More than digital tools to boost sales and optimize your finances.
Today we will talk about payment management and how to use big data in finance to get new clients.
Although using data management to develop market strategies is nothing new, knowing how to choose what information is interesting and useful for your business can be a difficult task. An example of this includes managing financial big data to better understand your customers and acquire new ones.
Why financial data management?
Imagine clients visiting your shop, restaurant or hotel. They have been your customer previously, either through your online platform or in another of your points of sale. This time they have shown their loyalty cards, paid by credit card and given you their e-mails in order to receive an electronic invoice.
But what if customers forget their loyalty card? In such a case, we will not be able to identify them as the important clients they are for our business, and they will not benefit from the deserved bonuses and promotions. Actually, all this would be solved thanks to the financial data management tools: they allow us to associate the payment history of our clients (either in-store or on the e-commerce portal) with their cards, and thus immediately recognize our best customers. This sounds good, doesn't it?
Now, let's take a look at how financial data can help us get to know our customers better (and how to attract additional clients).
1. Meet customer needs through big data analytics (in real-time)
Finding out what your clients really want can be quite difficult, and many times they do not even know it. For this purpose, there are field trials and focus groups: designed to help you understand market segmentation and develop the best strategy to sell more, positioning your product and your brand. Nevertheless, both field trials and focus groups only reflect a specific moment in the evolution of our business (apart from wasting a lot of time and money and becoming obsolete in a short time).
Therefore, how can we keep track of the financial activity of our company? Through the analysis of financial big data, we will obtain statistics showing a real-time overview of clients’ activity and shopping habits.
An example of how to use financial big data to develop strategies aimed at selling more is through statistics. We obtain them thanks to data management tools and their use allows us to establish a segmentation of our clients: to see what the average cost is, whether in the shop or online or identify the typical attitudes of a regular customer. Now that you have recognized your best clients, you can start designing your best strategy.
2. Optimize your business management
There are many ways to measure the performance of your brick-and-mortar shop or sale point. Most of the time it depends on the size of the store or financial data. With financial big data management, you will have a richer and more complete insight into the real performance of your business.
For example: imagine you want to know what the performance of a shop is. Surely you will analyse how many new customers it attracts, how many it is able to keep or the number of returns. Your goal is to identify the store's ability for generating the best possible customer experience and, basically, profits.
Another method of improving the management control of your shops is by managing financial data collected from payment history. We can cite as an example the use of the shipping addresses of your clients for the geolocation of sales volume. Once you know where there is a market opportunity (or, on the contrary, where it is not worth expanding the distribution), you can extend your business' frontiers with a properly focused strategy. Knowing where your customers live and their payment habits and trends, you are ready to launch your product adapting to your audience's needs and providing them with the payment gateways they expect from you.
Financial data management, along with an omnichannel payment strategy, are the digital tools to increase sales that everyone talks about.
3. Financial data management to build customer loyalty.
If you are wondering how to get your clients to stay, you must pay attention to details. This is another way in which financial data management is useful to us again. You can detect which of your customers have not made a purchase for a long time and approach them again with adapted promotions, personalized offers, or even asking them how you could improve. By understanding why your customers come back to you (or why not) you will be able to perfect your product or service: What is the frequency and average amount of transactions? What are the busiest times? What are the preferred payment methods?
Financial big data, what now?
Currently, financial data management is proven to be a central point when adequately meeting your customers’ needs, as well as helping you to direct the growth of your business.
PayXpert is a pioneering financial partner, based in London, UK, providing omnichannel data and payment management tools, so that you can optimize your business finances in a simple and intuitive way. How?
- We offer state-of-the-art POS and MPOS systems to manage your payments easily.
- We work with the most popular and international payment channels: from the Indian RuPay payment system to Alipay or WeChat Pay. Discover how you can reach billions of new customers in China and India.
- We provide the best interfaces to make managing your business easier than ever. Both you and your team will have at your disposal charts with our Dashboard to quickly understand transaction activity, risk level and or average conversion cycle length.
Do you like what you are reading? In that case, you probably want to take a look at our website to get more information on our tools, as well as to learn how to start benefiting from financial technology.