Data Analysis, How it can Help your Business
Data Analysis has helped business owners over the years and it’s constantly evolving to be an integral path of every business setting. Collecting the right data which can be done by asking the right questions to your customers has been a major bedrock to a lot of business decisions.
Business owners are leveraging the power of data and analytics to keep business going, customers happy and constantly adding value to the market.
Data analysis such as predictive analysis can predict what is likely to happen to your business and recommend what has worked in the past to avert such a situation. Working with the right data will not only solve a business problem but can show you a new business opportunity or a need to diversify and expand.
In this article, we highlighted 4 different ways data analysis can help your business.
1. Better marketing decisions
“Most of the world will make decisions by either guessing or using their gut. They will be either lucky or wrong.” – Suhail Doshi, chief executive officer, Mixpanel.
Let us imagine an organization spending so much on a particular advertising platform and getting low turnout and sales, the data analyst decides to bring up a suggestion by using the same cost but this time splitting it into a different platform and monitoring it with an interactive dashboard, a few days later he discovers another platform is making great conversion and sales, he presents the findings to the management and the organization and they adopt this new platform, this is a practical example of making a marketing decision using data.
2. Find the need to expand
As an organization the best way to get a client is to create value, you ensure your customers’ needs are met. It is highly recommended that you do random surveys with your clients, it may be this new idea that you feel can work well with your business and will add value to your customers, you can let your clients tell you their pain points, use this data and see the new business you should be doing or how you should be diversifying.
3. Helps with risk management
It’s amazing to be able to predict future occurrences by identifying patterns and trends, data analysts look for a particular trend, and with the help of subject matter experts look for ways to manage risks.
Every business may require you to take risks but having the right data will help you determine if your risk is going to be minimal and can be managed.
4. Helps with customer relationships.
“You happily give Facebook terabytes of structured data about yourself, content with the implicit tradeoff that Facebook is going to give you a social service that makes your life better.” – John Battelle, founder, Wired magazine.
Having the right data and carrying out the right analysis with your customer database will do you much good, you will tailor your recommendations based on your customers’ needs, geographical location, interests, etc.
This will build more trust between you and your customers and people will patronize businesses they can trust.
Business owners through the help of their analytics team can maximize every data in the organization, from previous data collected to build an interactive dashboard that changes as the data keeps coming, people are data and data is people so the more clients you get the more the organization’s data increases.