Data comes in many forms but no matter how you get it, it’s vital to your company’s overall operations. You can analyze data statistics to boost your business in all areas including marketing, customer retention, finances, efficiency, and growth. Given the critical importance of data analytics, these tips from TS Web Services are sure to be a big help to your business.
Marketing
There are several different types of data that’s useful in marketing. Everything from demographics to shopper behavior can give you the foundation to build a better marketing campaign. Vested can help you create an inbound plan that will appeal to your customers based on, you guessed it, data. Inbound marketing is widely considered more effective than outbound (also known as cold) marketing. An inbound marketing campaign is effective when it helps your customers solve a problem. A few examples of inbound marketing strategies are offering e-books, blog posts, and DIY videos.
Customer Retention
Once you get your customers, you have to keep them. This is where data can assist with customer retention. One of the best places to cull information from is your CRM. If you’re not already utilizing a customer relationship management software, it’s time to look for one that’s both affordable and scalable for your company. Customer relationship management programs can lower marketing costs by reducing the time it takes to pull data for your marketing campaigns. Plus, your CRM will help you keep up with important information, such as birthdays and anniversaries, so that you can create a more personalized consumer experience.
Finances
If you’ve ever struggled to pay your own bills while dealing with late customer payments, you know how important keeping up with your finances can be. Managing and reviewing a data source, such as an accounting software, can help you decide on everything from whether or not you take a revenue loss as an early payment incentive to raising your prices and reducing your on-hand inventory.
A quick tip here: if your reports show that customers often pay slowly (after a reminder call) consider changing your invoicing procedures or the invoice itself. You might require prepayment or utilize invoice templates that let you customize your billing so that you can send it from your software in a way that maintains brand consistency. When your customers associate your invoice with your brand, they might be more likely to pay before they hit the “late” pile. Fiverr notes that repetition increases brand awareness while making your business look even more professional.
Efficiency
Data analytics can also help boost your company’s efficiency by allowing you to identify problem areas that slow you down. A few solutions here, according to the Workato platform, are to automate some tasks or to extend your operating time.
To better determine where issues are, use process mining, which is simply a catchall term for various techniques that you use to read event data. The information that you call from your systems and people will give you insights that you can turn into actionable new processes to improve workflow. To start incorporating process mining and process mapping best practices, determine data sources, identify stakeholders, and create a timeline.
Growth
Process mining and the data it provides can also help you identify underutilized areas of your company, which you may be able to ramp up to serve additional markets or to boost your overall operation. Data is invaluable for business growth in many different ways. In a recent article, Grow cited several sources that illustrate the power of data in problem solving, understanding performance, process improvements, and customer demographics.
Get the Data
With all the moving parts in a business, sometimes it’s easier to get a fresh perspective. If you’re struggling to bolster the overall health and productivity of your business, look into a data analytics company that can bring new ideas and insights to the table. Hourly rates can vary but don’t just choose based on price. Instead, check ratings and reviews to ensure that you’re making the best investment in your company’s future. After all, a good data analytics company can help you implement the fruits of data analysis in your daily practices, allowing your business to reach its fullest potential.
Ultimately, knowledge is power; this is true in life and in business. If you’re looking to build a better business, whether it’s from the ground up or if you’re simply stagnant and need to move forward, data is the fuel that will get you there. Data can come from sources, such as your CRM, and you don’t have to be a big business to benefit from this type of software or other technical tools, such as process mining.
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