Article by: Vivek Mukherjee
Why Data Analytics Could Be Your Business’s Recipe for Success
Having reliable data on hand as a solid basis on which to make important business decisions is one of those things that most businesses cannot afford to do without. However, with a plethora of data to sift through, things can tend to get a little complicated, especially if you’re not quite sure how to make data analytics work for your business. Here are some helpful tips on how and where to apply data analytics so that you can see measurable results, courtesy of Mark Zarr.
Marketing and how to retain customers
As far as reaching out to your ideal target market is concerned, you’ll need to have a game plan from the beginning to ensure you hit the nail on the head each and every time. This is where using data analytics to your advantage can work like a charm in uncovering deeply valuable insights about your target audience – the likes of which you might not have known about otherwise. Then, once you have narrowed down who they are, where they live, and what they want using demographic, psychographic, geographic, and behavioral data, you can then go about creating a tailored marketing plan just for them!
Even if you plan to hire marketing professionals, it is worthwhile to educate yourself on the fundamentals of modern content marketing. Having a better understanding of what to expect from digital marketing can help refine your expectations for what’s possible, as well as improve your requests of marketers you work with.
These days, advertising via social media is a must, but data analytics can help you narrow your focus. For instance, you can design banners online for free that will allow you to reach the largest target audience without wasting time and money.
But there’s no use in going to all that effort to acquire a new customer just to lose them after the first purchase, right? Omniconvert notes that this is where customer retention should fall into your marketing strategy to ensure you don’t lose customers to your competitors. Usually, this will involve identifying three key steps using descriptive, predictive, and prescriptive techniques. These vital steps should be able to illustrate what happened in the execution of your marketing strategy, what is likely to happen, and what you can do to change the outcome of these results.
Managing your business’s risk
Risk management is another key area that most businesses cannot afford to let slide. With the right data, risk managers formulate plans to reduce loss, get better insurance premiums, enhance reporting and monitor progress within the business.
Financial management
Data analytics can also assist you in making better decisions in your areas of finance too. Moreover, data analytics software such as a cloud bookkeeping system can help to simplify financial information so that it is easier to read and understand. Furthermore, suitable accounting software should provide you with the tools to read into your cash flow better, as well as provide helpful information regarding your profit and loss and balance sheet reports.
Inventory management
Data analytics is extremely useful for inventory management if inventory is primarily what your business deals with on a daily basis. Here, it’s about navigating the challenges of getting your stock levels just right so that you are able to meet demand without being overstocked. Moreover, Wrike points out that proper inventory management will allow you to identify areas where there is stock wastage or where stock is becoming obsolete so that you can rectify these issues on time without causing too much of a disruption to your business.
Customer relationship management
Making sure our customers are happy at all times should also be one of our topmost concerns because without them our businesses would cease to exist. However, it is impossible to be in all places at all times to ensure that customer service levels are being maintained to the standards required. This is where data analytics and software like bot software can help in handling some of the more repetitive customer service tasks so that you can rest comfortably knowing that your customers are being attended to at all times. These can be standalone programs or part of your overall CRM suite; the right CRM software is a critical part of your business’s technology plan.
Mastering Data Analytics
To maximize the advantage that data can provide your business, earn a master’s in data science online. A rigorous advanced course of study can prepare you not only with the tools to understand data, but also the capabilities to create your own mechanisms for gathering it. With an online program, you won’t need to set aside your career to accomplish it.
Certainly, data analytics is a wonderful tool to use to help you uncover, dissect and assimilate information into formats that are not only easier to comprehend but to apply so that you can reach those goals you’ve been aiming for.
For all of your small business’s graphic design needs, contact Mark Zarr today!
