Who is sick of insight? Who has had enough of gaining an intimate understanding in their companies and industries – and then demonstrating that understanding to clients and investors? Anyone…?
I guess not. And that’s surely a good thing. Insight is, after all, what drives us to improve, to develop our practices and services, and to succeed in the long term.
We know that data visualization delivers us this insight. We also know that data visualization gives us a means to wield this insight in the market. But what are its limits? Just how far can data visualization be integrated within our organizations?
Let’s find out…
As organizations grow, their objectives shift. This means that targets which once seemed so distant as to be almost unreachable are no longer so important. They have been achieved and it is time to move on.
With new targets come new requirements, often in the form of capital. We need investment to take our businesses to the next level. And we have enough faith in what we are offering to take on this investment and to provide security and ROI to stakeholders and shareholders.
The problem is, who is going to take our word for it? We might believe it ourselves, but why should an investor trust what we say?
This is why data visualization is so important. With this tool, deployed in the right manner, we don’t need to worry about convincing investors of our worth. We don’t even need to worry about persuading them that their investment is secure. The facts are clearly presented before them; the insight is delivered effectively and the funding is gained.
Sustained growth requires new customers and clients. It requires solid lead development and nurturing policies and it requires connections with potential customers across numerous different access points and channels.
Modern business is a speedy affair which needs direct insight, delivered effortlessly and seamlessly to a prospect. Data visualization is the ideal format to achieve this.
I’ve already discussed the power of data visualization as a tool for communicating this sort of insight; the same factors apply here. However, another feature of data visualization lends itself beautifully to this aspect of business.
People, as a rule, are captured by striking imagery which connects directly with the topic at hand. This means that crafting a well-thought out piece of data visualization is going to be far more effective than simply bombarding the lead with information – as much as 80% more effectiveaccording to some sources. Trying the latter tactic is just going to turn the lead off before the relationship has even begun. Deliver the insight quickly or the lead will simply seek it elsewhere.
The idea of connection is also important in this context. We are working with a visual medium, which means we must take advantage of the psychological triggers we have at our disposal. Crafting a data visualization which is aesthetically tied into your topic, or which illustrates a central theme, has a rhetorical effect. It makes the lead more likely to delve in even further and explore.
Strategizing for Tomorrow
Using data visualization to demonstrate or transmit knowledge is only half of the story. We can also use it to explore, and to dig into, data when applying it within our organizations.
A successful business is a constant work in progress. We must plan, strategize, set objectives, measure progress, evaluate and re-evaluate. This means understanding the data our businesses produce, sculpting this data into a handy tool, and then bringing this tool to bear on procedures and processes within the organization.
When we visualize data in this way, we become scientists, creating data models which we can use to map out and define our next moves. This is key to a successful strategy, and adds yet another level of functionality to data visualization.
Of course, such a strategy is only as good as the data we put into it. This should give us the impetus we need to keep honing our data collection policies, to continue pushing the boundaries of data storage and management, and to become ever more data-driven moving forward.
Data visualization not only helps us to show the future to our audience; it helps us to get to grips with and to understand the future ourselves.
Customer service and client support are frequently undervalued as critical assets to ongoing business success. We can be busy chasing leads to our hearts’ content, snapping up new business here, there and everywhere, but without good support in place for after the sale, we are nothing more than a leaky bucket.
Statistics published by Marketing Metrics show us that existing customers are 60 to 70% likely to make a purchase, compared to between five and 20% for a new prospect. To put it simply, invest in client support or pay the price.
By integrating data visualization into your support initiatives, you are strengthening your client relationships, boosting the potential of a further sale, and enhancing the lifetime value of the customer.
Imagine a customer is struggling to utilize a product you have supplied. Perhaps they are not using its functionality to the full, or are unsure of exactly how to apply the product to their particular problem or situation. We know that one-to-one personal support is best for making the client feel valued and for resolving an issue quickly, but what about beyond this?
Your customer is probably not going to want to contact your service team every single time they need assistance. Similarly, if the client is utilizing your product within their business, they do not want their team to be wasting time chasing up your service department every time they need to onboard a user or to handle another task.
Of course, one-to-one support still has a vital role to play. However, it needs to be backed up with a comprehensive library of data and articles to illustrate the product’s worth and capability to the client. Populate this library with compelling, insightful data visualization, and watch your customer retention rates soar.
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Image via Pixabay.com