Back in the day, customer surveys and ‘finger in the air’ assumptions were the main ways to gather information about consumer behaviour and form a business strategy. This was neither accurate nor helpful!
Information is money! Since the start of the migration to all things digital, analytics has been a revolution. As a business owner, marketing strategist or salesperson you can now find out where the bulk of your customers live, how they are being directed to your website, what they are most likely to purchase based on their age and much, much more.
It is now much easier to put the customer first, planning sales at the right times, putting products in front of people who will love them and even predicting when they will run out of washing powder.
Consumers don’t have a problem with sharing limited details about themselves and their buying habits in return for faster, slicker and more personalised service. The use of analytics is win/win because companies are able to have a better idea of what their customers want and customers are able to get it!
Big data and analytics have massive potential to influence business and growth. On a commercial level, having access to this new form of information instantly broadens opportunities for expansion and improved customer service.
By looking for patterns and identifying trends it is possible to stay one step ahead of customers. At a government level, having access to real-time, census style information can help to shape public policy decisions, sway infrastructure investment and lead to the opening of new schools as well as the introduction of much needed community resources.
Data and analytics have the power to improve efficiency and reduce waste across organisations thanks to accurate and up to date information. An example of this is the State of North Carolina, which has used advanced analytics to identify millions of dollars in suspicious Medicaid claims. Analytics has been used to predict crime and also to track local wildlife species.
Companies need to enhance their focus on meeting customer needs by harnessing the power of analytics and big data. However, with the avalanche of information that is out there it can be difficult to decide which data to focus on.
This is where goals, planning and strategy comes in. For example, if you have the goal of increasing customer’s online purchases, you can plan a strategy that incorporates data regarding time spent online, number of abandoned shopping trolleys, time of day that is most popular for shoppers and amount spent per transactions.
Using this kind of information can drive you to implement pop-up ‘buy now’ offers, lower or raise the amount spent to qualify for free shipping or to set up an email campaign that reminds shoppers of the purchases they left behind.
A government outlet might measure exactly how many people ride a certain bus route each day in order to determine if new services are required. It might check how long citizens are spending on a government website before they complete a transaction in order to streamline the online process.
The possibilities offered by analytics are endless and they are empowering! If you’re not using a state of the art system on your website or app you are missing out on exponential opportunities for growth.