Bigger players are considering data insights and analytics as a significant business tool for driving their success strategy. They are constantly changing the way they operate and market their product across various fields to match the changing customer demands. Regardless of the size, every company is bound to have a well-thought-out data strategy at some point to keep up with market competition. So if you think you are incapacitating data for a competitive advantage, here are 10 ways to help you out.
- Product Planning & Strategy
Product being the initial and the most imperative stage of reaching your customers, it is necessary to evaluate and analyze data while planning your future product roadmap. In other words, don’t make the wrong product or product updates! Draw out maximum insights and data from social networks, current product usage data, and your CRM to analyze and understand the future trends, likes and dislikes, preferred features of the product etc. It is essential to consider these stats while planning the product.
- Improved User- Experience
Ensure your products and services are what your customers actually need. The best way to do so is by deriving user data from customer feedback, surveys or usability test. However, these data are completely useless if specific user patterns are not extracted from them. Implementing data analytics can let you improve your services and products based on the data derived from customers to provide enhanced user experience.
- Proper Supplier Management
Supplying your services in-time and in the best possible way, counts a lot in achieving your businesses goals. Data analytics can enable efficient supplier management through quality delivery tracking, real-time data analytics, and dashboards. You can easily identify the best supplying modes and eliminate the rest for improved supplier performance.
- Price Optimization
For standard growth in business, it is always essential to maintain a proper balance between customer satisfaction and price. Predictive analysis makes it possible to pinpoint the perceived value for pricing your products and services. Through data collected from previous sales records, market trends, and individual buying patterns, data analytics enables businesses to frame product prices that best suits their business.
- Effective Advertising
Thanks to digital advertising trends and big data analysis, it is easier to process and analyze the customer response of ads. Based on this data, businesses can choose the right marketing channels, message, time to reach their customers without wastage of efforts, time or money.
- Website Navigation
It is imperative to have a legitimate online presence. This directly affects your sales, brand and reputation. Data analytics can help you strengthen your website and user-experience by helping you lower bounce rates, boost conversions, increase impressions and click rates which will have a direct effect on your sales and business growth.
- Personalized Services
A business, although usually targets a huge audience, can have personalized services. With data analytics, you can analyze past transactions, website navigation, purchase preferences to enable personalized suggestions, recommendations, and even payment preferences. You can also use big data analytics to drive chat-bots for personalized interactions to boost user experiences.
- Enable Forecasting
Accurate forecasting drives business objectives and growth. Data and predictive analytics make it possible to forecast future trends, customer behavior, and user demands. Such analysis can enable businesses to prepare better for future market changes and provide better services with time.
- Inventory Management
Holding the right amount of inventory helps maintain and optimize cost and financial balance. Storing too much inventory could lead to wastage, whereas having a short inventory would lead to loss of sales. Hence, maintaining an accurate proportion of inventory is essential to stabilize business growth. Data analytics can help attain this accuracy and help reduce wastage and cost.
- Customer Retention
Data analytics can also help save you your customers. Utilizing history of purchasing behavior data and lost customers reports, data analytics can provide you with patterns and statistical reasons for customer drop-outs helping you improve the loose ends of your business.