Big Data if used correctly can help you to improve sales, marketing and reducing operational costs that could otherwise prove expensive
Big Data relates to large data sets that can be analysed to reveal trends and associations, especially relating to human behavior. Businesses often evaluate data to improve operational efficiencies to boost profitability without having to make customers pay more for products or services.
An article published on Entrepreneur.com highlighted the fact that data is growing at a faster rate than ever before. By 2020, every person online will create roughly 1.7 megabytes of new data every second of every day.
Here are some key points for consideration that will help you to better understand how using data can help leverage your business offering:
Data is usually gathered in one of three ways, either by directly asking users though opt-ins or lead generation forms, tracking software and apps normally found in smartphones, or by using cookies that collect more and more data as they follow users across multiple sites.
Metrics provide a body of evidence for making, intelligent, data-driven business decisions. When used correctly, data enables you to look at the bigger picture by linking together different elements to help generate fresh insights.
Such insights could include; how your marketing efforts are affecting work volumes, how many jobs are repeated for each customer and looking at any spikes in demand for work.
Looking at customer data trends enables you to develop your business to better suit individuals using your services. This helps to create a better customer experience overall and stops you from making decisions off what you think they want.
Where cost savings or efficiencies have been identified, it is important that they are acted upon or this could mean that business is being lost.
Insights provided through analytics can also provide a solid case for adopting paperless management systems.
Monitor and measure success
With clearly defined metrics in place it is important to monitor progress to ensure expected outcomes are reached. Easy to access data means that you can validate efficiencies and savings in costs. You can also have confidence when reporting back to the board with metrics that demonstrate how much resource has been saved.
You can also personalise your business strategy to ensure that engagement with customers continues to grow. This approach has been crucial for many leading companies to stay ahead of the competition.
Create new revenue streams
When used correctly, data can also help to unlock new growth opportunities and new categories of business. This can be achieved by analysing the market and consumers to see how people have interacted with various products or services.
By collecting data you can personalise your marketing strategy so that engagement with your customers goes up and not down. When used in the right way, data can provide your business with a range of opportunities for growth.
Clarity Software is a leading provider of MIS, CRM, estimating and quoting solutions for any business type and size. Over 4,000 users currently use Clarity end-to-end software solutions to improve business processes.
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