How data analytics can help your business
We are living in the era of big data. Why? Because there are more ways than ever to collect data which allows us to improve our business. If you are collating data, data analytics shouldn’t be seen as optional. If you aren’t utilising the data which you possess, you aren’t performing to your full potential. In this blog, we look at some of the advantages which data analytics can provide you with:
Improve customer experience
We should all know that customer service can be critical to the success of our business. For this reason, data analytics can be used to ensure customer service teams are performing as efficiently and effectively as they can. Statistics such as average waiting time can be seen to ensure that customers are not spending too long on hold, and complaints can be categorised according to their nature.
Inform product creation
When we are designing products and services, what are we basing those ideas on? Data analytics allows us to gauge both market demand and trends, and then feed into the process which is involved when thinking up new products and services. We are able to see ‘what’s hot’, ‘what’s not’ and what might work in the future, based on current buying habits and the opinions of customers.
Take a holistic view
By assigning a single ID to each of your customers, you are able to take a holistic view of every customer communication and transaction – from online to telephone and post. Once you are able to channel this data, you can then begin to build up an accurate picture of when a customer buys, what they like, what they might like, and what they have no interest in. This can give you the pathway to more pertinent marketing drives, which use techniques such as personalisation to present customers with more of what they want, and less of what they don’t.
So there are three reasons why you should be breaking down your big data by using data analytics. Don’t let your competitors get one over on you by using their data more effectively!