With more and more businesses having complex business functions that generate data pertaining to suppliers, partners, and stakeholders, enterprises require a more comprehensive and cutting-edge approach to gauge trends and analyze collated data from various sources.
An ideal data analytics environment enables the shortest and most viable route to make use of critical data for making business decisions. Drilling down the data can generate meaningful insights that can act as strong indicators for making timely decisions, improving overall processes and functions, and identifying potential customers and target segments.
The increasing trend to embrace data analytics by firms underlines their commitment to rise above the competition. Enterprises are now leveraging big data analytics to reap the benefits from number crunching and the need to realign their marketing campaigns based on emerging trends.
Right from positioning a product or service to developing effective promotion and incentive campaigns, decisive conclusions from data analytics can aid marketers by creating branding elements that are unique. The data trends also drive assessment of their current level of brand recognition based on well-defined sample of buyers as well as focus groups.
Using crucial big data analytics, businesses can dig into insights and identify patterns based on sales and potential revenue figures in real-time. This would lead to an increase in profits by focusing on potential target segments more closely. The growth of data sciences and progress in data analysis methods has led to the rise in off-the-shelf statistical and big data tools that can integrate seamlessly with the current legacy systems.
With newer tools to analyze data, business entities or stakeholders can rely on more efficient data analysis methods. Unlike the past where statisticians played a role, today’s data is pooled from a varied set of domains like customer touch-points and vendor payment gateways. Modern and efficient data analytics tools allow an organization to bank in on the data to answer several queries vital to the business. Big data analytics also guides firms in optimizing pricing strategies and leveraging sales channels towards increased revenues.
One of the crucial benefits of implementing analytics is in the form of customer turnover rates. A telecommunications giant collated data from social media accounts of their subscribers by using their internal billing information that was generated by powerful CRM data analytics. Based on graphs and data points highlighting loyal and repeat buyers, they were awarded with a lifetime-value package that helped them retain long-term customers; thereby cutting attrition rate by 50%.
Similarly, a media streaming platform identified viewer data pertaining to their content and precisely what kind of movies or TV shows the subscribers mostly watched by incorporating advanced data analytics. This helped the entertainment provider in streaming more of thepreferred entertainment genreswatched by the largest proportion of viewers, which resulted in an overall increase of 36% in the turnover of the streaming media provider.
With precise and accurate data analysis methods, businesses can now align their website or store based on from metrics on potential customer visits, bounce rates, purchases made, and the number of transactions completed, leading to an efficient conversion optimization aimed at higher level of customer engagement for times to come.
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