Data is a hot topic these days. Whether it’s about companies hoarding and selling it for commercial purposes, hackers breaching it, or the importance of small businesses collecting it for in-house marketing strategies, it seems data is getting the Hollywood treatment and here’s why:
At its core, data tells a story; about what your customers need, and about your strengths and weaknesses as a business. It’s not just about gathering it because you can, but about gathering the right data and gaining a clearer picture of client behavior, markets, and where your industry might be headed.
Not partnering with a resource to help you leverage your business data? Here are some of the things you might be missing out on:
Streamlining Workplace Operations
Earlier we talked about how data can help your marketing team streamline their efforts and gain insight into which strategies on which they should be focusing. But data analysis can go even farther when it comes to saving costs and streamlining the way your business works.
It can give you a much more sharply-focused look at your customer service, manufacturing, and sales processes, allowing you to see where the most time and money is spent. You can also connect this information to customer complaints, allowing you to see which parts of your process need an overhaul.
Does part of your sales process just take up time and not result in the kind of repeat business you want? Looking closely at the data can help you figure out where to invest more time or resources—and where to invest less.
Getting an Edge on Your Competitors
A big reason companies look into analytics is not just because they’re curious about their own data, but about other companies, and their industry at large, as well. Done correctly, data analysis can help you conduct both quantitative and qualitative market research.
In addition, it can help you stay on top of trends and evaluate how customers’ habits are shifting. This gives you valuable insight into the creation of innovative products and services and allows you to anticipate customers’ needs.
Then, when it’s actually time to launch those products or services, you’ll be able to do so much more effectively and efficiently.
Enhanced Customer Service
Through the magic of data collection, you can also analyze customer satisfaction, which has the potential to encourage killer brand loyalty.
Are you ready to take an in-depth look at exactly what your customers are complaining about? With data, you can know whether it’s a particular product or an inefficient step in your operations process.
On the flip side, you can see which parts of your customer service strategy get the most traction and keep clients coming back.
You can also use data to create personalized offers and service for your customers, based on more tailored interests. Think about it this way: the more you know about your customers, the easier it is to treat them as individuals, and less like numbers.
Analyzing your sales data can tell you which of your marketing strategies are actually getting measurable results.
If you’re using digital ads, this type of data can tell you who is viewing them, how they’re interacting with them and what kind of action they take afterward. This makes it easier for you as a business to know where to focus your budget, and which marketing strategies need an overhaul, or need to be scrapped altogether.
You can also use this data to put together entirely new marketing strategies, taking into account customer preferences, user demographics, and other related trends.
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There’s a reason that the market for data and business analytics is projected to reach almost $200 billion in revenue by next year. Companies are finally starting to realize that data analysis can have real results when it comes to their strategies. The best part? You don’t even have to be tech-savvy to leverage this kind of information. You just need a quality I.T. specialist who understands your company goals and how to use data to get you there.
Analyzing data can provide plentiful business advantages. It can enhance the way you interact with customers and give you insight into their current and future needs. This gives you the opportunity to think about new products and services that might address those needs. When leveraged correctly, data can also help you save money by streamlining your processes. Whether it’s examining bottlenecks in your manufacturing system or looking at which marketing strategies are a waste of your team’s time, numbers can help everything flow more smoothly.
At the end of the day, it’s just about knowing which numbers and how to apply them to your success story.
JMARK has analytics services designed to help our clients leverage big data to gain valuable insights. Want to discuss how we can help you take your data collection to the next level and help your business achieve your goals? Contact us now using the form on this website, at 844-44-JMARK, or by