What are the Benefits of Transactional Data?
Transactional data is information recorded from transactions and can be financial or work-related. Retailers capturing information on customers purchasing habits have valuable transactional data which allows them to cater to the whims of their customers. For instance, point-of-sale transactional data allows a retailer to glean shopping-behaviour data during certain weather conditions. Icy weather will result in a spike in the demand for electric blankets or hot water bottles and a store needs to plan and have these items in stock, lest customers look elsewhere. With so much competition, a store can’t afford to lose customers.
Towards Better Marketing
If a business doesn’t have the tools to analyse important data, there is data analysis software which can help uncover insights into customers purchasing habits. Customer tempo analysis from transactional data is extremely beneficial because it enables marketers to tailor incentives for retention of customers and for growth. Examples of transactional data which records time and other relevant reference data are invoices, credit card payments, sales orders, purchase orders, insurance claims and shipping documents. Businesses are able to examine different data types and derive useful information from these which can help towards better marketing and ultimately increased revenue.
Knowing Your Customer’s Purchasing History
All transactions are different and in a retail chain, you are likely to find different customer – and purchasing behaviour and also in different regions. Marketers are able to reach targeted customers with analytical and tracking capabilities which are provided by transactional data. The analytical capabilities provided to merchants give them the certainty that they aren’t wasting their efforts, time and money on expenses associated with traditional direct marketing. Retailers don’t only require a customer’s name and address, they also want details of the customer’s purchase history, known as transaction analysis. This allows retailers to be more selective with their marketing efforts. By targeting potential marketers who are more likely to respond to these marketing efforts, retailers can be sure of maximum return on investment. Transaction analysis reveals what, where and how much a customer bought, and with this information, retailers can develop a marketing campaign around purchasing patterns. There are also analytics services which allow retailers to look beyond their stores and further afield at what is going on in their competitor’s stores. Through products such as a co-operative databases, retailers can be up to date with what customers are buying, even at competitor stores.
Power to You
Every business is trying to achieve growth and success. Why not take some of the stress off your battling business by reaching out to people who can help you? The right data professionals will address your lack of customers and lack of revenue. Blueberry Wave wants to motivate you to achieve your goals of growing your company, finding new customers and entering new markets. The company has been nominated for- and also won Marketing Awards, and by enlisting the assistance of this leading data management, data analysis and CRM consultancy, your business could soon become hot property with new and loyal customers.
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