8 ways to get the most from customer data

Big data, business analytics and marketing experts discuss how organizations can use all that consumer data they’re collecting

Everyone talks about the importance of big data. But many organizations, although they collect and store customer data, do not put that data to good use – or they don’t know how to.

So how can businesses leverage all that big data they’ve collected? Following are eight ways to make the most of customer and consumer data.

1. Use customer data to create a more personalized, pleasurable shopping experience. “According to an Infosys study, 70 percent of Americans are willing to spend an average of 13 percent more with companies they feel provide superior service,” says Scot DeLancey, director, Department and Specialty Retail Solution Management,NCR.

By leveraging customer and consumer data, retailers can “make personalized recommendations, inform shoppers of special offers and promotions that are most relevant to them and fully maximize cross-sell and up-sell opportunities to realize increased revenues.”

Video game retailer GameStop, for example, has found that “data from loyalty programs offer the best insight on each customer’s interests, past purchases and engagement preferences,” says Rob Lloyd, its CFO. “This data can be used to create a customized shopping experience down to the individual and even offer product recommendations.”

“Companies with brick and mortar stores can use customer data to improve their customer’s in-store experience,” adds Greg Petro, CEO, First Insight.

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