Big data and advanced analytics are creating profound new opportunities for businesses, yet we found that only 4% of companies are able to combine the right people, tools, data and organizational focus to take advantage.
With analytics we’ll enable better decisions.
Data can help businesses better understand their customers, improve their advertising campaigns, personalize their content and improve their bottom lines. The advantages of data are many, but you can’t access these benefits without the proper data analytics tools and processes. While raw data has a lot of potential, you need data analytics to unlock the power to grow your business. Our data scientists and optimization experts can help you identify features that drive your business.
Out Of The Box Data Analytics
As the importance of data analytics in the business world increases, it becomes more critical that your company understand how to implement it. Some benefits of data analytics include:
- Improved Decision Making
- More Effective Marketing
- Better Customer Service
- More Efficient Operation
For marketing professionals, analyzing data provides the knowledge necessary to figure out which marketing strategies are most effective for specific groups of consumers. Whether understanding how various demographics respond to different forms of advertising or using customer analytics to chart how product desirability depends on context and environment, big data grants marketing professionals the information they need to create the most efficient campaigns possible.
Closely tied to the ways data analytics are being used for marketing is how they are being used in sales. Again, the key takeaway is that data provides insight: Insight into pricing strategies, customer responsiveness, public engagement with the brand, sales lead quality, win rates and loyalty to products over time. The full possibilities of data analytics are not fully tapped; every day, sales professionals are finding new ways to encourage purchases by combing through the vast troves of customer information provided by big data.
Data analytics can, for instance, show how long it takes for deals to close with specific groups of customers. It might also show specific types of deals and sales campaigns generating higher-than-average closing rates. While a big deal will always grab headlines and spark executive interest, strong data analysis can help the myriad smaller deals move more efficiently to completion, greatly affecting a company’s bottom line.
When a sales cycle succeeds, it leaves behind a trail of analytical evidence as to why. Understanding that evidence is what allows managers to dive into these moments and apply winning strategies to their current and future campaigns.
As with marketing and sales, the vast amount of quantitative information provided by big data can be a tremendous boon to understanding how customers shop online. Analyzing it can show, for example, which devices consumers tend to mostly use for their online shopping and whether their time on these devices is spent on company apps or web browsers.
Particularly important in recent years is how companies generate sales through mobile devices; the better a seller understands mobile shopping, the more they can create compelling, positive experiences that further increase the likelihood of additional sales revenue.
Big data is also a significant source of information on how consumers use social media to interact with businesses. One company might, for example, discover that a large percentage of its web traffic is generated through Facebook links and decide to further emphasize its presence there. Data analytics can even show which products are most popular on specific social networks through link referrals. If a manager is looking for a particular type of social media insight, chances are good data supporting that insight exists – he or she simply needs to know how to find it.