When it comes to achieving business growth in less time, businesses can use one of the useful tools which are popularly known as big data. Big data has proven to be very beneficial for them because handling and analyzing all the data manually was quite a tough and frustrating job. It is very helpful for businesses when they want to analyze large quantities and want to make essential business decisions.
Once heralded is that the adaptation of big data analytics is all time and will not going to slow down during recent years. With business and big data analytics software projected to reach around $200 billion in revenue by 2019, it is quite clear that businesses worldwide decisions are bet on data that has paid off.
What is the catalyst for rapid adoption in the first place? Remember that all data is not created equally, and it requires numbers to vary from one company to another. According to a big data survey, big data initiatives include a drastic decrease in expenses, launching new business products and services, and exploring innovation opportunities.
Know the Use of Big Data for Improving Your Business Sales
Technological advancement has benefited businesses to a great extent. Businesses can track everything starting from user engagement to sales made due to the advent of advanced machine learning programs. If the entrepreneur is willing to track the data and wants to generate the report, they can generate it within a matter of seconds using this advanced technological solution. In a similar way, big data has also helped businesses in many ways; it helped them enhance their business sales, user security, retain customers, and much more.
Data-driven marketing has undoubtedly become one of the biggest norms for almost all businesses. Rather than gut feelings and trusted assumptions, modern marketers are making a decision by the number available to them. The report shows that data-driven marketing was up from 60% during 2015 and 2016. There are very few takeaways here? The answer is very simple that the data is in huge demand.
Likewise, there is an expectation for marketers to use data analytics, helping you to capture leads, fine-tuned campaigns, and ultimately grow the lines they request for businesses. Big data is undoubtedly a game-changing technology for marketers and businesses. Below are some of the upsides of data analytics, possessing various tools helping businesses to leverage numerous advantages.
Provide Product Suggestions
More than 63% of customers expect to have personalized products from all the brands. And to make personalized products for the customers as per their demand, businesses can use big data. It provides creative creating personalized product suggestions to all businesses. Business giants like amazon have bagged massive success in their fields because they have understood the importance of using big data. They collect all the figures which are based on their customer’s behavior and use the same to develop and market the newly launched product all over the marketplace.
Identify Hidden Pain Points
Businesses can easily identify the hidden pain points of the customers by putting generated data together. This data can help them identify the sales generated, customer requests, website traffic, and much more. It provides a clear map to the businesses so that they can easily know what their customers are suffering and how they can help them.
Tuned Customer Support
When businesses are thinking of evolving their business, then customer support plays a primary role. You can develop the excellent with the iPhone app development company’s help to provide customer support to the customers whenever they place the demand for the same. Remember that if you fail to provide excellent customer support to your customers, then your business sales will definitely fall down drastically. Hence use big data to program chatbots that provide support to customers.
Enhance Service Level
When it comes to delivering excellent music streaming service, then businesses use an advanced app like spotify; this distribution center can be handled efficiently using big data analytics. Analytics helps businesses to predict the abilities to help them to meet their customers’ demand. Data analytics helps businesses meet their commitments by allowing them to predict the patterns in advance and make changes to their business strategy according to business demand.
Set realistic goals for your business by involving the right guesswork after gathering and utilizing the right information. You do not want to target moving goals, avoid shifting it from time to time. Analytics come into action when it comes to planning the right targeted goals for your business.
With analytics, you can easily assemble data using previous customers’ activities and historical trends. Data analytics provide you with clear goals and help you know what your business goals are and what needs to be done to grasp the same. This ensures that you don’t miss any business opportunities to ensure its growth in a competitive market. Data analysis can help you have a quick glimpse of your business strengths and weaknesses, helping you to grow business in a short duration of time.
Supports Decision Making
A decision maker’s experience and intuition are valuable for your business, but to make decisions that benefit your business, you need to consider real data. You can not make an effective business decision about pricing strategies, inventory management, and other business factors without paying attention to data. Even when it comes to hiring the best talent for your business, actionable data can allow you to assess how people hire the best talent for their firm. Businesses that use data analytics are more likely to make the perfect decision for their decision making. You are more confident in helping you to improve business profit and efficiency.
There are numerous ways to identify ideal demographics with analytics. Collect data from social media platforms and existing customer base as it is considered a valuable source to collect information. Also, consider analyzing your competitors’ strategy and audience; all the data which you collect can prove to be very helpful for your business ensuring its success.
There are numerous tools that you can use to gather information about your audience. You can make use of Google Analytics on your website, use Facebook and other social media platforms to leverage the best results for your business. You can also add different analytics plugins to your business sites to understand your prospective customers. This can help you how customers interact with your business product or service, allowing you to enhance users’ engagement.
Continued development is seen in technology to improve and streamline business processes. Businesses can definitely achieve massive success and growth of their business when they use advanced technology like big data. This data provides them with the map, using which they can easily create effective strategies for their business.
Guest article written by: Gaurav Kanabar is the Founder and CEO of Alphanso Tech, an India based IT Consulting company that provides Linkedin clone development service and other app development services to individuals as per their specified demand. Besides this, the founder also loves to deliver excellent niche helping readers to have deep insight into the topic. Twitter || Linkedin