Updated: Jun 18, 2020
What is not measured can not be managed.
This makes more sense in this era where we have tons of Data. Data Analytics help every business about what works better and what doesn't.
In this article, I am going to introduce to you about Top 10 ways how Data Analytics can help your Business to grow faster.
Let's get started!
Do you have historical data and do not know what to do about?
Meaning you are not using the data analytics in right way!
Data is the wealth of a business and is a crucial resource for any business planning. Data provide key insights which enables business to take strategic decisions.
Data analytics is like the ECG of a health report for your business. You get the see the current status and can predict the future outcome. There are many Data Analytics tools in the industry but which can easily find the status of their business.
Lets uncover the Top 10 ways how Data analytics help your business grow.
1. Decision making
Decision makers in business often relay on the historical data. The data from the past is going to help them to predict the outcome for the future. Once data analytics show case the meaningful data in formatted way, decision makers will be able to take some strategic decisions.
For instance, the sales of a product is high consistently in the month December due to the festival season. With this data set from the previous years Decision makers can take all strategic decisions.
2. Set Right Target
With the right amount of data and the right data set from the past You can set new targets. from the historical data you can see the trends off your sales and send some realistic targets. this would enable your sales team effectively work towards common business goals. Whether by experience and historical data business can take decisions on meaningful achievable targets. This also helps business to strengthen their weaknesses depending on past goals and objectives .
80% of marketers believe that Segmentation is key for success. Business can segregate their audience based on their past purchase behavior. Facebook analytics and Google analytics are good tools which can readily help business to grow in their niches. By this business can target right audience for their different targets.
4. Cost reduction
Data analytics take a major role in reducing the business cost and marketing costs. With the help of google analytics, business can target right product to right audience then the marketing costs get reduced. Meaning the cost price of the produce also get reduced. Once the market cost is reduced, business can re=target the amount saved from market cost and reinvest in spreading the boundaries in look alike audience and boost sales. In turn boost the revenue. Cost is reduced and Revenue is increased. Is’nt it a nice business strategy.
5. Learning and Monitoring
With several tools like Vidq, tube buddy analytics, business can constantly monitor the competitors strategies and upgrade them selves to improve their business. You can find your ideal demographics provided by Facebook analytics and Google analytics and make a customer avatar for your business. You can study your competitors demographics and re target your audience and enhance your businesses.
6. Enhanced Product Management
Business have several products, and several records of transactions. Business can find their best popular product and least popular product. Once business find this, either least popular product can be enhanced with customer feedback or least popular product can be tagged with the most popular product and add it as a combo sale. In both ways, we have a new combo product or we have an enhanced version of the old product.
7. Add value to Customer
Business can find repeated customers, who come back and buy their different products and re-channel their marketing strategy to build a long-term relationship with their customers. With several social media platforms, we can interact with the customer and build a good rapport and hear their feedback on past purchase and can enhance the product or customize the product as per customer needs. This will bring a tremendous value to the customers. Added to it if business can invest on supplementary products.
8. Enhanced Campaign Management
Business can apply A/B test for each for their Marketing Campaigns and get maximum benefits by testing each of their campaign and can redirect their marketing investment to a maximum reachable campaign. Even the positioning of the product can be specific with each and every demographic of the customer which will in turn drive more engagement and sales.
9. Better Supply Chain Management
Analyzing supplier performance may vary on different factors like time of a day, day of the week and product being sold or returned. Based on the delivery performance, delivery can also be corrected. Few delivery vendors perform better in few local locations that an international brands hence business can take decisions based on it. Depending on return order, business can analyze the delivery performance of the vendors as well.
10. Boost Membership
Data analytics can boost membership of your site based on location based needs and event driven products. Analytics provides insights by which you can optimize your membership campaigns. In over all online educational sites, eCommerce, forums can be boosted and you foot print in world gets increased.
Data is present in each and every transaction of the business, like wise Data Analytics can be used in each and every aspect of the Business.
What isn't measured can't be managed - Data and Data Analytics!