Let’s explore the basics first…

By turning data into money, I mean MONETISATION of data related to your business. E-commerce companies can use customer data to make more relevant offers and improve their cross-sell and up-sell capabilities by properly bundling products or incentivising customers.

Sales could do a better job if they knew which deals to focus on.

Vendors can acquire better customers and do that more effectively via social networks. Data allows you to decrease your internal costs. You will learn how to find exceptional or suspicious people or events, as well as how to discover the real factors that work for or against converting prospects to paying customers.

There are many different ways to monetise data. I am not talking about such practises as selling contacts to marketers or any other illegal fraud attempts. Not at all.

Let’s keep privacy and security in mind as priority number one. You will learn how to turn your data into information you can act on effectively, and how to do that in a simple, powerful and ethical manner.

Basic metrics every seller should know

If you run a business, you probably know how you are doing financially. You know your revenue, your costs and your number of employees. But do you also know your customers?

How many repeat buyers do you have?
What is the value of their average order?
Who are your best customers?
How do these metrics trend over time? Do you track them?

At most companies, I see 80% of business comes from about 20% of their customers. Do you know who these customers are and whether you are giving them proper attention? You can influence what they will do much easier when you can customise your (exceptional, or otherwise) products in today’s fiercely competitive digital-age environment.

And speaking of products… your average margin on products, sales volume over time and the physical characteristics of your products are probably clear.

But do you know how to bundle or cross-sell products so that you increase your customers’ average order value and how to make such offer more attractive for your customers?

This is an excerpt from ‘Simple Analytics to Turn your Data into a Goldmine’ by DE Data CEO Mirek Cerny.

To learn more about how to put your data to work and increase revenue, get in touch to discuss your requirements.