How Entrepreneurs Can Use Data Analytics to Improve Their Business

Data analysis involves collecting and analyzing raw data to find trends, weaknesses, and opportunities that can result in smart, strategic business decisions. Leveraging data analysis also allows businesses to ensure optimum utilization of resources and achieve organizational goals. In this article presented by GGT, we’ll explore some of the best data analysis strategies you can use for key areas of the business.

Product Development

Whether you’re planning to launch a new product or refine a current offering, market research will provide you with insights into how well your product can . It’s often the case that companies will conduct market research before launching a product. And while this provides you with a good start, research should be conducted every few months to ensure your product remains the best in the marketplace.

Include the following activities in your research efforts:

Marketing Campaigns

As reported by Devrix, up to use their smartphones to conduct product research through social media, Google, or the company’s official website. This points to the growing need for businesses to develop a strong online presence and consistently engage customers to outperform competitors.

Here’s how you can utilize data analytics to run successful marketing campaigns:

Customer Retention

According to Annex Cloud, 69 percent of customers report that experiencing good customer service plays a key role in to a brand. Loyal customers translate into repeat buyers, higher referrals, and increased revenue.

Here are two ways you can achieve this for your business:

Given the importance data analytics play in the success of your business, consider in the field by pursuing an online degree in computer science or information technology. In addition to lowering tuition costs, an online degree will help allow you to comfortably balance school and work-related responsibilities.

Utilizing data analytics in key areas of your business will allow you to perform better than competitors and function at maximum efficiency.