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When a business dominates its market, the biggest challenge is to remain on top. Constant innovation is key in this. In today’s fast-moving and hyper-connected world, a company cannot maintain its competitive advantage for years. We have entered the era of Big Data. We witness an exponential growth of data output, which consumers can easily access and share. It enables them to compare and quickly switch from supplier, when you no longer propose the best offer.
Big data = Big opportunity for smart entrepreneurs
New business models arise from the smart use of gigantic sets of open, publicly available, data. These new and unexpected competitors are making entire business models obsolete. There’s Uber, revolutionizing the taxi business. Airbnb has completely changed the hotel industry. Netflix is transforming the TV landscape. These companies all have one thing in common: they put the customer experience at the center. They keep tapping into the continuous flow of customer feedback. Using these gigantic sets of real-time data smartly, enables them to constantly innovate to serve customers better.
Can you turn data into carrots to retain customers? Here’s an example
In today’s saturated mobile phone market, preventing customer churn is vital. In this highly competitive environment telecom companies are actually sponsoring newly acquired users (e.g. by giving free mobile devices). As a result, new customers only become profitable after a few years.
That’s why preventing the churn of an existing customer is much cheaper and has a higher return on investment than acquiring a new one. Telecom companies can detect churn risk at an early stage by setting the right metrics, for instance:
These alarm signals enable them to react accordingly and deliver the right message to prevent churn. They can, for instance, compensate an unhappy client with one month of free calls. Or propose a subscription renewal with extended advantages. Everything necessary to keep the dialogue with the customer going.
Conclusion: smart data fertilizer will boost growth throughout the entire business life cycle
Startups aiming to become successful industry leaders need to focus on data maturity from day one. Data gives companies a real edge over competitors and helps them identify strengths to move up to the next level.
That is why it is helpful and reassuring to have an experienced data intelligence partner
for every step on your growth path.
At Bisnode, we eat, breathe and live data. Over more than 40 years we’ve sharpened our data intelligence on numerous projects. We have built the biggest consumer database in Belgium, keeping in mind that data should be used to help people, not vice versa. That’s why we accompany companies in every stage of their business lifecycle to help them step by step to safely reach every next level of data maturity. No matter the size of your company, no matter your sector, we stand by your side to provide solutions that tackle every data-driven issue.
Next to the data services, mentioned in this article, we also offer: