Increase revenues

More revenue, please!

Now, the one you probably came to the course for is clearly increasing revenues, monetising the data you have on hand. And we’ve identified the customer experience is a great way to use data to deepen the relationship with the customer and drive up your revenues for the business.

Make someone smile

Happy customers are 5 times as likely to repurchase from a company, seven times as likely to forgive you for any mistakes that you make, 9 times as likely to try new offerings from your company.

More importantly, they’re very loyal and they’ll come back and spend more revenues with you. However, unhappy customers are the opposite. They’ll go out and they will broadcast their unhappiness, and that causes others to doubt whether you’re a good company to do business with.

Don’t show your customers your bad data habits

As we’ve shown elsewhere, customers complain about data issues, and if you fix the data you use to serve your customers, you’ll improve the revenue from those customers and attract more alongside it.

Clearly, you can package data into data products that could be sold, or you can look at data you have in your organisation that can be valuable to others and sell that on a marketplace and barter it with your suppliers and partners.

You can also use data in simple analytics, like which of these markets should we expand into? What should we do next? By giving great data to the people that make decisions about revenue in your organisation, you allow them to make better decisions and increase the revenues your firm can get. So take some value from that and include it in your reports.

Take a 360 view on where you might use data to increase revenues

So make sure you look at all of the ways that your data is delivering increased revenues to the business. Don’t just focus on how much you might get if you sold it.