With the rapid digitalization of the business world, data is becoming more easily accessible. There are many reasons and ways to leverage market data, and for the HVACR industry, the main goal is to improve the delivery of products and services.
But as with any specialized business tasks, HVACR companies could benefit from outsourcing or hiring business analysts. Analyzing consumer data and keeping up with the evolving HVACR industry trends paves the way for better sales and better service. So, it’s no surprise that business analyst positions are some of the fastest growing careers in business administration, with more than 114,000 currently active in the U.S. These data professionals are skilled at conducting research aimed at improving corporate strategy and policy.
Create Quality Products
One of the most important types of data that a business analyst can utilize is client data, particularly their preferences. Keeping up with data on consumer purchases and spending habits gives businesses insight into how they should improve their current range of products and services. It also gives them an idea of the current market demand. For instance, the global health crisis has increased the demand for HVACR products that can refresh and filter the air as they reduce the potential spread of the COVID-19 virus. By knowing this, HVACR providers can work towards making these products available to the market and upgrading their product lines. By staying up-to-date with market demands, you can better address the needs and wants of consumers. This, in turn, ensures that your company doesn’t get left behind by other businesses who actually listen to their target market.
Increased Opportunity for Follow-up Sales
Keeping records of consumer data and sales information also helps in predicting when a customer might need general maintenance. This allows you to reach out to the customer and offer in-house maintenance services. Recent technological innovations have also made it so you can incorporate this feature directly in the device via algorithm-driven software. The feature automatically informs the customer when the device is due for maintenance, making for a more convenient process. It also offers significant energy savings and lower maintenance fees. Note that this data also applies when your customer requires an equipment upgrade. Being aware of when a device is nearing the end of its lifecycle lets you contact your client with a new sales pitch, and potentially gain a new brand-loyal customer.
Improve Customer Service
Consumer data should also be accessible to the rest of the workforce, not just business data experts. It could be used by different departments to improve their operations by gleaning valuable insights from information they have collected and stored. For example, you can include details such as clients having aggressive pets or clients who live in gated neighborhoods, which can be passed on to your service operators. Taking note of such dynamics makes it easier for employees on the field to adjust to any given situation.
Moreover, you can use this data to train the workforce, with an emphasis on the customer service department. This will encourage employees to improve their customer interactions and, ultimately, deliver better service. On the flip side, it shows your clients that you're paying attention to their needs, which can increase the business's customer retention rate.
These are some ways in which HVACR companies can leverage data to drive sales. With the help of a learned professional, your business is sure to harness the data it needs to get ahead of the competition and become a formidable market entity.
Riley Ann James is a small business consultant based in London with a background in finance.