Before proceeding with my important data analytics applications, let me tell you one fact about you.
You are already using Data Analytics in your business.
Yes, the above statement is 100% true for all the businesses even a small shopkeeper, a desi businessman.
Every owner creates a P & L (profit and loss statement), customer balance sheet, a sales record for their business and all of them are the simplest form of data analytics which a business needs.
Actually there are two types of Data,
- Structured Data which mostly contains transactional data of organisations, and
- Unstructured data that contains Email, Blog, Website Data.
Depending upon the capability of the organisation both data can be used to improve business processes, revenue, gross margins, sales and many other KPIs of business.
Let’s understand some basic yet important uses of data.
List of 5 Important data analytics applications
Important Data Analytics Applications Infographic
Important Data Analytics Application #1 – Finding new customers
A Website, your digital sales representative and nobody like to talk to a dull representative.
Websites not only provide you with prospects but also help you to convert them into leads.
You can easily check who all are visiting your website and also identify the right audience for your product to retarget them.
Even you can create a similar type of audience who is buying your product service using existing customer base via advertisement platforms (Google Ads, Facebook Ads etc).
All it requires customers’ email or mobile numbers list.
Important Data Analytics Application #2 – Increasing customer retention and cart value
Upselling to an existing customer is more cost-efficient than acquiring a new customer.
On the same note, retaining a customer is not a difficult task, But yes with right data you can easily analyse the customer behaviour to understand what problem customers are facing.
Let’s make it more simple by simply create a customer feedback form and send it to those customers who you think stopped using your services or products from a past few months. So two types of data are involved here, the first one is a list of customers who stopped using your service/product and other is a feedback form.
Important Data Analytics Application #3 – Improving customer service
Using the same technique mentioned above, You can also ask an existing customer, what exact problem they are facing. Just track and collect all the data. The common points that most of your customers have are required to be resolved.
Important Data Analytics Application #4 – Process Optimization
If your work is process-driven, then just try to make a flow chart of all the processes and try to analyse which process is taking more time/resources. Now you have data set where you invest or spend most of your time, now try to improve individual components of the process to make the entire process much better.
Important Data Analytics Application #5 – Managing Marketing efforts
We are living in a digital era and marketing. The beauty of digital marketing is that everything here is measurable and manageable, So with the right data, you can improvise your marketing efforts a lot.
These are simple steps which can be used by any business. These uses don’t require a deeper knowledge of Data. These are only surface benefits of data which any business can adopt. If a business is ready to dive deep into the data analytics, nothing can stop that.
Because every dive with data gives you an immense understanding of your business and customers. You not only can track your customers but also predict their future with you i.e sales prediction.
A Lot can be achieved using data, just you need to start diving into it.