The market is ever-changing. Those who have been in the business know that is a fact. If you have one business policy, it is for sure that the policy will not suffice for every customer throughout the time that your business will be running. Data analytics helps businesses in recognizing the shifts in the psyche of consumers. To scale your businesses, it is a must that you reach them with the most appropriate offers that they will be attracted to. But how will you understand this tendency is through data analytics.
Data analytics presents to you the data about the potential customers that you might have in the market. It will be your duty to decipher the meaning of this and then analyze the strategies that will best suit your companies brand image.
Data analytics helps you recognize the demographic, gender and many other factors that are keys to your business as this is the type of audience that best suits your business. For your business to grow this information is utterly necessary and cannot be dispensed with.
At an overall analysis, data analytics helps you in understanding three major things:
1. The correct audience
2. The newer demands of the customers and the section that has the demand for them
3. How to attain the loyalty of the customer
How has analytics been fruitful for the companies?
Almost 60% of businesses have witnessed a significant surge in their customer experience and retention through the use of analytics. It is estimated that around 79% of businesses from the fields of retail, telecommunication, healthcare, banking and so on and so forth by 2020 will realize the importance of analytics, out of this 70 % have already increased their spending on the analytics.
This gives you the real picture of the significance as well as the future of analytics when it comes to business enterprises. Businesses have catapulted to success due to this new age technology, with almost 40% of businesses as per Forbes finding newer customers that can engage in their businesses with the assistance of predictive analytics. These companies are rightfully the winners, who have integrated analytics into their business strategies and marketed themselves thoroughly to that section of the audience that caters to their businesses; so much so that many bigger names, who have not reaped benefits of such new age phenomenon have been shown exit doors from the markets.
This in fact is the best example of how data analytics has changed the whole scenario of the customer relationship and experience. Because of it, the small and medium businesses have risen meteorically in the face of the major players in the market and putting them out of business by tapping in the right sector at the right time. Due to a variety of factors customer behavior has transformed 360 degree in the past decades. They are willing to invest in the ventures that may be new but can keep them engaged in the business and are easily approachable and flexible with the services.
Personalization of products and services has changed the market as we knew it, and this can be achieved most effectively through data analytics. Earlier the brands used to have a formidable infrastructure that was difficult to penetrate and thus, made themselves exclusive and hence more in demand; this exclusivity is non-functional now. Customer interaction whether in B2B or B2C businesses is a major feature in brand building.
Many companies, especially from eCommerce, readily analyzed this trend, with the help of analytics, and used it to their utmost benefit and have within a short span grown their network and business to an unprecedented scale.