Are you clear on the main reason why your sales drop?
With a limited amount of funds, which are the areas of improvement that you have to prioritize on?
Overestimating the market's need at certain times and underestimating it at another time? Always wondering how you can stock at the right amount?
Are your stocking decisions still based on your guts or are your stocking decisions supported by your previous year’s sales data?
Wondering how you can fully utilize your marketing data, so you can transform your traffic into sales conversion?
Wondering what are the products in your shop that attract consumer’s attention, so you can determine the needs of customers and the products that should be put on promotion ?
Businesses are always brainstorming on how to better capture the heart of the consumer in order for them to win the market. With data such as stock-in, delivery time, and ads’ reachable rates and click rates, customers’ dwell time and sales conversion rates from your e-commerce site, how can you leverage them to improve your customer satisfaction rate? Here are the 3 ways on how business intelligence (BI) can help you in improving customer satisfaction.
3 Ways On How Business Intelligence Improve Customer Satisfaction
1. To know what “went wrong”
2. Keep up with changing consumer trends
3. Targeted promotions and deals
1. To know what “went wrong”
What is the biggest reason why your customer satisfaction rate is not as great as other strong brands? -not enough budget for your marketing ads strategies? Not enough traffic? Poor conversion? High dropout rate? Website loading speed too long? Product range not attractive enough? Long delivery time? With business intelligence tools, you can now gain real-time insights on why you are losing your customers. Wondering what contributes to your shop’s sales decrease or sales increase? BI could give you a clearer view of the effectiveness of your decision over the year. It can help to integrate multiple data sources, allowing you to identify the specific stage in which your customers pull out their buying decisions. Besides, with the data from your Net Promoter Score (NPS), which is a proven customer feedback gathering methodology, BI can visualize the collected data to help you in identifying what your customers are dissatisfied with. This can help you in highlighting your platform weakness to enhance your customer’s shopping experiences and to understand the market trend that helps in business development to have the best growing strategies for your company.
2. Keep up with changing consumer trends
Have you ever wondered why certain retailers can always stock up at the right amount of inventory to ensure that they do not lose out on any potential sales? A research has suggested that, when online shoppers realize that the product of interest is out of stock on their preferred site for the first time, 31 percent of them would make a change to their competitor. It becomes 50 percent if it occurs twice and 70 percent on the third. Failure to provide what the customers need could result in loss of customers as their preferred sites could be changed ever since then. On the other hand, overstocking could be a waste of money as well, the items could take a long time to sell out, your cash could be trapped, and if there are expiry dates on the items, they will all go to waste. Through BI tools, you can perform real-time inventory management that prevents you from losing out on these potential sales or wastage. By leveraging the data in your inventory management system, it can help you to calculate your safety stock day and reordering point which help you to determine the right time to restock.
3. Targeted promotions and deals
Another vital part of increasing customer satisfaction is targeted marketing and promotion. Having business intelligence tools enables you to determine your customers’ preference. For example, if you are selling burgers and Nasi Lemak all across Malaysia and you are also leveraging your POS cashier or ordering system data on BI, you can now have a clearer view on which are the branches that have more sales on both burger and Nasi Lemak. Then it could be important information that support your decision on bundling burger and Nasi Lemak as a combo or even support your decision in putting resources to launch Nasi Lemak-flavored Burgers at those targeted branches. By using business intelligence tools, it can help you to identify where these groups of people who have high interest in your products are located, so you can up-sell and cross-sell them with related-products of interest. Using this information, you can focus on blasting relevant promotions to these groups of people based on their previous shopping history; while this could make these customers' life easier as the latest products that would interest them would appear automatically on their apps dashboard or their preferred physical store menus without them doing extensive product search.
Through business intelligence, you can leverage the data you have on hand to make quick and informed decisions.
According to research, 1 angry customer will bring in 16 anti referrals. This is costly to the business. Thus, why not understand more about how Business Intelligence could help you with just a few clicks?