5 simple ways to boost sales with Chase Customer Insights
An easy-to-use business intelligence (BI) tool available at no extra cost when you accept credit card payments with Chase.
Finding ways to make your business stand out in a crowded market is not only difficult, it’s time consuming. A growing business has to define their target customers, learn where and how to reach them, and constantly keep an eye on the competition. And pulling this picture together isn’t easy. The business intelligence you need is often in multiple places and it takes time to gather and make sense of it all, so that you can make your next move.
With the right insights about your customers and their shopping behaviors at your fingertips, you can save time, money and effort making better business decisions. You can also discover new ways to differentiate and position your business to resonate more with customers.
Chase Customer Insights is an easy-to-use analytics tool that provides simple, actionable insights, at no extra cost for business owners who process payments with Chase. And with the rising cost of doing business, a solution that combines sales reporting and strategy is even more valuable.
Here are five ways Customer Insights can help businesses like yours boost your bottom line:
Cullen Fuller, co-owner of Meredith Jaye, reviewing Customer Insights with social media director Veronica Snelling.
“I have a finite ad budget and Customer Insights helps me better target my advertising.”
1. Find your customers
Customer Insights serves up key information about your customer demographics and their proximity to your location. You’ll learn the types of customers most interested in your products, how far customers are willing to travel to shop at your store and where to find potential, new audiences.
Cullen Fuller, co-owner of Meredith Jaye, a women’s clothing, accessories and home décor retailer in Chicago, says, “With Customer Insights, we’ve received unexpected but truly insightful information on the demographics of our customer and that is powerful. I have a finite ad budget and Customer Insights helps me better target my advertising.”
Uncovering more about your customers helps you better understand how to reach them. Let’s say a popular bakery notices they’re getting a lot of business from the next town over. They may advertise in that town’s local papers or run a direct mail campaign to drum up more business from that locale. They could even open a second location in that town if they’re ready to expand.
“It has made us better and has helped us define who our customer is.”
2. Personalize your marketing
Customer Insights brings information that can help you create more customized and compelling marketing strategies. Based on our customer demographic and geographic data, you can tailor your positioning and messaging to speak more directly to the people you need to reach. As Fuller notes, “It has made us better and has helped us define who our customer is.”
Unique insights about your customers’ demographic profiles can help you create content that reflects their experiences, needs and aspirations. For example, an interior designer could realize her clientele skews more toward affluent middle-aged women. With this in mind, she can adjust her messaging and imagery to better help her customers see themselves in her work.
Customer Insights gives you the information you need to create strategic campaigns and promotions.
3. See how customers shop at other businesses
Customer Insights gives you an inside look at how customers are shopping with businesses in your area and industry. You can use this information to adjust your business strategy and be more competitive.
For example, a dry cleaning business in an area with several other cleaners can glean insights from the times of day their customers shop. If both their store and their peers see peak hours right before closing at 5 PM, this dry cleaner may consider expanding hours to capture more clients after the other area cleaners have closed.
4. Create smarter promotions and sales tactics
Sales and promotions do more for your business when they’re backed by a solid strategy. Customer Insights gives you the information you need to create strategic campaigns and promotions. Insights like what times and days of the week customers shop can identify off-peak hours during which to offer discounts to bring in more business.
Customer Insights also tracks channel performance so you can see where customers are buying your products and which channels are working well. For example, if an art dealer with a brick-and-mortar location and eCommerce site found that the majority of his high-value transactions came from online, he may want to increase online advertising for these big-ticket items.
“Customer Insights touches every major decision and major cost sector in our business.”
5. Improve your operational efficiency
With Customer Insights, you can learn about customer shopping habits — when and where they shop — to make more informed operational decisions. This includes reallocating staff to have more employees on hand during peak times and fewer during slow periods.
Fuller confirms this has been a game-changer for Meredith Jaye. “Customer Insights touches every major decision and major cost sector in our business. [It] has aided in our staffing to save 20% on weekly payroll.”
Running a business is hard work. You have little time, your costs keep climbing and there’s more competition. However, Chase Customer Insights offers powerful data that’s easy to understand and can help you get ahead. According to Fuller, “Customer Insights has been an absolute godsend. It has completely aligned marketing, buying and labor scheduling and put a quantitative backstop to all of those functions. It makes more money, drives positive margins and is free.”
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To learn more about what Chase Customer Insights can do for your business, go to chase.com/CustomerInsights.