Learn How Data Analytics Can Drive New Revenues to Your Organization
Creating buying trends for your customers can point out through analysis, why your revenues may be fluctuating, even when the reasons for the fluctuations are unknown. With analysis, these very buying trends may be used to your advantage and to mitigate those fluctuations.
In the globalized world we live in, data, both qualitative and quantitative, plays a major role in your day to day activities. This is because used properly, data can give your management team better business insights.
Data transformed into information; can provide your management team with the captured requirements of your customers. With this information in your hands, you can gain a competitive advantage simply by tailoring your product or service directly to the needs of your diverse clientele. Understanding your customer buying patterns can facilitate new growth for your organization.
Analysts regularly point out that startups and some established businesses have to rely on data to drive their bottom lines. It is imperative to ascertain if you are missing the capture of key data components. Our Analysts report form hands-on projects that they are now finding the need to leverage the potential of ever more data just to keep our current clients competitive.
Once understood by our clients’ management; these same clients request more data for their individual managers.
There are several ways in which data analytics can be deployed to help your business obtain customer information that could drive extra revenues. For instance, the use of data scientists to perform some predictive analytics can allow management to classify customers as never before. For example, understanding one’s customers could include data according to your buyer’s age group, shopping frequency, buyer behaviors and from where does the buyer buy your product or service.
Once the information derived from your data is understood; the ability to create new strategies for selling additional products and services can be accomplished. Using your data can lead to creating customer profiles which could be marketed to directly. We have found that this also raises the opportunity for your team to increase or to create new revenues.
Does Your Business Have A Seasonal Component Where Sales Are Effected?
Sometimes the location of the buyer dictates shopping patterns, among other critical factors. With this information, your business can approach your different types of clientele by sending them messages that are specific and directed. Based on your data you know the customer will find these direct marketing messages relevant.
Driving data into information is transformative. From this effort classification of the data into information, profiles can help your management team to identify the most loyal customers. Thus, rewarding these customers increases loyalties providing the base for increased MarketShare. Identifying your best customers and building the profile will assist your team to find more customers in the same profile. This is a fresh way in which Data Analytics can lead to increased revenues.
In this increasingly competitive marketplace tweaking your marketing strategies to meet the unique needs of your different customers is a never-ending process. Having your data work for you speeds the decision-making processes. Moving faster can often mean that you can secure new customers before your competitors.
However, hiring and retaining data analysts to determine where to look through your data is another challenge for you too.
ProDevBase has a Strategic Component which can analyze your data to see where your data may have gaps with your current processes. When the gaps have been remedied and data is converted to information our Deployment Component will turn the raw data into the type of information which your management team specifies.
When data is transformed into information, trends appear, decisions become easier, and statistics will show the cold hard facts. Thus, your ability to use the data already in your systems will make your team smarter and more decisive than your business team is today.
This applies, by the way, to customer retention. The importance of retaining your customer base is the only way to build upon the customer base. ProDevBase customer companies employ our team to process this information meticulously so that together with our team along with your management team can suggest remedies to apply to help you better retain your existing customers.
Discover What Data Analytics And Data Scientists Can Do For You:
If your business needs to apply analytics, then your team has to know what to ask for. The ProDevBase Strategic team fills that knowledge gap so you can reap the benefits of working with our team. For example, data analytics has a myriad of options such as:
- Quantitative Assessments,
- Diagnostic Analytics
- Predictive Analytics,
- Descriptive Analysis. (Descriptive analysis allows you to comprehend what transpired in various transactions, and times, and locations, etc.)
Often diagnostic analytics can help your business understand why certain approaches were not successful and how each effort failed to deliver.
Predictive analytics often can be deployed to help you to expect what will happen in the future. Imagine having facts and analysis to predict future success or failure.
When data is transformed to information, as we have described, then you will find that new initiatives can be expected and in advance of launching a new initiative to capture new revenues, you will be able to arrive at a holistic picture of future issues. If you can anticipate future issues then each can be addressed before launch (new tasks, procedures, and business rules can be developed and applied thus increasing chances of success.
Incorporating new procedures and practices raises the success rate of our ProDevBase customers as each customer grows their businesses.
What Can You Infer From A Greater Use Of Data Analytics To Grow Your Business?
If your business needs to remain competitive then innovation should come from within and from the outside. You will know that business cannot stagnate. Either one must continually innovate to grow with new products or services or fall backward behind your competition. Data Analytics enables you to identify trends based on your customers. To know what your customers are looking for in the immediate future as well as down the road, it is important for you to wholeheartedly embrace data analytics in a big way. Leveraging the data which you already collect will allow you to spot trends your competitors may be missing.
Data culled from the analysis may also show what data experts can discover, that with a keen eye, reports can be delivered to management for decisive action. Your management, using data analytics could begin to understand some of the more subtle ways in which your marketplace is functioning.
Data can empower your business to create goal-oriented campaigns. This is one of the reasons why more organizations are using data analytics to their advantage. Imagine your team understanding the buying habits of not only your consumers but understanding how you might appeal to new consumers in order to gain market share.
For instance, no one has the same data you have. Your competitors have their own data. Some may have big data; where huge amounts of data are stored. Imagine too that they employ data scientists, or analysts to mine their data for their competitive edge. Your competitors are doing exactly that. Their analysts may be providing their organizations with valuable information on pricing strategies and customer engagement. The bigger guys have been doing this for years. Now you can too.
Unlock your potential growth which is offered by data analytics cost-effectively. Find yourself a company like ProDevBase where you can solve your issues through cost-effective consulting. Learn how your data can be completely leveraged. In some cases, asking your customers can deliver relevant data such as; the various shopping behaviors of customers, including the devices and browsers they use the most.
Lastly, measuring your suppliers, your staff, and your ability to respond to an ever-changing marketplace can be evaluated too. Having a nimble attitude bolstered by facts and trends allow for growth and for growing customer satisfaction levels. If used correctly Data analytics can play a key role in transforming your marketing strategies sometimes by shedding light on price optimization and supplier tracking. Given all these studies and the success achieved by companies that have emerged recently on the horizon with radically different models, it is not at all surprising that money that will be spent on data analytics will grow exponentially by 2020. Understanding how you can be part of this movement may assist your organization’s growth. At your convenience please contact Andrew at 773-516-5789 or reach us at info@ProDevBase.com.