About Us Icon About Us Icon Business Analyst Icon Business Analyst Icon CEO Icon CEO Icon Datameer Icon Datameer Icon Envelope Icon Envelope Icon Facebook Icon Facebook Icon Google Plus Icon Google Plus Icon Instagram Icon Instagram Icon IT Professional Icon IT Professional Icon Learn Icon Learn Icon Linkedin Icon Linkedin Icon Product Icon Product Icon Partners Icon Partners Icon Search Icon Search Icon Social Networks Icon Social Networks Icon Share Icon Share Icon Support Icon Support Icon Testimonial Icon Testimonial Icon Twitter Icon Twitter Icon

Datameer Blog

How Recommendations Can Increase Revenue by 20 Percent

By on October 11, 2016
banner-blog-customer_behavior_analytics2

Amazon gets it. Netflix gets it. Google gets it. And Neil Young gets it too.

Customer analytics is important. And implementing personal recommendations is just one aspect of taking the customer information you already have and operationalizing it to improve your business.

Customer Analytics to Drive Decisions and Engagement

You could just be satisfied with every single purchase a customer makes. But then you’re just settling for the status quo, and someone else will come along to eat your lunch. Forrester Research analyst James McCormick explains:

“In Forrester’s new report, The Insights-Driven Business, my colleagues Ted Schadler, Brian Hopkins and I have identified a predator: the insights-driven business. These businesses are vigorously applying insights to decisions and customer engagements at every opportunity.”

McCormick continues, “By 2020, the combined annual revenue of insights-driven businesses will be $1.2 trillion, and much of this revenue will be diverted from your business. This new type of predator is able to do this by embedding and coordinating the pervasive use of data and analytics across the enterprise to provide up-to-the-second insights on their business and customers. They are quicker and nimbler than you are, and they’re able to make the right decisions in the right moment most of the time. They will run rings around you — unless you join them.”

People are always attracted to what’s shiny and new and flashy. It’s why disruptors are so popular right now.

Mine Your Big Data for Customer Insights

But you don’t need to be a disruptor to maintain — or create — an advantage.

There’s gold in your data. You just need to mine it, and put those customer behavior insights to work for you to:

  • Drive more effective personalized marketing
  • Increase sales productivity

Download your free ebook on customer behavior analytics

But back to Neil Young and why he gets it. His company, Pono Music, is mining their customer data to provide relevant music recommendations, which they report have helped them increase their revenue 15-20 percent. Watch their story below.

 

Beyond recommendations data, companies are gaining the following from customer behavior analytics:

  • Increased wallet share
  • Better customer experiences
  • Higher loyalty

But successfully driving a big data customer analytics initiative requires two key ingredients:

  • Clearly laying out the business value that deep customer insights will bring to the entire organization
  • Alignment with stakeholders who will use those insights, and both the analyst and IT teams who will implement the analytics

To learn more, start reading about customer behavior analytics now.

Defining the Value of Big Data Customer Analytics Ebook

Connect with Datameer

Follow us on Twitter
Connect with us on LinkedIn, Google+ and Facebook


Sherry Tiao Datameer

Sherry Tiao

At Datameer, Sherry explores the realm of big data. Whether it's new uses for big data or the challenges in making it successful, she's passionate about enabling organizations to achieve new data heights.

Subscribe