How to boost revenue by profiling customers in terms of payments

Just like in marketing, merchants can rely on payments-related data to create more targeted services and boost sales. You can profile customers more comprehensively in terms of their individual tastes and habits by studying the areas where they spend their money.

It’s generally easier to service customer needs if you understand them. And profiling customers is a highly effective way to get more detailed understanding of the target customers. It lets you learn those opportunities which bring in the most revenue.

How to profile customers

You can build useful customer profiles based on their payment data from your existing records of business transactions. Chances are that you already have a rich volume of actionable data from your ecommerce software or your payment processor.

You should be able to get detailed payment data from your processor whether your business relies on credit card orelectronic check processing. If you can’t get quality data from your current payment processor, then you may want to upgrade to eMerchantBroker.com.

Here are some data you should be able to gather:

  • Shopper locations based on their IP addresses
  • Their preferred browsers
  • Their preferred devicesand OS. Some would prefer Mac to PCs or iPhones to Android smartphones and vice versa.
  • The days and hours when they do most of their shopping.

From these data points, you will be able to determine the exact location of your most paying customers. You will also be able to determine the type of browser they use to access your goods or services, plus the time.

Based on that information, you can then begin promoting sales during the time these buyers prefer to make their purchases. Suppose the majority are logging in using iPhones, you will want to make your site more mobile friendly and ready on the respective iPhone browser. In other words, you’ll begin to conduct highly targeted promotions directed to specific locations, groups of people and browsers at specific times.

Automating customer profiling exercise

You could gather all these data manually by studying your payment processing reports. But that can be a tedious process. In today’s competitive business climate, you’ll need to cut that labor. Simply integrate payments using the business tools you probably already have, for instance:

  • Sync payment processing with your accounting software to allows you to quickly determine where these payments are coming from and how the money is being used.
  • Integrate payments with your CRM platform to let you see how users interact with your business. You can determine their shopping preferences, preferred communication channels and conversion potential.

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