The Significance of Data Analytics to Your Business
Data analytics can be defined as the process of analysis of raw data for the sole objective of acquiring important information that could ultimately inform proper decision making for your enterprise and company. It can simply be said to be the way of joining the dots between separate data sets which is disparate. This something that has become quite a buzzword, more so for the individuals in the advertising world. There are quite a lot of promises that the data analytics can promise but for the small enterprises, a lot of people have failed to comprehend it and as such, it has remained mystical. Even though big data could be something of irrelevance to a majority of the small enterprises owing to the lack of resources and the size of the business, its principles could be rolled out to any small company. The following are some of the ways in which a small business could get help from data analytics.
Data analytics and the behavior of the clients.
Small enterprises have some personalization and intimacy with their clients. This is something that the big businesses are starting to embrace. This is becoming possible with the use of data analytics. This comes as no surprise since, on a big scale, data analytics focuses on the behavior of the client. It helps in seeing the patters being exhibited by your clients and how the knowledge of it could be of significance and help to sell more of your products and services to them. This has been very clear with the advertising on a space like Facebook where data is used for the marketing of your company. You target clients based on the number, geographical location, and their online behaviors. For a lot of the retail enterprises, the point of sale data will be central to the analytics behavior.
There is the benefit of knowing where to draw the line
Even though you can get a better target for your clients with the use of data analytics, it does not mean that you always should. You might have to act ethically and professionally by refusing to use some of the data that you have acquired. One of the things you should consider not using people for advertising is sensitive information like the body size of the clients. Such things could be seen as a breach of privacy. You could target other parameters such as the age of the clients and their engagement categories.
When customers complain, they are providing you with a goldmine of useful information. With data analytics, you are able to acquire the sentiments of the clients with the capacity of classifying and categorizing the content and the motivation that led to the complaints by the clients. The aim is to get to know what led to the clients giving negative feedback so as to solve the recurring issues that your clients are going through and have the ability to identify the problems before they happen and solve them. Failure to act on the feedback you get from your clients could cost you big time.
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