Business analytics is the study of data through statistical analysis, predictive models, optimization techniques etc. and the communication of the results obtained by these analyses to customers, executives etc. Business analytics requires Big Data. Big data is a collection of structured and unstructured data which can be utilized by proper analysis. By analyzing Big Data, the company gets insights on how to improve their decisions and strategic moves. Business analytics is said to improve a business. In this article, we will be talking about ways in which business analytics will help to improve the ways in which a business functions.
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It helps to define your ideal customer. Sales forecasting was previously made based on customer demographics, or previous sales performances etc. But now, with the use of data analytics, the companies can get information such as the websites frequently visited by customers, social media channels that are used more often, and even the section in their own website which has frequent visitors.
Along with knowing who your target customers are, business analytics helps in identifying where they are located, what are their preferences, how often they purchase items, their preferred way of contact and many such important factors.
Data analytics helps to bring in better and smarter marketing techniques. These techniques can be employed in various channels and various pages depending on the results that are obtained from data analytics. Using data analytics, the company can constantly optimize the marketing efforts through testing, measurement and the other ongoing analysis.
By getting to know the targeted customers, their preferred platforms where their marketing strategy will reach their targeted customers, the companies can invest wisely. They can invest more on those platforms where according to data, there will be higher returns in a shorter span of time.
When big data is combined with other algorithms such as machine learning algorithms, the businesses can personalize their offers to customers by placing promotions and offers on particular products based on customer’s interest.
Using online survey tools, the companies can conduct both quantitative and qualitative market research more quickly and efficiently at lower costs as compared to before. Data analytics also makes it easier to act on results of the data.
Using data analytics, it is easier to monitor how well the brand is doing across all the websites and social media sites using reviews, opinions etc. This can be utilized to improve the experience of customers.