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How Tapping Into Data Analytics Can Drive Growth

We are relationship-driven creatures. We buy from who we like, and who makes us feel good. Whether it be the barista who remembers our order, or the hairdresser who remembers what cut we want, a personal experience signals a good relationship. It builds customer retention and consumer satisfaction – the key to brand loyalty and, ultimately, business growth.

Studies have shown that a growth of 6 per cent in customer retention can result in profit increases of 30 per cent or more. One way in which businesses achieve this is through data-driven personalisation. Talk to your business accountant today to see how you might take advantage of this in your business.

Prioritise Data to Drive Business Growth

Increasing your data-driven capabilities means tapping into already established insights from well-known e-commerce platforms. Doing so will help you understand specific business drivers and opportunities moving forward.

Data Can Personalise the User Experience

Your business accountant can refer you on to important data and data analysts, and can guide you through the process of improving and personalising how your customers experience your business. This data includes societal trends beyond the economic recovery from COVID-19, and helpful insights gleaned from studies. For example, studies found that: consumers prefer to shop at their local supermarket over large chain stores; one in five Australians made their first purchase from a new website between March and August 2020 (according to Australia Post); and consumers experienced hesitancy, with nearly half of those surveyed stating that they would not shop online with a specific retailer for a second time.

First impressions are everything, and that’s why talking to your business accountant about customer personalisation may be the key to your success.

Analyse Your Data and Pinpoint Customer Experience Issues

E-commerce platforms offer various data that help you understand what part of the customer experience resonates with people, and what drives them away. For example, you may learn that a specific step at the checkout, such as making an account or entering your phone number, is not something customers want to do, so much so that it causes them to buy elsewhere. Understanding when, how, and why your customer takes specific actions is essential to your business’ success.

If you have questions about interpreting data and utilising it to personalise the customer experience, then talk to your business accountant today.

The information in this article is general in nature and might not be right for your circumstances. Please arrange a meeting with one of our Accountants to discuss your particular needs. Accountants 2 Business Ph (07) 3823 2344

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