Data enrichment is key for any franchise business to achieve greater results.
In order for franchise owners to grow their customer base, they must know who their audience is, what they want and how they want to be reached. Without proper data enrichment and analysis, how will any franchise reach their best and most loyal customers? The truth is, they won’t.
With competitors consistently looking for ways to get ahead, you must do the same. Thankfully, there are analytics tools available that will answer your most pressing questions as you prepare to grow your business. These analytics tools are designed to deliver valuable insights and predictions to guide your next steps and optimize strategies faster and more effectively than ever.
Create the Best Strategy to Grow Your Business
In order to understand why franchises need enriched analytics, one must know what they need to craft a successful messaging to attract their best customers. By understanding five main details about their customers, a franchise owner is equipped to make the right moves for business.
Customer Data Enrichment is Key to Understand These Five Details
- Your Target Customers
- Your Customers’ Preferred Communication Channel
- Your Most Preferred Products/Services by Prospects
- Your Best Campaign Messaging
- Your Most Effective Sales and Marketing Budget
Not surprisingly, getting all of the above right often involves much trial and error and wasted spend. As the saying goes, “I know half my marketing works, I just don’t know which half.”
Enriched Analytics helps franchisees get their campaigns “right” faster, better, and with much less wasted spending. Enriched Analytics are insights and predictions made possible by matching an organization’s contact and transaction data with billions of third party data points.
Enriched Analytics help Franchise Teams
1. Identify Your Target Audience
Enriched analytics provides detailed primary, secondary, and emerging personas of various customer subtypes: new, repeat, high AOV, fastest new, fastest repeat, high margin. (SEAR Subreports). For example, a franchisee may want to increase sales by targeting new customers who don’t resemble traditional customers of the franchise. Enriched Analytics could reveal to a franchisee that their sales are increasing among a new demographic group, which they can then leverage to further increase sales among that group.
2. Know Your Customers’ Preferred Communication Channel
Enriched analytics provides contact level predictions on what marketing channel each contact is most likely to respond to. (Advanced Predictions). For example, a franchisee may want to decide who should be included in a text campaign versus an email campaign. Enriched Analytics can/will predict the contacts in a prospect list that are most likely to respond to text versus email and thus could be the best audience for a text message campaign.
3. Deliver the Right Product to Your Target Audience
Enriched analytics provides personas of customers who bought particular products/services and can predict what a particular customer is likely to purchase. (SEAR Subreports, Custom Predictions). For example, a franchisee could be trying to increase sales of a popular product with existing customers who have yet to purchase that product. Enriched Analytics could predict the customers most likely to buy a particular top selling product, enabling a franchisee to offer that product to the right existing customers, thereby increasing the likelihood of a repeat sale.
4. Craft the Best Campaign Message
Enriched Analytics provides personas of customers who responded positively to particular campaigns and can predict which campaign a customer is most likely to respond to. (SEAR Subreports). For example, Enriched Analytics could analyze all of the successful sales/marketing campaigns from the past year, reveal the underlying personas and products, thereby enabling the franchisee to select the campaigns and products most likely to convert leads into sales.
6. Create an Effective Sales and Marketing Budget
Enriched Analytics provides detailed analysis of past campaigns that can be used to budget and improve future campaigns (HEAR). For example, a franchise may be trying to decide how to improve a previous direct response campaign and how much advertising spend should be devoted to that campaign when rerun. Enriched Analytics can provide the franchisee and or marketing team a detailed analysis that shows how the campaign performed among various audience attributes, both in terms of success and size of sales, thereby enabling the franchisee to determine how much spend to commit to that campaign and where to commit the spend for greatest impact.
Let’s face it, finding a data enrichment tool that also produces reliable and actionable analytics for your franchise is nearly impossible. So, when you do stumble on one, taking the plunge is an immediate ‘yes’.
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boodleAI is a Cloud-Based Provider of Enriched Analytics for sales, marketing, and fundraising teams. Enriched Analytics are insights and predictions made possible by matching an organization’s contact and transaction data with billions of third party data points. Sales, marketing, and fundraising teams use enriched analytics to better understand customers and donors, analyze sales and donations, gain insights into specific contacts, and predict what contacts will do. Guidon, boodleAI’s Cloud-Based Software, makes Enriched Analytics available to every organization and every budget through usage based pricing. Visit boodle.ai.