Why is Data gold? How can consumer brands leverage data to drive sales?

Data-Driven solutions and QR codes can help firms to take their engagements with customers to a next level by helping them deliver superior experiences to their target markets. In the backdrop of a constantly changing business environment, the importance of data-driven solutions couldn’t be overemphasized. By collecting, analysing, and implementing decisions based on contemporary and relevant data, organisations can predict future trends and devise strategies to meet ever-changing customers’ needs and expectations.

With benefits for both strategic and tactical-decision making of organizations, no wonder data has become the new gold. In fact, in this era of digital transformation, data has become the catalyst for transforming the fortunes of businesses cutting across industries. Specifically for consumer brands, data-driven insights are proving instrumental in fixing their broken supply chains, enhancing their operational efficiency, and delivering elevated experiences to the target market. So, if you too are looking forward to joining the bandwagon of Data-Driven solutions then read on further for answers:

Consumer Brands: Importance of Data

Data can play an important role in helping consumer brands to effectively create, communicate, and deliver their value propositions to target audiences. While relevant and updated data on customers' needs will help companies to ideate superior products, the insights can also be utilized to tailor superior marketing-mix strategies such as fixing the right price, applying retargeting and lookalike marketing, promoting products effectively, and selecting the right delivery channels and mediums. The data can also help firms to achieve elevated efficiency in functional procedures and operation mechanisms, thereby leading to superior customer satisfaction and business profitability.

Predicting Consumer Trends: Role of Data

In addition to facilitating the right decision-making, data insights can help firms accurately predict future consumer trends and their changing levels of engagement with various stakeholders in the markets. By accurately anticipating these changes well in advance, a firm can mould business strategy, improvise offerings, and speed up innovations in the right direction. All these will keep the organization in sync with the evolving tastes and preferences of the target market and result in a better customer retention rate and superior business performance. Besides, the data insights can also help a firm to strike better relationships with other stakeholders such as suppliers and value chain partners and the cumulative efforts of the entire business ecosystem are sure to bring enhanced value to the table.

Role of QR Codes

QR codes can be easily counted as one of the revolutionary technologies which are helping business ecosystems across industries by creating a win-win situation for all stakeholders. Specifically for firms, these codes help in collecting consumer data on important parameters such as their buying patterns, purchase history, product preferences, and feedback among others. Further, companies can use these codes to personalize their products, offer attractive rewards, and build loyalty among the target market. Moreover, QR codes are today being used by firms to fix the broken supply chain and manage suppliers and partners throughout the value chain in the business ecosystem.

Successful Application of QR codes

Many Indian companies operating in different business domains such as plywood, home appliances, home improvement, cosmetics, electronics, and automobile industries have benefited tremendously from Genefied’s QR code technology. These firms have been able to garner additional customer data of up to 50% while upping the influence of repeat purchases by up to 60%. Further, the use of QR codes has also helped these businesses to minimise the churn rate by up to 40%, thereby leading to higher levels of repeat business and enhanced profitability.

Conclusion

Undoubtedly, Data today has emerged as a tool of strategic importance for companies cutting across product categories and service domains. Firms which are driven by data are better able to understand their customers, anticipate future trends with accuracy, and deliver superior experiences to win more market share. In other words, companies using data-driven solutions are likely to sustain their businesses for long periods of time. 

As an effective tool for Data Collection, software that works on QR codes can help organisations in a range of different manners. The technology can help firms in collecting consumer data, reward the target market, and manage customer loyalty to decrease the overall churn rate of buyers. Further, the software can also help in fixing broken supply chains that in turn will aid firms to achieve superior operational and logistical efficiency. In sum, QR Code Software can act as a panacea that is capable of solving a range of issues associated with the consumer and logistical domains of the business.

The article has been written by Ayush Jhawar, Co-Founder, Genefied