In our business, we often hear the same big worry from potential clients: "We'd love to use data to improve our business, but we don't have good data."
Want to know a secret?
They are almost always wrong.
Quite often, companies think they need to have collected years' worth of data on their customers, and dozens of attributes about them, in order to leverage it to any sort of strategic end.
That simply isn't the case.
If your company has a single unique, identifying variable on your customers - ideally a home address, though phone numbers or email addresses can also work - a data marketing and analytics company can append lists of other known variables to paint a comprehensive portrait of not only your overall customer base, but of specific individual customers and (arguably most importantly) of bucketed customer segments. This will allow your product team to build offerings specific to individual audiences, and your marketing team the tools to identify the best opportunities and deliver the most effective campaigns.
We've worked with a number of retail clients who had transactional customer data - they knew what people were buying and when they bought stuff - but they didn't know much at all, if anything, about who their customers were. But if they had a customer address, phone number or email (which is the case with online retailers, cataloguers and retailers with a loyalty program), we could take that transactional data, bump it up against our own demographic and ethnographic data, and tell them things like what age, income, education, hobbies, interests, and even magazine subscriptions and political persuasions their customers had.
It's one of my favorite things about my job - that "aha" moment when we get to show clients the gold they've been sittting on without even knowing it.
It's at that point - when we have a really good grasp of who their customers are and can be - that we can all then work together to grow their business even more.
Let us know if you'd like to learn more by scheduling a free consultation with one of our data scientists.