In a recent survey by MicroStrategy, 94% of business experts admit that data and analytics are vital for their business growth and digital transformation, according to Business 2 Community. The potential for data usage in business is growing at a rapid speed. By leveraging data and transforming it into actionable insights, you can quickly maximize your ROI. Data visualization in enterprise settings helps business leaders make informed decisions fasters while understanding their venture deeper. If you’re looking at boosting your organization’s growth using data analytics, here’s how you can harness big data to grow your business.
Set Your End Goal First
If your data analytics don’t match your company’s goals, leveraging big data for business growth can be challenging. So, before you can start using data for your business, set goals that lead to better brand recognition and higher profits or market share. Some of the goals you should focus on include leveraging media data at the zip code level to identify target consumers in a specific location. Also, commit to using consumer profile data to determine potential buyers and aim at harnessing geospatial data to boost your market share to the target demographic.
Identify And Use The Right Data Sources
Your business data sources include customer touchpoints like your company’s website, social media accounts, and payment forms. With this in mind, you can use various methods to gather helpful business information to identify opportunities and risks early. You may want to use an analytic tool like Yammer analytics on your website to collect customer information through questions and polls. You may also leverage in-store traffic monitoring, third-party promo tools, and customer relationship tools (CRM), such as Hubspot or Salesforce, for data collection.
Evaluate Data To Identify Opportunities and Pain Points
Once you have identified your data sources and feel confident in using them, evaluate the available information. Doing so helps you identify opportunities for growth and hidden risks that affect business success. For example, reviewing a customer’s journey using CRM or analytic tools helps you know the pain points that make your clients leave your site before purchasing. With valuable information at hand, you can implement practical solutions like improving information or payment pages to enhance the customer experience.
Data is increasingly becoming an essential part of businesses across all industries. By using big data and analytics, business leaders can make informed decisions faster to maximize their ROI. However, for data to be helpful, you need to have an end goal, use credible data sources, and review analytics to identify business opportunities and risks.