4 Tips on Leveraging Data to Improve Customer Satisfaction

Data is the currency of today’s business success. With every transaction producing useful information to improve and optimise their processes, businesses of all sizes and purposes are pooling significant resources to make the most out of their data. 

For chief finance executives (CFOs), having access to data provides a unique opportunity to improve customer satisfaction.  

By using the right tools and techniques, you can gain insights into what your customers want and need from your business—and then use this information to develop cross-functional strategies on how to serve them better. 

In this article, we’ll explore four ways that finance executives can leverage data to improve customer satisfaction: 

Tips to leverage data to improve customer satisfaction 

Here are four tips on how to manage and utilise your data well: 

1. Collect data and store it properly 

Collecting and securely storing data has a direct correlation with improving customer satisfaction because it enables organizations to make informed decisions based on insights into customer behavior, preferences, and needs. By properly managing vast amounts of data—gained through technologies like the Internet of Things (IoT), machine learning, and cloud computing—companies can tailor their products and services more effectively, ensuring a personalized and responsive customer experience. 

Proper data collection and management enable organizations to truly understand their customers. By analyzing customer data, businesses can gain insights into shopping patterns, preferences, and expectations, allowing for more personalized and efficient customer interactions. This understanding can drive strategic decisions to enhance products and services, leading to a higher customer satisfaction. 

Compliance with data regulations such as the European Union’s General Data Protection Regulation (GDPR) is also essential when collecting data. The trustworthiness of a company in handling customer data responsibly is critical to maintaining customer trust and satisfaction. 

Once data is collected, having a robust storage solution is imperative. Cloud service providers offer secure, scalable, and accessible data storage options. Efficient storage solutions enable real-time data analysis and accessibility, facilitating timely and informed decision making that can respond rapidly to customer needs, thereby improving satisfaction

2. Use the data to know more about your audience

The value of data lies in its ability to provide a deep understanding of your target audience. A Tthorough analysis of the acquired data can reveal predictive patterns about your customers – their preferences, buying behaviors, and even future actions.  

Use the available data on your audience, as well as the data generated by your online and offline marketing efforts. With such insights, you can tailor your services to meet their needs, significantly enhancing their satisfaction with your services. Doing this will also help you save on costs and create more effective marketing strategies to attract clients that fit with your business objectives. 

Read: 7 Ways to Increase Client Satisfaction in Your Accounting Firm 

3. Drive customer experience with data

Most decision makers use data to improve the effectiveness of their marketing strategies to attract more clients. However, what most decision makers don’t realize is that data can be used to improve their customers’ experience, drive customer satisfaction, and increase lead referrals from current clients. 

This can be helpful in growing the business more since referrals and customer satisfaction play a big role in helping them get market momentum. 

4. Train your people to be data-mindful professionals

No matter the quantity of the data you collect, it will all be put to waste if your people do not have the skill set required to process, integrate, and maximize the data that you have at your disposal.  

You need to train your people to read, analyze, and interpret data and how they can optimize their roles with the help of data. Doing this allows your team to receive the training and support needed to become proficient and enhance their skills in managing and utilizing the customer and company data at the same time. 

The Bottom Line 

As businesses keep moving forward, knowing how to use data effectively to improve customer happiness is a top-notch game plan for businesses that want to win big.  

It's all about really getting to know your customers through the data they share with you, and using that knowledge to make their experiences better, more personal, and exactly what they're looking for. 

Need help in finding the right people to work on your finance and accounting, while also providing you with data-driven insights? 

Consider D&V Philippines and discover how our team of finance and accounting professionals can assist you with data-driven insights to help your business take off! Schedule a free consultation with us today. 

You may also download our whitepaper D&V Philippines: Your Talent Sourcing Partner  today and see how our talents can add value to your business. 

This article was first published on 31 Jan 2019 and updated on 10 May 2024. Edited by: Angelica Garcia