by Eva Benoit
Data analytics have climbed to the top of every corporate agenda. And it’s easy to see why. By utilizing big data, you’re transforming how your company does business while skyrocketing your performance. This is also key in standing out in an increasingly competitive landscape. Looking to use data analytics to operate, strategize and grow? PRSA Tri-State breaks down how you can do so below.
Choosing Your Data
The information available to businesses has increased exponentially over the last few years. But it can be challenging to navigate this world and tailor the data pertinent to your growth. It will be critical to choose the correct data for a comprehensive data strategy. Begin by taking a macro look at your operations and performance sectors. From there, get granular about what is relevant to your company. For example, begin by looking at verticals like operations, customer experience, marketing, and product development. Once these elements are visible, start narrowing down on the data sets relevant for improvement. For example, if your customer experiences can be improved, zoom into the microdata available to you through social media and website algorithms and see what changes need to be made.
Customer Acquisition and Retention
Hootsuite writes that a defined target audience will be critical for company expansion. The reason for this is simple – with a defined demographic in mind, you’ll be able to use your data for customer acquisition and retention. And let the data do the work for you – you’ll be able to find out specifics like how people feel about your brand and the exact location of your customers. You’ll then be able to use these parameters to draw more customers to your brand because you’ll know exactly who you’re marketing to, and what their interests are.
Inventory management involves a lot more than just accurate inventory. Instead, you’ll have key business insights that can increase productivity and profitability by using data to tackle inventory. For example, you’ll be able to process your past sales and the anticipated future demand. But you’ll be able to filter through factors like season, lead times, and trends as well. You will also be able to optimize your stock, enable cross-selling functionality, and reduce the impact of product recalls. In addition, operational efficiency and improving order fulfillment time frames can also benefit by using data.
Data Analytics for Marketing
Data analytics will be a crucial tool to drive sales and revenue. In addition, by harnessing the power of analytics, you’ll be able to reach both new and existing customers in a more targeted manner. According to an article by Wharton Business School, data analytics helps take the guesswork out of decision-making regarding digital strategies and social media alignment. For example, you’ll be able to see which ads have more clicks, which products are underperforming, and the best periods to launch a campaign. By utilizing these results, you’ll be able to constantly pivot and adapt your marketing efforts in a direction that better serves you. From there, you’ll need to create a comprehensive marketing plan. This should address budget, target market, sales goal, strategies, and the main quantifiers of success.
An apparent utilization of data analytics is an excellent strategy to integrate all the different elements of a business. Investing time and energy into understanding big data will pay off, as you’ll see consistent results across operations, marketing, and growth verticals. So get to analyze that data and watch how your business transforms today!