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Business Intelligence: How to Attract New Customers and Learn About Them

business intelligence customer retention

Many businesses owners think the only way to increase sales is to find new customers. That’s simply not true. Truth be told, existing customers are more likely to buy from you than new customers that are still not sold on your business.

Today you’ll discover how to boost your sales by adding business intelligence to your store.

Identify Your Existing Customers

Such research can be both tedious and expensive. Most businesses neither have the time nor the budget to allocate to such an undertaking. Gathering the data to understanding which products or services appeal to which market is critical to growing your business. Business owners can not only utilize this demographic data to get to know their current customers, but also to expand into other markets with the same customer profiles.

You’re in luck… there is a solution for all of this.

Implement a Business Intelligence (BI) tool

Business Intelligence (BI) dashboards are quickly becoming the most important tool in a company’s strategy as they are looking to further target their customer base. Dashboards such as these are providing business owners cutting-edge technology to easily diagnose the health of their business, understand their customers, and create strategies to target customers of local competitors. This means all of your business’s metrics are in one place for you anytime, anywhere.

This all sounds great, right? Well, there’s a catch… These tools can be costly, but their worth the investment if you have the capital to spend.

Payment Analytics vs. Big Data

Most BI tools pull data from a variety of sources, which presents an overwhelming amount of information that is often difficult to decipher. This is where the more granular payment analytics come into play. Retail and eCommerce businesses that process credit card transactions typically are not aware that they can access the data housed within a transaction’s information. Transaction information can teach businesses a lot about their performance, trends, and customers. Plus, you can access this info at a much lower cost than big data.

The bottom line is that transaction information helps businesses make easier and smarter decisions. Those decisions will generate more revenue, attract more customers, and scale your business faster than the competition.