Data Analysis: Improve Earnings and Profits With Effective Data Analysis
Effective analysis of your customer data can improve earnings, profits and satisfaction, but the process must be unique to your organization. Measuring for success begins with the knowledge that quality data analysis provides a map from the past to the future. Consider the following tips:
¥ Identify your best customers by profitability and contribution. Some customers are excellent revenue generators while others are beneficial for inventory liquidation. Both are valuable to your organization as long as the marketing costs do not exceed the benefits.
¥ Profile individual buying patterns so your marketing department can target customers when they are most likely to buy. This includes seasonality, product lines and the processes that turn first-time buyers into your best customers.
¥ Measure your real return on investment by incorporating marketing and operational costs into the reporting. It is not unusual for a successful marketing promotion to generate an overall loss when the operational costs are factored in. Monitoring all costs will improve your planning for future promotions.
Contact Ellis at (828) 626-3756, or via her Web site: http://www.wilsonellisconsulting.com.