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?
Microsoft Dynamics Business Central is a cloud-based ERP and CRM providing the most accurate insights. It offers all the basic and advanced tools your SME needs to level up in a competitive market.
This Business ERP can be customized as per your business with linked applications like Power BI. After Microsoft Dynamics 365 Implementation, you have a scope of:
- 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.
Existing Product Improvement
Being critical for your existing product’s development needs, you can and must collect customer feedback. You can use Business Intelligence Tools to analyze feedback and find common errors. Or you can simply perform this manually. It is recommended we use a Business ERP like Microsoft Dynamics Business Central which can do the entire process on your behalf within minutes.
Improve Customer Support
Going deeper into your customer interactions can lead you to a trove of opportunities to boost customer support. You can look for the following:
- Areas to enhance resource allocations – there could be sometimes of the day when you are either overstaffed or understaffed. This happens a lot in the hospitality industry.
- Areas where you need to train more – sometimes the customers are not handled appropriately by executives, and you need to train them to do better next time.
- Areas that require more Self-serve options – customers can land on a page where most asked questions are answered.
With customer insights at hand, your management team can make necessary improvements that lead to either increased sales or overall efficiency.
Improve Customer Communication
Customer insights are a wonderful way to spot customer-business communications gaps. Do your customers know all the channels to connect with you? Just because you have mentioned it in your newsletter, does not mean the message is through. Use customer insights to find other aspects your customers are unaware of. You can engage your research team on the project or use Microsoft Dynamics Business Central for more accurate insights automatically.
Generate Customer Reference
You can also utilize that knowledge more directly to expand your business if you don’t need or want to ask the clients you know are delighted with your service for reviews, testimonials, or case studies. How? Simply by incorporating a procedure whereby you ask contented consumers whether they know of anyone else who might take advantage of your services.
You can say that since your company’s growth depends on word-of-mouth, you would appreciate it if they could forward this request to a couple of their contacts or even make an introduction.
Insights play a huge role in making a business grand. It shows how well you serve your customer. Although insights are a bit undervalued, they still hold a massive impact on how your customers see you. There are multiple ways you can use them to make impactful strategies. You can extract insights manually, but it’s not recommended as it’s very time-consuming and prone to errors. You should instead look for a more accurate and faster solution like Business Intelligence Tools derived by Microsoft Dynamics Business Central.
If you are looking for Microsoft Business Central Support or Microsoft Business Central Partner, you can Contact Trident Information Systems. We are a D365 Gold Partner and LS Central Diamond Partner. With our experts, we have helped various ventures grow exponentially. If you want to expand your small business, Contact Us Today!
