Just because business intelligence refers to data collected from activity in a specific industry, it doesn’t mean that all businesses have access to the same analytical tools and technology. Some sectors are way ahead of others when it comes to commanding a wealth of data, which is why companies in industries like healthcare and insurance have such a huge leg up on using data analytics. But not all industries need to be as data-driven, and with the right measures in place, many companies can create more business value by utilizing data differently than they do. Companies should consider leveraging data through social networks like Facebook in marketing and sales. Nowadays, this is an accepted practice for nearly every company that uses social media for marketing purposes. Here are five ways that businesses can better leverage their data so that they can create more value from it:
1. Personalizing Customer Experience
One of the greatest ways to leverage data is to provide relevant, personalized customer experiences when your brand touches them. What does this mean? For one, it means that businesses need to consider how they collect data about their customers and make sure that it is consolidated into a single place. Part of this comes with creating a real-time customer database so that when a customer purchases something from a business; or even registers an account on the business’ website, the company can capture data about those individuals in real time. NetSuite Connector allows businesses to create accurate and automated integration between partners, allowing for seamless communication across the board.
2. Leveraging Data for Competitive Analysis
Businesses that take a closer look at their data about their customers and their business performance will be able to understand better how they stack up against their competition. Even though a business has a data tool that collects and analyzes key performance indicators, it still needs to learn how to leverage the data for competitive analysis. As a rule of thumb, you should see at least one year’s worth of your company’s performance using the data saved in this way. This is important because it lets you understand where you could improve in your business and why your company is performing better than its competitors. You can also look at how much revenue different competitors bring in. Still, it is just as important to look at factors like customer loyalty, employee satisfaction, and even the number of customers a business has.
3. Track and Increase Marketing ROI
Measuring the effectiveness of marketing campaigns is critical to any business. And while collecting data is a great way to measure the success of a marketing campaign. These businesses can make data-driven decisions and are also able to create more value for themselves and their customers. If a company leverages data collected through its marketing efforts, it can use this data to improve performance and track and create new campaigns. This is a big deal for businesses that want to save money investing in an expensive marketing campaign that may not work.
4. Data onboarding to Convert Offline Data Formats Into Digital
As mentioned, much of the data businesses gather online through social media platforms and e-commerce sites. But there are still many businesses that do not leverage digital data in their decision-making process and instead trust their gut instinct or the decisions of individuals who may not have all of the necessary information to make decisions based on good data. As a result, businesses need to go above and beyond for customers still using prefilled paper forms to capture contact information or track sales opportunities. Companies should invest in tools that allow them to convert offline data into a digital format to make it easier for customers to use. It is important for businesses to look at their data in a unified way and how they can leverage it effectively for the customer experience.
5. Using Analytics for Sales & Marketing Intelligence
The most basic uses of analytics are people taking an immediate reaction from it and doing something about it. With that being said, if everyone were doing the basic stuff with analytics, there would be no need for advanced analytics like data mining! Data mining is a process that allows companies to go beyond basic analytics and conduct in-depth research by searching through all of their data points, even when they are not looking for them. As a company’s marketing efforts increase its revenue, it may also be time to invest in data mining software.
Bottom Line
Many businesses are looking for ways to leverage their data in order to become more profitable, and there is nothing wrong with that! While sound data management can be leveraged for greater success, poor data management can actually hinder your company from reaching its goals. This is why you must learn how to use data effectively; to keep your business in check and to gain a competitive edge over competitors.
