Many businesses owners think the only way to increase sales is to find new customers. This is counterintuitive. Truth be told it is much easier to have an existing customer buy from you than convincing a new customer to convert.
The first step to expanding your sales is to identify who your existing customers are
Such research can be both cumbersome 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 in real-time.This means all of your businesses’ metrics are in one place for you anytime, anywhere.
This all sounds great, right? Well, there’s a catch… These tools can be extremely costly. For most small and medium enterprises (SME) these tools typically fall out of their budget.
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 the equation. Retail and ecommerce businesses processing credit card transactions typically are not aware that they have access to a plethora of untapped data housed within the information of each transaction. Transaction information can tell businesses a lot about their performance,trends andd their customers at a much lower cost than big data, while still providing meaningful business intelligence to make easier and smarter decisions.