Do you know that the amount of data uploaded to the internet every second is an overwhelming 24,000 gigabytes? Well, data is the next gold that online enterprises would give anything in exchange for. Undeniably, the world is headed to absolute digitization and how companies use data at this stage dictates their market share and influence in the coming years. Consequently, the race for data collection and acquisition is sometimes marred with irregularities.
However, companies can still collect data, provided they stick to strict adherence to data policy and consumer rights provisions. When it comes to cross-boundary data analytics, companies can rely on updated technology that makes it possible to produce synthetic copies. This levels the legal and compliance boundary a company may come through in the process.
So, what are the incredible benefits that a business may enjoy from data analytics? Well, they include but aren’t limited to the following:
- Tailoring services to match customer needs
Not everyone prefers to communicate via email, or text messages, or social media posts. Everyone has what they prefer based on personal reasons, accessibility, and beliefs. Data analytics allow companies to discern how their customers want to be engaged hence tailoring customer service to suit individual needs and preferences.
- Risk mitigation
The internet is the riskiest environment to run and operate a successful business in the modern-day. Cybercriminals invent newer ways of bringing down websites and attacking unsuspecting customers as days go. Big data can be leveraged to observe security patterns and even come up with strategies that either deter or rehabilitate situations before they turn dire. In other words, big data analytics enhances the effectiveness of risk mitigation and disaster preparedness.
- Delivering innovative products
As mentioned, companies must demonstrate next-generation innovations when dealing with customers to remain competitive in the industry. This is only achievable through big data analytics which can truck customer feedback and the product’s success. Data analytics also allows a company to observe what customers have to say about its competitors and work against shortcomings to win the hearts of all in the long run. In other words, data is the driver of emerging marketing trends and innovation.
- Customer acquisition and retention
Companies must stand out if they want to attract new daily customers and induce brand loyalty across the board. Data analytics provide companies with relevant information regarding consumers’ tastes, needs, and preferences. When all these three aspects are satiable, customers will hardly shop from anywhere else, especially if there are follow-up emails. Most customers prefer a retailer that makes them feel a sense of belonging and not ownership. It makes them feel like part of the entire business.
- Targeted campaigns
Gone are the days when companies relied on traditional advertising to sway consumers’ minds. Today, data analytics show you what the consumer is interested in, and how often he/she purchases a particular product online. Such data is obtainable from consumers’ gadgets, digital clicks, app usages, internet browsing history, and social media interactions. Companies analyze such data to come up with specific, focused, and targeted campaigns whose results are traceable.