You have a website, an app, few social media profiles, and even traffic coming in, all this is nice and dandy, but it’s not something which you are aiming for your business in future. You want your sales to multiply and your conversion rates to skyrocket, all this is possible by creating an effective understanding of your clients for the better evaluation of the performance of your marketing, content, products and more. Gone are the days of writing the content, promoting it a little bit, and moving on in your life. If you want to grow and prosper in this competitive business world, you definitely need analytics.
You can have various questions in your mind while running a business such as:
- How do I stack up relative to my competition?
- Is my strategy working?
- What is the most suitable marketing channel in terms of maximum ROI?
- How many resources will be required in 6 months, considering attrition and organization growth?
You can come to conclusion about the above question through your intuitions and experience.
But analytics will help you get the exact answer be it marketing, operations, human resource or any other department. In any competitive market, accurate strategic insight can be the difference between being ahead and being left behind.
According to the market prediction by statista, the revenue generated worldwide from big data and business analytics will be 260 billion USD by 2022.
Superior customer experience
Analytics allows you to extract information from existing data sets using many techniques from data mining, statistics, modeling, machine learning, and artificial intelligence to analyze current data to make predictions about future outcomes and trends.
Research shows that “90% of business managers believe analytics has the ability to improve sales, and another 62% report they believe analytics can increase sales by more than 20%.”
In today’s competitive world, “Customers are more educated and aware, public trust is fragile”. Analytics provides a window into how customers think and gives your company the power to discern critical information from a customer’s data trail. Hence, allows you to maximize customer acceptance.Analytics are used to achieve customer relationship management and can be applied throughout the customer’s lifecycle right from acquisitions, relationship growth, retention and win back.
For instance, Snapchat created a viral marketing sensation around the launch of Spectacles. The company creatively mapped out where to place vending machines for consumers to purchase the camera sunglasses.
The locations ranged from high-foot-traffic areas to famous attractions.
Smart decision making
Data is a commodity in today’s world and one whose value is all but incalculable. Successful business leaders garner actionable insights to make a smarter business decision. By monitoring trends to determine customer preferences, a company can quickly make strategic marketing decisions to best capitalize on their products or services and policies to improve employee productivity, streamline the recruitment process, or reduce employee turnover.
Sprint uses big data analytics to handle 10s of billions of transactions per day for 53 million users, and their big data analytics put real-time intelligence into the network, driving a 90% increase in capacity
. By examining incoming and outgoing finances of the present and past, a business can make decisions based on the company’s future financial status.
The analytics output from big data has helped Kroger to see greater, more actionable insights on customer loyalty and profitability. Claiming 95% of sales are rung up on the loyalty card, Kroger sees an impact from its award-winning loyalty program through nearly 60% redemption rates and over $12 billion in incremental revenue by using big data and analytics since 2005.
Only 46% of companies use a mobile app analytics solution, which means another half of the companies are not getting any information about their mobile app users.
Not quite there yet!
Analytics can give you an edge among your competitors by monitoring your performance in terms of downloads count, revenue, in-app purchases, ranking, royalties and many more. But, despite compelling benefits, a majority of companies don’t succeed at realizing the potential of applying analytics-based insights to their business efforts.
Improves marketing strategy
Analytics customizes your marketing and promotion campaigns for optimum results and thus plays a major role in your business future growth.
A study by RedShift Research revealed that 97% of marketers using analytics acknowledge that it does improve marketing results.
The following graph highlights the importance of analytics in various fields of marketing.
Online travel firm Expedia has found that data analytics can deliver a multi-million dollar kick to a company’s bottom line.
One extra data field was costing Expedia $12m a year
Expedia’s VP of global analytics and optimization Joe Megibow said,
“After we realized that we just went onto the site and deleted that field – overnight there was a step function [change], resulting in $12m of profit a year, simply by deleting a field.
We have found 50 or 60 of these kinds of things by using analytics and paying attention to the customer.”
We have found that data analytics can deliver a kick to a company’s bottom line.
The gateway between your site and the visitor is the lead generation form, also known as the lead gen form. As you already know, a lead gen form that’s placed on a landing page with offers visitors can’t resist always performs well.
But how do you ensure that your lead generation form is optimized for the user?
That’s a big challenge for Internet marketers.
While analyzing one of our client’s analytical data, Our analysts realized that the site needed to be changed after investigating why many customers who started filling the form on the company’s site did not complete the form and drop in the middle.
We began examining and correlating information about these leads to identify what traits they had in common.
The answer was quite simple, “ Number of fields in the form were higher than required by the company” and was serving as the hindrance in their lead generation.
We came across the fact that a slight change in the form of the company can reduce their drop off rates by 38% and increases their earnings.
As businesses transform into data-driven enterprises, data technologies and strategies need to start delivering value. The ultimate purpose of analytics in a business is to reduce operation cost and maximize profits. For any company to succeed or stay in business, they must focus on information gathering, information visualization, and predictive modeling.