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Article

Leveraging Customer Data for Strategy: Benefits

Customer data is essential for success. Leveraging it to its fullest potential can provide businesses with a competitive edge. To maximize the value of this resource, companies must carefully analyze and use customer data to make informed decisions. Learn about Customer data today and see how it can help you succeed!



Customer Data: Achieving Success

What is 

Customer Data

Customer data can be thought of as the slivered armor that frames an army of consumer warriors. In the context of CRM, customer data is a tactic employed by businesses — like the Spartans at Thermopylae — to gain the upper hand in battle with their competitors. It's about strategizing and making sense of the battlefield to gain knowledge, identify trends and target potential opportunities.

At its core, customer data includes a multitude of information points ranging from age and location to purchase history or current interests, all aimed at helping companies better understand who they are engaging with on a personal level. When it comes down to it though, customers should feel respected and appreciated for sharing this metadata rather than feeling like gladiators pitted against each other in some brutal marketplace arena.

CRM centers around gathering key facts about customers so decision-makers have insight into why people shop as well as when, where and how often they buy certain products. This info comes packaged together neatly and accurately with behavior tracking tools such as surveys or polls may also be used to get more in-depth answers on topics like product preferences or dislikes by segmentation persona types. With these deeper insights becoming available, marketers have been able to implement more specific targeting tactics including dynamic segmenting - creating categories based off what people actually do instead of just using limited demographic characteristics alone (i.g., income parameters).  

In today’s fast paced online world, understanding who your target market is has become increasingly essential; without knowing who you are aiming for you will likely miss out on every opportunity that comes your way! Companies large and small can benefit greatly from using customer data effectively; it ensures campaigns come affordably tailored toward an individual’s needs while allowing marketers to remain agile in adapting course towards trends quickly identified within any operation scale scenario - whether needed information applies only locally or require an international approach across multiple countries nationwide/internationally alike.

The bottom line is that customer data provides actionable intelligence about clients—it informs marketers smarter decisions for more informed business growth through research methodologies which include basic stats analysis doing something fundamental yet priceless: providing concrete market trends from focused segments among shoppers based upon collected observations gathered over time tracked overtime further refined via automated algorithms designed specifically crafted according numerical benchmarks set prior .

How you can leverage it in your business

  1. Analyze the customer data collected in your CRM to identify trends and develop marketing strategies tailored to the specific needs of each group. By targeting particular customers based on their characteristics, businesses can better reach their desired audiences and promote products more effectively.
  2. Segment customer data in order to create personalised messages targeted at specific customer groups or individuals via email, social media posts and advertisements. Personalising content ensures a higher chance of success with campaigns by resonating with customers on an individual level rather than relying on generic messages for the entire audience base.
  3. Collect feedback from customers using surveys integrated into your CRM system in order to generate real-time insights that can then be used to improve performance and increase satisfaction rates across all areas applicable including product design, customer service etc.,. Gatherig precise data allows businesses to make informed decisions that result in better outcomes as well as identifying potential opportunities within the industry.
By leveraging customer data, businesses can target potential opportunities to produce meaningful insights and create personalized strategies tailored toward individual needs.

Other relevant use cases

  1. Age
  2. Income
  3. Location
  4. Purchase History
  5. Current Interests
  6. Behavior Tracking Tools (e.g., Surveys or Polls)
  7. Dynamic Segmenting/Category-Creation Based Off People’s Actions
  8. Testing & Refining Algorithms Based on Numerical Benchmarks Set Prior
  9. Market Trends from Focused Segments Among Shoppers
  10. Statistical Event Analysis

The evolution of 

Customer Data

Customer Data

The concept of customer data has been around for years in relation to Customer Relationship Management (CRM). In the early days, it simply meant collecting basic details such as name and address from customers. Back then, technology was primitive in comparison to what we have today, but it was still the start of the evolution of customer data gathering.

As CRMs became more advanced, so too did our understanding of customer data. Nowadays, we can track a host of information including user behaviors on our websites and transactions within an e-commerce platform - metrics that remain key indicators today in determining marketing strategies.

Data has evolved beyond just tracking user purchases or habits; businesses have become more sophisticated with their data collection practices while concurrently learning new ways to leverage big data in order to enhance client interaction even further. As advances like artificial intelligence come into play, managing how companies use customer information will naturally demand greater responsibility from all sides involved.

Speaking about the future prospects of this industry points towards better analysis culture for focusing on promising opportunities. Smart algorithms combined with cloud computing solutions make way for numerous possibilities when it comes extracting meaningful insights from those raw datasets! What’s more is that these technologies are no longer costly endeavors reserved only for large companies either – making them accessible It's getting easier to access even by small startups too!

Ultimately speaking, collecting consumer data remains an essential function used by business operations everyday - making sure they keep up with their competition while offering relevant services tailored directly according to client needs! With more effort being made towards acting responsibly with collected information and transparency taking priority at all times, there is no reason why “customer data” continue show steady growth down its already successful path into the future.

Sweet facts & stats

  1. Customer data accounts for 77% of all CRM system activity.
  2. Over 70% of customer interactions across industries begin with a virtual interaction.
  3. Analyzing customer data is shown to improve sales profitability by up to 20%.
  4. More than 80% of customers expect options for self-service when interacting with a business or organization.
  5. Utilizing customer data can be used to increase average order sizes by up to 23%.
  6. Retargeting based on customer segmentation leads to an 84% improvement in overall ROI from orders processed through email marketing campaigns.
  7. 83% of companies report improved processes associated with the collection, analysis and application of CRM related information from customer data over a period of three years or less .
  8. Fun facts say spartans were known for their impressive combat skills which were driven by precision and timely execution - similar prowess is achieved when having precise access and insights into your customers’ behaviour!

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