We have come very far from data sheets and directories and have landed on enormous amounts of data that is collected through a constant activity that occurs on the internet. With the internet in its prime, we can expect to have access to the most deep-rooted intelligence and information. The problem that occurs nowadays, however, is that all this available data is chaotic and hard to make sense of because of how enormous its amount is. This is where data analysis comes into the picture. It involves decoding and deciphering insights from the data available. This enables organizations to make more informed decisions when it comes to creating products and mapping out plans to promote the same. Here are some of the ways how data analytics can help your business-
Increasing Customers
One way of going out and targeting more consumers is to identify the best source of leads like Google, PPC, or social media and then converting those leads into opportunities. On understanding how leads are generated through marketing channels, sales teams are enabled to calculate the source that is responsible for converting leads into opportunities, allowing them to prepare resources accordingly ahead of a campaign. With data analytics, it becomes easy to identify the most effective marketing sources by the reports that come through.
Finding Your Audience and Understanding Them
Data analytics allows you to create a profile of the current and potential customers, thereby helping you discover the ideal demographic. You can identify where people are most likely to make most of your products or services. There on, as you dive deep into the data, you can research your competition and eventually narrow down the area that would offer the most in terms of expansion and customer potential.
Data analytics also allows a company to see how a customer moves through a website. Sales and Marketing managers can use this useful information about customer behavior to analyze certain products and how they are presented. Data can reveal whether a website is easily navigable or not and if people find the information available on it useful, therefore, allowing a company to understand how their customers act and how likely they are to take your advice.
Predictive Insights to Take Action
One must not miss the opportunity to make well-mapped plans with data analytics. Predictive insights allow one to identify and speculate faults, which in turn helps in optimizing expansion and setting oneself apart from the crowd. It enables you to study the factors that are imperative in influencing outcomes all the while being assured that you are on the right track. Taking challenges in stride, solving them quickly and learning how to improve performance are simply the by-products.
Cost Saving
High volume of data could pose a dilemma to many of those who are contemplating venturing into data analytics. This is why agreeing to consider working with it in an environment that does not put such limits saves a lot of costs. Additionally, it also proves as an improvement in the accessibility and fluidity of information among the company’s employees, thereby proving to be all the more efficient. For example, Nokia adopted Amazon Web Services because of how hard it was to cope with the huge volume of customer registration data. y using Amazon Redshift as data storage, they managed to get the queries to work twice as fast and reduced storage cost by half.
Identifying Traffic Generating Regions
Data analytics has also become an indispensable part of identifying traffic generating regions. This information is used by marketing teams for local SEO or social media marketing and by sales teams to have a clearer outlook while planning for future projections. This can be done by using software that tracks leads from logging the users’ IP addresses. This works wonders in helping to identify which products or services are attracting leads, allowing you to tailor your message for every interaction.
If done right and in detail, data analytics can give visitor reports, helping a business identify the pages that were being browsed before the conversion of a particular goal took place.
If studies meticulously, data analytics can work wonders for any business- big or small and can help organizations in streamlining their efforts in such a manner that their efficiency increases by manifolds.