With more data available today than ever before, it’s important to know how to successfully turn this data into revenue instead of just collecting it. Businesses need to apply and act on the actionable insights that result from big data, social data, and other forms of data analysis in order to see a substantial increase in their profits and sales. Here are the best steps for turning your data into cold hard cash:
- Integrate: A good first step is to integrate advanced analytics services and solutions and big data into all aspects of your business. Employees should familiarize themselves with analytics and analytics tools so that data collection runs smoothly throughout your entire business. Encouraging cooperation between analytics and business teams will make generating strategies and actionable insights easier as well.
- Analyze: Once you’ve collected data, you need to analyze One of the most important things to analyze to successfully generate revenue is who is using your products or services—you need to know your customer well. Consider: what is the typical age of your customers? What countries do they live in? What industries are they from?
Speak with our analytics experts today to understand how you can turn your data into sound insights that in-turn help you drive sales and profit margins.
- Target: After you have used customer analytics to determine who makes up the majority of your customer base, as well as who your most valuable customers are, you can make changes and take up initiatives to retain these customers and increase their loyalty to your business or brand. This can include making alterations to your website to increase engagement, accessibility, and aesthetics; changing your brand’s logo or mascot to appeal more to customers, or holding special sales or promotions for products that you know are in-demand with your customers. You should also be able to use the information you have collected and analyzed to target and cater to customer groups that do not yet frequent your business in order to expand your business opportunities and increase sales.
- Strategize: Use the actionable insights you have generated from data analysis to re-consider or re-shape your merchandising, marketing, and sales strategies, as well as your supply chain and procurement plans where applicable. Figure out where you can cut costs and where you can innovate and create appealing changes that will draw in more customers and make existing customers more likely to continue to be loyal to your brand. You should also make use of any public data available from your competitors to see how your business matches up and how it stands in the industry.
- Monitor and Evaluate: Monitor your data to see if you are achieving your goals and increasing your revenue. You should continue to collect and analyze data using advanced analytics services to see how customers are responding to your changes and initiatives—if you do not see an increase in sales and revenue, or if you are losing customers, that’s a sign that further changes need to be made. Utilize social media analytics tools to gain insight into how customers view your brand and discuss it publicly, and use sales analytics to better understand why you do not see your desired results. If you do see success, continue to collect and analyze data anyway to continue to convert it into revenue and profits.