Using Data to Gain an Edge in Your Business
Big data, like Google Analytics, eCommerce, SaaS solutions, social media insights, etc., is everywhere. Needless to say, the influx of information can be overwhelming, and ignoring it could make you lose out on an increase in sales, client retention and more. Regardless of industry or size, all businesses can benefit from the value big data can provide. So how can you harness the power of big data and get to what is most relevant for your business, and how can businesses interpret this data to gain an edge in an increasingly saturated marketplace? The key is distilling that data in such a way as to answer your most pressing business questions.
Big data should be used to your advantage. Here are 3 key ones:
- Understand your customers better. When you know who your audience is and how you are reaching them, you can use that information to increase visibility and conversion rates. You can see details about what is driving your customers’ behavior, such as: which social media platforms they use, what devices they typically purchase from, and countless other data that would help drive decisions around sales and marketing efforts.
- Make improvements to products or services. When you have insights into your customers’ behavior and preferences, you can hone in on ways to improve your product or services. Innovations can happen more effectively when you get answers to questions like: How long is your customer using your product? Which services are most popular in certain areas? When are they most likely to repurchase?
- Streamline your internal operations. Not only can you improve your customers’ experience, but you can improve the way your business operates internally as well. For example, the more you know about where your employees’ time is spent, the more you can optimize that time. Where can you increase efficiency and avoid errors or miscommunications? Can you minimize the time it takes to fill orders and ship products? The right kind of data can help you make these improvements to business overall.
Now is the time to take advantage of the endless amount of data available to your business and use it to gain an edge on the competition. Those companies who are not measuring their data will be left behind in this fast-paced age of information. Finding the right tools to help you do so is equally important. Dashboards that deliver all of your metrics in one place in a way that is easy to digest can be the critical turning point you are looking for to accelerate your growth.