire way to boost sales and profits. Streamlining all customer interactions will enhance effective communication, clarify the efficacy of your strategies, and identify areas that need improvement.
Brand awareness indicates the extent of the consumer's knowledge about your brand or product. It is the ratio of potential customers who are aware of the brand to the total number of the customers in the target demographic. You could also measure brand awareness within a specific segment of your target audience for detailed insights. After all, if more customers are aware of your brand, the better it is for market reach and organisational growth.
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How can Infosys BPM help?
Infosys BPM offers a web and social media analytics service that can accurately analyse large amounts of customer data from various social media channels and provide actionable insights to optimise your digital assets to serve your customers better. Reach out to explore how you can boost conversions using modern social media tools properly.