Today, demand forecasts are the foundation of many business decisions. With data production predicted to increase 44 times between 2009 and 2020, there’s a huge opportunity to expand our perspectives regarding factors influencing and driving demand, as well as identifying patterns by which data driven business decisions can be made.
Here are eight ways data analytics can improve your business:
Define your Ideal Customer:
Data analytics changes the way businesses look at their customers. In the past, sales forecasting was often times based primarily on metrics such as customer demographics or past sales performance, which offer only limited insights. But today, with data analytics, companies can gain a lot more details about customers, such as the websites they frequent, social media channels they use, and which section of their website they frequent most.
Optimize Customer Engagement:
In addition to gaining insights into who your customers are, data analytics can help you know where they are, what they want, how often they make a purchase, when and how they prefer to be contacted, and many other important factors. Companies can also analyze how users interact with their website and make improvements accordingly.
Marketing Optimization and Performance:
With everything going digital, and many customers buying online, data analytics can help companies to make smarter marketing decisions across multiple channels and continuously optimize their marketing efforts through testing, measurement, and ongoing analyses.
Substantial Cost Savings:
With the ability to analyze big data, companies can monitor and optimize their marketing campaigns and allocate their marketing budgets to ensure a shorter and higher return on investment.
Combining big data with machine learning algorithms gives businesses the opportunity to personalize their offers to customers in real time, presenting specific products and promotions based on each customer’s interest.
Online survey tools enable companies to conduct qualitative and quantitative market research much more quickly and inexpensively than ever before. And, data analytics makes research results easier to parse and act upon.
With big data, companies can easily monitor mentions of their brand across multiple websites and social channels, revealing invaluable (and unfiltered) opinions, reviews, and testimonials about their organization and products. The savviest companies can also use social media to provide a stronger brand presence and a better customer service experience.
New social monitoring tools make it easier to collect and analyze competitor data, too, giving companies that use this information a distinct competitive advantage.
For more information on how data analytics can help your business grow, Connect with SNP here.