- On this blog post, you'll :
- Discover how a data-driven strategy gives actionable insights;
- Learn how to take your first steps into developing your own big data;
- Understand why and how marketing automation improves customer relationship.
When you first visit a website, your browser gets a cookie. Tracking codes has been watching your clicks and page views everywhere, just like The Police's song. If you've downloaded a "improve customer relationship" ebook recently, the contact information you've used to fill the forms got right into a company's database. And don't even get me started on what Google and Facebook knows about you.
You've probably read it on a "2016's Trends Report" or something similar, but business with a data-driven strategy have been using customer data to improve their relationship and communication channels to provide them with a great user experience, thus offering them the right solution at the right time.
But what many companies don't know is that you don't need to be in a ginormous company to take advantage of big data. In fact, the real trend for 2016 is that business from any kind or size will be able to develop a data-driven strategy with easy-to-use tools and platforms.
A Big Data Approach on Customer Relationship
With the crescent need of responding to each customer in a timely, personalized way, CRMs evolved from the "turn leads into customers" proposition and started to gaze into the big data world. To improve customer relationship, understand their needs and establish trust, the basic contact information isn't enough.
We're almost getting into The Zettabyte Era, with a predicted 1.1 ZB of global IP traffic by the end of 2016. People are hyperconnected, and so their behavior within the big network. Through event tracking and real-time analytics, no click, page view or download goes unnoticed: since the first contact with the company, the visitor provides the business with data about their behavior within the website. After the opt-in, their contact info goes to the company's database, along with their interactions with received emails and in-app messages.
So, when prospects finally turn into customers, the company isn't just getting a little bit more recurring revenue at the end of the month: they're getting the chance to build an unique user experience to each one of the customers acquired.
The whole customer journey is surrounded by data. Why not use it to improve customer relationship and ultimately increase retention rate? After all, with a data-driven strategy, it's possible to understand what makes them stay longer with the company, tweak the touchpoints and resolve bottlenecks in the customer journey that may be responsible for customer churn.
Big Data 101: Developing a Data-Driven Strategy
SaaS companies often collect information and browsing behavior from their visitors, leads and customers through event tracking tools. By proxy, they create their own big data of user-activated events, contact information, demographics and business intelligence.
Let's face that not every single piece of data from customers is a gold mine. Together with a real-time analytics tool, companies should have an analytic eye to filter what can and must be used towards customer relationship improvement.
At each stage of the customer journey, the customer generates key data that can be used to understand their behavior, and develop a personalized approach towards them. Here are some information you must keep an eye on before customer acquisition:
- Page views
- Landing-pages reached
- Form submissions
- Content downloads
- Interaction with call-to-actions
- Interaction with emails and in-app messages
The user-activated events above can be used to fine-tune customer acquisition strategies. Having the knowledge of which kind of content or subject converts visitors into qualified leads, the company can drive its efforts to tweak its inbound marketing strategy to drive more results.
The same goes for landing pages reached, call-to-actions clicked and interaction with messages. With enough data from visitors and leads, it's possible to develop an approach that'll bring the perfect opportunities to your company - the leads with the right fit.
After the activation stage of customer lifecycle, a data-driven strategy can be really useful to discover what makes customers stay in your company. This can be achieved by analyzing the events activated within the product:
- Features used in the app;
- Onboarding steps completed;
- Number of weekly logins;
- Customer Engagement Index;
- Interaction with retention emails
When leads have been converted, the focus of a data-driven strategy is retention. Depending on the stage of the SaaS, data can even bring valuable insights to define its product/market fit since user-activated events can tell which feature is being more useful for customers.
Data-Driven Marketing Automation
Besides the marketing on its name, automation can be used by sales and customer success teams to streamline different processes, such as lead management and customer relationship. But the best part is the possibility of developing a data-driven automation strategy.
Any data or activated event from leads, prospects or customers can be used to start or change the path of an automation flow. With that, a company with a personal big data can develop different strategies to various kinds of customers, that can be automatically activated to create a personalized journey for each one of them.
For customer success, this can help to identify and create tailored strategies for customers who need help to setup the product, have low engagement rates or are showing pre-churn signs.
There's no doubt that big data helps companies to improve customer relationship, turning leads into loyal customers and increasing retention rates up to the ceiling. From startups to scaling SaaS, having data-driven strategy is the best source of actionable insights to develop business actions.
And the best part is that there's no need to hire an entire building full of computers and servers with enormous processing capabilities for that: all you need is a platform with behavioral analytics, event tracking and automation - if you like to spice it up a little bit.
Do your company have its own big data and a data-driven strategy to improve customer relationship? If not, are you planning to do so in the future? Tell us in the comments below!