The world is connected in a way, unlike ever before through smartphones, tablets, and thousands of other devices. That level of connection has created an amazing opportunity for businesses to learn more about their customers. It’s surprising at just how few are taking advantage of it. A recent study from Data IQ shows that 38% of marketing experts haven’t received any training on data analytics.
This has left a huge gap for motivated marketers to leverage their way into a better position. Data analytics has started to create buzz, as shown in a report published by Blue Venn that shows 90% of marketers understand that effective data analytics is only possible with the right skillset.
The need for data analytics in business has never been greater. So many new marketing mediums are being introduced every year that staying on top of them has become a chore. Without data analytics, businesses are forced to play a guessing game.
7 Reasons why Data Analytics for Business is Beneficial to Marketing
Relying on a gut feeling is not a sound business practice. Analytics is the solution and provides a huge number of benefits to any business.
1. Data has Become More Personalized
Individuals are disclosing a lot of valuable information to businesses every day, so it’s important that the data are put to good use. Businesses don’t just gain access to basic information like gender, age, and location. Personalized data, like their behavior and personal preferences, are now being shared. Click To Tweet
2. Martech and AdTech are On the Rise
Due to the sheer volume of data available and its ever-growing value, the marketing industry has evolved. Martech and ad tech are just two categories of tools available. Businesses need accurate data to filter through these powerful tools.
3. Big Data Provides Accurate Insight
A lot of businesses are unknowingly spitting out bloated figures from their marketing campaign that look far better than they actually are. This biased data caused businesses to waste money, targeting the wrong audience, or using the wrong channels. Having a company like Research Optimus provide unbiased data analytics for business and will boost profits across the board by providing accurate information.
4. Prove Marketing Effectiveness to Clients
The ability to analyze data on the web – especially social media – helps businesses improve the effectiveness of their campaigns. Businesses can communicate this type of data easily to their clients, so it’s easy to showcase the effectiveness of a campaign strategy.
5. Better Co-Ordination with Marketing Agencies
The use of external agencies in a business’s marketing campaign has become commonplace, so it’s essential that communications at peak efficiency. Marketers must coordinate their metrics with those of the agency to find the most successful avenues.
6. Optimize Campaign Strategy Using Data Analysis
It goes hand-in-hand with the previous benefit because by having the ability to analyze data on the web properly. A big mistake that a lot of businesses make is that they forget to bridge the gap between their statistics and customer feedback. Click To Tweet Real customer feedback is an essential component, and it’s only available to businesses that can correctly incorporate data analytics.
7. Tap into New Opportunities
Predictive analytics might be the most important form of data analytics for a business since it provides the potential for upselling services and tapping into new opportunities. This information provides proof that a business can better target segments of their customer base to boost profits. For instance, sometimes offering different types of free reports helps a company target smaller, more focused niches.
How Marketers are Using Data Analytics to Reach Customers
Marketing experts can incorporate data analytics into their strategies and then use them to not only predict the ROI of potential markets but provide ways to reach new customers. Companies like Research Optimus can help both new and established businesses break through into other markets, which are the key to sustained growth.
Data Analytics for Business will Improve Customer Acquisition and Retention
Having the ability to monitor the behavior of customers is an essential part of creating loyalty in today’s business world. Customers expect businesses to understand their needs and fulfill them. Any business that is not catering to these needs is going to lose out on retention.
Big Data Solve Advertiser Problems by Offering Insight
The insight gained from data analytics provides businesses with the opportunity to save money on their advertising budget. Marketing campaigns become more efficient since businesses can target high profile clients. Predictive data analytics helps businesses to move forward with laser focus.
Provides Risk Mitigation Through Data Analytics
All businesses are on the constant lookout for ways to lower their risks while not sacrificing their overall goals. Data analysis provides this opportunity because it allows a business to scan through identify specific past trends and helps avoid making the same mistakes as other companies.
Data Analytics for Business Drives Innovation
The days have long passed where marketing is driven by instinct. It’s now driven by data analytics and is conducted using a combination of logic and imagination. Companies can now let data drive them forward without having to rely on guesswork.
Big Data is Valuable in Chain Management
Older management and supply chain systems did not account for big data, so they were often inaccurate. Modern approaches provide more complex supplier networks that are driven by data. Think of data analytics as a disruptive technology.
The Huge Benefits of Big Data Analytics in Business
It’s time to wrap up this post but not before looking at a few more of the huge benefits that data analytics has on businesses. These are experienced in both small businesses looking to scale up and big businesses looking to surge into other markets.
· Accurate Pricing Models: Studies show that 30% of businesses do not price their products and services correctly. Most profits in business come from its base products and services.
· Advanced Planning: Customers share so much data with businesses that they expect something in return. Their payoff should be that a company fully understands the needs. Big data help businesses plan their marketing based on these needs.
· Complete Customization: Businesses can fully customize their marketing strategies around customer data. It ensures that they are improving the customer journey by addressing their needs.
· Accurate Forecasting: Predictive modeling provides businesses with powerful forecasting that was not available in the past. Marketing changes at a rapid pace, so it’s important to stay up-to-date.
Businesses have found that predicting and measuring ROI are challenging. Companies have to start by defining what success means to them. Data contribute greatly to this goal, and they show areas where true value is located. In short, companies like Research Optimus take all areas of marketing into account to provide a list of benefits of each, thus providing more accurate insight into ROI.
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