How data can unlock hidden business opportunities
Strategic collaborations create excitement for both brands and their customers, whether it’s fast food and toys, sports teams and cereal, or even cars and fashion brands. All of which are memorable – and perhaps even a bit unexpected.
And while traditional business partnerships typically prioritize safety and predictability, customer data holds the power to unlock a world of possibilities to help businesses stand out and expand into new audiences.
In fact, 87% of marketing leaders think their company isn’t using data to its full potential. But those who do are seeing huge payoffs – 58% of respondents from one study shared that they have seen a large increase in customer loyalty and retention. This abundance of data enables businesses to form new hypotheses and create connections that may not have been obvious to them, or to their peers. And when there’s a trusted partner to help identify and recommend new directions, businesses of all sizes have the opportunity to thrive and grow.
J.P. Morgan Payments, moving almost $10 trillion per day (or around $100 million in value every second) has a unique vantage point on customer behavior. Especially with Customer Insights that go beyond simple demographics. Now, businesses can instantly tap into a rich understanding of what fuels customer decisions, including their behaviors, preferences and values.
“Our Customer Insights data can help company leaders, including product and marketing teams, figure out the best strategies to pursue for their business,” explains Florencia Ardissone, Head of Product and Analytics at J.P. Morgan Payments. Ardissone and her team transform customer data into actionable insights that inform strategic decision-making.
For example, Customer Insights might reveal that 30% of pet store transactions take place on a Saturday and 40% of those same shoppers visit a home furnishing store after¹. This suggests that exploring a new line of pet beds could create an unexpected expansion opportunity, potentially leading to increased foot traffic and sales.
Customer Insights empower decision-makers to take their company to the next level through powerful partnerships, pursue bespoke products and deliver personalized services that resonate with their consumers. This data-driven approach, fueled by Customer Insights, is unlocking a new era of customer engagement and fueling long-term business success.
- Data is for illustrative purposes only. Based on actual customer data.
Disclaimer: Future capabilities of Customer Insights are under development; features and timelines are subject to change at the Bank’s sole discretion.
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