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How Data Collection Can Be Leveraged for Key Insights

There are many ways that the data you're collecting can be leveraged to generate critical insights into your business and streamline processes.

In the digital age, wherever we go it seems like our data is being collected. But, as a business, what can you do with the data you’re collecting? And what impact can these applications have on your processes?

Determine eligibility for offers

Many businesses benefit from providing exclusive offers to their customers. However, it is important to make sure that the right offers are reaching the right people, and that only those eligible can claim them. Take something such as online casinos, for example.

Many platforms have casino bonuses for new customers such as free spins on slot games, golden chips for roulette, deposit bonuses, and weekly rewards. Here, it is important that only those who are new customers can claim these rewards — existing customers will have access to their exclusive offers — as it is a key promotion allowing new customers to try their hand at different games for an authentic casino experience.

With this in mind, data collection can allow businesses such as online casinos, retailers, e-commerce companies, and more to quickly identify whether a user is a new customer by running a program on the sign-up dates. If a user falls into the set criteria, the offer can be automatically sent to them or easily approved when claimed. This ensures that the offers remain exclusive, keeping their weight, and makes the review process more streamlined for customers and businesses alike.

Conduct market research

In any business, new or old, it is important to conduct thorough market research to understand your target audience. As attitudes, behaviors, and needs are always changing, it can serve you well to regularly look into your audience’s opinions. Unlike the first example, the data required may not be held already — you’ll need to go out and get it either from a third party or conduct the data collection yourself.

There are several ways that you can gather market research data, which are beneficial for different applications. Perhaps the most popular of these methods include face-to-face interviews, focus groups, surveys, and telephone interviews. By asking the right questions, you’ll be able to gather integral data that can be used to inform and improve processes going forward.

Improve customer experience

It has long since been said that customers hate slow websites. One study found that 53% of people will leave a webpage if it doesn’t load in three seconds. Another study found that sites that load in five seconds boast 70% longer average sessions and a bounce rate that was 35% lower. In the age of instant satisfaction, the need for websites to work as they should is more important than ever before.

With this in mind, you can take a look at the data detailing how people interact with your website, the time spent on each page, and the conversion rates. You may also find trends indicating where people abandon their basket, click out of the site, or just generally struggle with taking the next steps. In doing this, you’ll be able to improve the customer experience of the website, funneling people through the sales journey more effortlessly.

As you can see, there are many ways that the data you’re collecting can be leveraged to generate critical insights into your business and streamline processes. With this, you can improve customer experience, as well as the speed and accuracy of personalization and verification.

ALSO READ: DATA AND ANALYTICS ENGINEERING CONSULTANT: TRANSFORMING DATA INTO ACTIONABLE INSIGHTS

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