Apart from the fact that data analytics helps to improve the decision-making process of businesses, it also gives businesses the key to the digital world which help digitize all their processes, improve the development of their products, render relevant information at the fingertips, improve sales and also take care of marketing. All these are just the tip of the iceberg of what data analytics has to offer in business, there is more to unfold about this “new business catalyst”
The business world is like a marketplace with a lot of customers and clients hoping to get something good enough to satisfy their wants and get value in return for their money. Likewise, are big companies or organization waiting and willing to provide them with all they need. For your business to survive in such a competitive environment, you need to have a clear view of your customer’s insight and see things from their point of view as regards what they want and how they want a particular product.
With the aid of data analytics, your business can have access to customer’s information and data. In turn, this will help in figuring out what your customers are expecting to get from your business. According to research carried out by McKinsey, they concluded that business that has a clear view of their customers insight outperforms other businesses in the same niche by 80 percent when it comes to sales and usually has a 20 percent increase in their gross margin.
Also, by putting data analytics in place in your business and considering market segmentation, you will be able to understand your customers’ buying behaviors and their preferences. For instance, a retailer who runs an E-commerce business can make use of data analytics in understanding his online presence by asking his new and old customers simple questions that relate to how often that do visit his website and find exactly what they were hoping to buy. Such questions should give the retailer in question a clear picture of where he is lacking behind losing money.
Also, the proper use of data analytics covers the marketing expenditure of your business. With this, you should have a clear idea of how to relocate the budget of your marketers, giving more to those that are more productive and finding a way to enhance those that are lacking behind. All of these helps you as a manager or an entrepreneur to acquire competitive intelligence on market conditions, optimize the processes in your business, AND target consumers more successfully.
A proper decision is all you need in your business and by getting it right, you will be able to transform your business and take it to a whole new level. With data analytics, you can do just that. Take advantage of this and gain a competitive edge over other companies or organizations in your score of the market and remain at the forefront of the business world.
Do you wish to know more? Contact us at NextBee and our team of experts will handhold you through the process of discovering the benefits of Data Science for your business.