The Official Merchant Services Blog
Big Data, Payments And Customer Loyalty – Part Two
Across the ideological spectrum, business experts agree that the rise of Big Data is rapidly changing modern marketing and sales. In this transformational time, customer intelligence systems are proliferating at a remarkable rate. Although adopting these systems often involves overcoming logistical hurdles, the rewards of sophisticated data gathering are indisputable.
Proper customer intelligence is vital for marketing and growing customer bases. Exposed to increasingly diverse information sources, modern consumers are making quick, decisive changes in their purchasing decisions. To continually gain new customers, modern companies need up-to-date pictures of customer needs and desires. Fortunately, innovations in hardware and software have enabled newly accurate analytics.
According to business research firm McKinsey, companies that effectively engage with Big Data can demonstrate profitability rates at least six percent higher than those of their peers. Companies who rely on B2B transactions have particular need for strong data gathering and analysis. As B2B customers are affected by industry dynamics, they routinely search for ways to cut expenses. As a result, firms that provide B2B services are among those most likely to lose customers to competing companies. Dedicated analytics is important for retaining customers and actively courting those aren’t served well by competitors.
Across multiple industries, companies find that proper analytics inform how they use merchant services. By learning how their customers shop and what they expect, merchants can fine-tune their payments systems for maximal marketability. Naturally, modern consumers are drawn to merchant interfaces that are fast, reliable and safe.
Whatever their specific goals or products, most modern businesses recognize the importance of credit card processing. However, the more insightful businesspeople fine-tune their payments procedures to meet the expectations of potential customers. In this time of fairly regular economic shocks and surprises, firms that fail to keep future customers in mind could experience unique difficulties.
While the term Big Data is useful, it is also fairly restrictive. Even smaller companies can use data-driven procedures to shore up their fortunes. At Host Merchant Services, we work tirelessly to provide our clients with solutions for effective data-gathering and customer intelligence. In this exciting time of commercial possibilities, companies that gather and use data intelligently experience unique potential.