Make Data Analytics Part of Your Business Growth Strategy
As our world becomes increasingly digital, it is vital for businesses to have a data strategy in place in order to grow and prosper. Good data analysis can give your business an edge against your competition, and help you better prepare for the future of your company. Here are five ways your business can benefit from solid data analytics:
Customer Acquisition and Retention
If you’re a new business, you need to focus on customer acquisition and grow your customer base. Use data analytics to establish who your high-value customers are and what products they buy. Then, find new customers for your company by targeting similar customers online. And to keep your customers happy and coming back for more, make use of customer retention analytics. Instead of offering generic discounts, personalize what you’re offering to your loyal customers to make them feel more seen and valued by your brand.
Marketing Campaigns
By collecting transactional and point-of-sales data, you’ll be able to pinpoint the spending habits of your customers as well as follow broader consumer trends and preferences. Gathering data on consumers’ attitudes, transactions and demographics will help you establish where to find potential customers and how much they’re willing to invest in a product or service. Use this knowledge to target them with social media ads that will appear in their newsfeed. And if you think your marketing campaigns could benefit from a catchier or updated business logo design, you can create one online in just a few minutes.
Risk Management
Business data gathering will allow you to identify future trends and potential areas of risk, whether it’s changes in consumer spending habits or fraudulent online activity and cybersecurity threats. Predicting market trends is an invaluable asset for any company. It will allow you to adapt your offerings to better suit the demand, to better plan your inventory (which can lead to lower operating costs), and even help you pivot in case of a drastic change in your industry. You’ll also be able to better forecast your revenue and allocate money where you have the best potential for growth.
Product Development
Data analytics is a tool that allows you to better understand who your customers are and what they need, want, or expect from a particular product. The information collected helps you develop what consumers are willing to buy and better target your market. A whopping 84% of companies that strive to improve consumer experience see an increase in revenue, so it’s essential, for a growing business that wants to convert potential leads into sales, to invest in data gathering to deliver a winning product. You should also get important feedback regarding user experience as it pertains to online marketing and transactions, which will help you deliver exceptional customer service and exceed expectations.
Operations
Collecting and maintaining data can help you identify operational strengths and weaknesses within your organization. You’ll be able to avoid overstaffing or understaffing issues and you’ll be better prepared to meet customer demand. Operational analytics will also keep track of problems when they happen, their frequency, and what fixes are required, and the data gathered will help you come up with solutions to prevent those issues from arising in the future. In addition, evaluating data associated with sales performance can help your marketing team gain valuable consumer insight, overcome challenges and perform better.
Many companies implement an IT system that combines data, machine learning, and business intelligence to monitor and improve business processes — this is referred to as process mining. It is an example of a real-time application of data analytics, where a business process has controls implemented within it that respond to data changes. The tools of process mining take information gathered from data logs to make a process map that are then used for decision making.
If you plan to use some kind of data analytics system in your business, it’s important to choose accounting software that has broad industry acceptance. This will help streamline your implementation because many tools and applications will arrive prebuilt to work with your software. It also helps if the software itself has automated tools that make it faster and easier to use. Ultimately, you can choose from a variety of use levels depending on the needs of your business.
Data analytics has become an integral part of a business growth strategy. By tracking your customers’ spending habits along with the market trends in your industry, you’ll gain valuable insight that will allow you to develop products and services to satisfy a growing demand and increase your revenue.
SIIT — Scholars International Institute of Technology — is globally recognized for affordable high-quality IT Training and Technical Certification online. Our Mission is to make Technology Education and Certification accessible towards career advancement by providing a Flexible, Affordable and Effective E-Learning experience.
For more information, please visit our website or contact us today!
