In a scenario, wherein a new startup is born every day, and making your business thrive is tougher than ever, Data Analytics services come as a boon. They not only let you peep into how your customers behave but also present you a concrete view of any aspect of your business that you want to measure.
This blog brings you 5 ways in which business intelligence and data analytics help your business.
Gaining Insights into Consumer Behaviour with Data Analytics Services
Today, knowing your customer is more important than ever. Why, you ask? Because competition is tough, business is getting harder to manage and grow, and knowing your customer means half the battle has been won. Customer insights include what they like, how they react, how they shop, and how you should be interacting with them.
Data analytics services help you track all these elements and stages of your present and prospective customers’ journeys, thus helping you create products, experiences, and services that are a hit with your customers.
Delivering an Outstanding Customer Experience
Customer experience has always been vital to the success of any business. However, it’s only recently that the emphasis that it deserves has been laid on it. An increasing number of marketing managers state that their companies vie for better CX in order to do better than their competitors.
CRMs do work in the direction of providing satisfying customer service, business intelligence tools enable you to make sense of the data collected from your CRM, thus enabling you to take better decisions based on rational data.
In turn, it lets you provide better answers and solutions to your customers’ queries and problems. It also lets you personalize the experiences that you create for your customers, making them feel important and understood.
Support for Sales and Marketing Decisions
While most sales and marketing strategies are broadly based on what the target audience wants, business intelligence and data analytics services can give you deeper insights to make stronger business decisions.
Your sales department can actually look deep into customer insights, gauge their behavior, identify trends, and find out new opportunities for cross-selling and up-selling.
As for marketing, making use of business intelligence tools, you can achieve visibility into sales information and design your marketing strategy and campaigns based on it. And then, these campaigns can be tracked, measured, and furthered through these tools.
Translating Data into Actions
It is one thing to collect data, and quite another to make concrete sense out of it. With help of good BI and analytics services, you can make effective strategic plans, based on the insights from this data.
It helps you establish cause and effect between various aspects and departments of your business, thus letting you know the reason behind the performance of your business, whether good or bad.
Once you do that, you will be able to see through the processes, and strategize to optimize the output of your business.
Improved Return on Investment
A growing number of business intelligence consulting companies are now helping business improve their return on investment.
Whether it’s better marketing strategies or sales, improved customer experience or revenues, all add up to a better return on investment. By improving all these areas through better insights into customers, what they want, how they want it, and how they go about buying your products or services, you are likely to increase your return on investment whether it be on sales, marketing, or business intelligence tools.
Ready to adopt BI tools to boost your business?
Author
Venkat is highly passionate about solving Business challenges using Technology. He has been instrumental in bootstrapping the company and is currently responsible for leading strategies and innovations to help customers enhance operations and improve efficiency. Among several key projects he was involved over the years, developing an award winning IoT solution which monitors Food Safety, both while in transit and in storage for Emerson Electric has been very close to his heart. Currently over 500+ businesses across the globe are using this solution to track real-time location, temperature and safety of perishable and high value shipments.
