A simple strategic analysis will help you determine what your clients are trying to say
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Here's a secret: You already have all the data you need to change your business. Of course, you need to arrange the information so that you can use it, but you must keep in mind the following: With data help, you will only succeed when you get this sea of information and learn what is useful and enable it. This is the real secret.
Related article: The rise of big data science and analytics in business
It doesn't matter if your business is big or small – in any case, data analysis is a must. This will reveal the truths you need to know to make the best decisions for the future of your company.
It is my responsibility at Farmers to create an understanding of human behavior using data that will help us better serve consumers. There may be a few different ways and means elsewhere, but this is a job for any industry of any size.
Let's start from the beginning.
Collect your data
You better understand the purpose you are trying to accomplish or the decision you hope to make about which data you need to separate from your business-related information. However, it is important that the data you are contacting contain complete customer information. There are privacy principles that you must adhere to when working with customer data. But it's definitely worth the extra effort to protect your customers and understand more about your business. Take a look at purchase records, customer databases, social media activity, and websites. You need to collect complete materials that will help you identify the needs and capabilities of your customers to know what to expect.
What is the source of all this inspiration? A study by Dresner Advisory Services found that small and medium-sized companies often use business analytics tools three times as often as large companies. This means that leaders, like you, are looking for ways to process the data and may do so much more effectively than the giants in their field.
Related article: Good data is needed to make a good decision
Analyze your data
As you gather data from a variety of sources that you may find useful while working, you should begin looking for information that will help you make better decisions and achieve goals faster. Given our example, at this point you should already analyze everything you have identified for your users. Who are the champions of your brand? Who are the biggest protectors? What do you know about your users' demographic data?
The more answers you get to these questions, the more you will find. For example, you find out that the 80/20 rule applies to your business (80 percent of its volume is 20 percent of its customers) and you already know that your products and services are more appealing to millennials or to baby boomers (or another generation). Such analysis of business analytics information enables people to make a significant impact on business.
Use your data
Real work starts when you have business analytics data and you know what you're looking for. Now is the time to start defining efficiency, making adjustments to optimize everything – from messaging, to the acquisition process, and to testing, testing, testing everything! For example, after you use the data to create a buyer persona, you need to make changes to it. If data shows that you have greater success in personal messaging with Millennials, but digital engagement is low, you will already know that by creating digital information and experiences that will facilitate further relationships and acquisitions, you are able to grow your customer base.
Dresner Advisory Services also found that increasing revenue and competitive advantage for SMEs are two of the three key motivations for investing in business analytics and analytics.
The opportunities for business analytics are endless and may be limited to you simply because you have not studied the rich information at your disposal. Analytics exacerbates instincts and pushes people to set up companies and pursue dreams. If you haven't yet stepped into the world of data analytics, don't hesitate! While you may not be able to determine exactly what you will find in advance, I can honestly say that it will be much better than just going out and refusing to find out more about your business.