Today, gathering data to help you better understand your customers and business is relatively easy. It’s become so easy there is a danger of having too much data to deal with.
The modern business market place is a data-driven environment. The role of data is to empower business leaders to make decisions based on facts, trends and statistical numbers. But with so much information out there, business leaders must be able to examine through the jitters, and get the right information, so that they can make the best decisions about strategy and growth.
Marketing departments are using data to find consumers who are ready to buy, speeding up the sale-closing process whenever possible.
Before rushing to start collecting data, every business should begin by developing a data strategy. If you already have a ton of data, but no data strategy, it’s time to pause and develop one. Your team needs to determine what you want to achieve and then collect the data that will help you answer business questions, improve operations, and create new streams of revenue.
Data helps you make better decisions
Making better business decisions is the first step for all organisations to leverage their data intelligence. Data can help your team make better decisions in all areas of your business from warehousing to distribution, marketing to customer service, and many more. Always try to identify and prioritise the unanswered business questions and then determine what data you can analyse to get an answer for that unsolved business problem.
Businesses can use data to make decisions about:
- Finding new customers
- Increasing customer retention
- Improving customer service
- Better managing marketing efforts
- Tracking social media interaction
- Predicting sales trends
Data helps you improve processes
Data helps you understand and improve business processes so you can reduce wasted resources such as money and time. Every company is affected by these wasted resources. Many areas of the business are seriously affected if the data obtained is not useful.
For example, bad advertising decisions can be one of the greatest wastes of resources in a company. With data showing how different marketing channels are performing, however, you can see which ones offer the greatest ROI and focus on those. Or you could dig into why other channels are not performing as well and work to improve their performance. This would allow you budget to generate more leads without having to increase the advertising spend.
How data has helped marketers to shape their marketing strategy?
Marketers used to use billboards and commercials to get their message out to as many people as possible. These campaigns are still common but modern marketers also use data and the internet to reach people who are likely to become their customers.
Email marketers are able to generate reports that show the percentage of emails that were opened, the subject lines that work best and how many people clicked through to their website.
Digital marketers can learn what online ads grab people’s attention, which demographics to serve ads to and what websites are best to advertise on.
And search marketers can analyze data to discover where their website shows up in Google and other search engines for keywords related to their business.
You can use business data from a variety of sources to learn what channels and campaigns convince people to become customers. Using this information, your marketing budget can be spent on the highest performing tactics.
Today, running your business with the help of data is not that difficult. If you’re not using data to uncover insights that will guide your business into the future, you will become a business of the past. Fortunately, the advances in data processing and visualization make growing your business with data easier than ever.
In the rapidly expanding technological world of today, using data to run your business with the help of data is the new standard. Big data and analytics can help a business predict consumer behavior, improve decision-making across the board and determine the ROI of its marketing efforts. By addressing these aspects adequately, the business would not only be able to protect its market share, but also expand into new territories.