Customer insights play a massive role on the success of a business. Enterprises like Tesla, Tesco, Deepmind, HR Wallingford, Spotify, etc. also use customer insights to create appealing offers and drive more business. Accessibility to customer insights is not limited to large-scale organizations, but SMEs too. You need the right Business Management Software like Microsoft Dynamics Business Central that provides accurate and updated customer reports you can use to make successful business strategies.
A Report by Mckinsey revealed that even though customer insights are still undervalued, businesses are likely to see a better performance. Businesses that extensively use customer insights are:
- 93% more likely to make more profit than their competition.
- 82% more likely to have more sales in the market.
- 112% more likely to have higher sales performance.
- 115% more likely to have an increased ROI.
Why are customer insights so important? Because profit is the blood of your business and customers are the energy source. Most businesses cash-on on pleased customers. To keep customers happy and coming back, you must understand them first. What do they want? And how can you give them whatever they want? Try connecting with them emotionally if possible.
You do not have to buy whole new analytic software for this case. You can instead use Microsoft Dynamics Business Central which comes with robust analytics features.
What Can You Get with Microsoft Dynamics Business Central Insights?
- Boosting client and customer engagement.
- Acknowledging customer requirements while keeping the data safe.
- Boosting Customer Interactions while reducing turnaround times.
- Increasing the number of product launches on time.
- Finding new opportunities to develop and sell a new product.
- boosting customer retention rates.
- Declining overheads.
How to Make More Profit with Customer Insights?
If used wisely, customer insights can bring tremendous growth potential to your small-to-mid-sized enterprise. Some of the strategies to bring more profit are:
New Product Development
Customer insights play an important role in product development. You must carefully analyze your previous customer interactions and take note of important aspects. You can also get their feedback on your existing services and find new ideas to develop new products. Or instead of manually doing so, you can use Power BI Service powered by Microsoft Dynamics Business Central which extracts data from all the touchpoints, filters it, and creates actionable and insightful reports. This is a much faster, easier, and more accurate alternative to those traditional methods.