Business

5 Ways Data Analysis Can Boost Corporate Growth

5 Ways Data Analysis Can Boost Corporate Growth

Successful companies are savvy about big 5 Ways Data Analysis . Decisions are not made until datasets from a variety of different sources have been analyzed and compared to one another. It’s no longer enough to know what your customers were looking for last year. You also need an analysis of what customers may be looking for in the next ten years. When you meld the past with the future, you anticipate how your business goals may need to change in coming years.

5 Ways Data Analysis

Effective business owners are completely aware of:

5 Ways Data Analysis 
  1. Who their ideal customer is,
  2. What their ideal customer needs,
  3. Where their ideal customer lives,
  4. When to approach their ideal customers with new and improved products, and
  5. How to communicate effectively with their ideal customers.

The goal of data analytics is to combine wisdom gained from experience with predictions developed through data analysis to form a plan for moving forward into the future.

Following are five ways to use data analytics when generating plans for the future growth of your company.

1. Determine Your Audience

If you analyze only your current customers, you will never grow. Expansion requires broadening the scope of your study. Here are a few areas to investigate when considering who your audience might be:

What are people saying about your company? Check comments on your company website.

Run a search for your company name on all the Internet browsers.

Check feedback from social media sites.
Run an analysis of your current customer database.

Follow these three steps:

  • Compare these analyses to determine the perfect demographic for your business.
  • Next, analyze your perfect demographic against available census reports. In what concentrated demographic areas are customers more likely to purchase your product?
  • Once you have decided where to concentrate your efforts, analyze who your competition would be in those cities, states, and/or countries.

Now you have a clear picture of where to best apply your marketing dollars.

2. Develop Your Business Plan

5 Ways Data Analysis 

Before you expand, you need data on how well you are doing now. Using data analytics, forecast trends in:

  1. Revenue,
  2. Turnover, and
  3. Expansion.

Take the information you have learned and use it to plan your expansion into the locations where you expect to find your perfect audience.

3. Establish a Marketing Plan

5 Ways Data Analysis 

The information you have now compiled on your audience, ideal expansion location(s), and the existing local competition is the start of your expansion plan marketing campaign. Base the brand, colors, message, products and services you plan to offer on the preferences you have uncovered about your ideal customer.

Make sure you offer something different than your area competitors. Data analysis provides the hard data you need to make informed decisions.

4. Examples of Data Analyses You Might Apply

5 Ways Data Analysis 

The Effect of Traffic Patterns on Deliveries

Do you have a fleet of drivers on the road making service calls or delivering merchandise?

An analysis of traffic patterns in the areas you serve can improve the number of calls and deliveries you are able to handle each day. When you can anticipate when and where traffic slows down or stops, you can plan where and when to send your drivers. If you know delivery is going to be impossible after 4:00 pm in a certain part of the city, suggest next-day delivery.

Vendors Can Impact Your Success

Does your business depend on calling a vendor and having parts delivered before you can start work (i.e., auto repair shops)?

By analyzing the on-time performance of the vendors you usually call, overall and at specific times of day when you are most likely to need parts in a hurry, you learn that while one vendor is your best supplier on a general basis, between the hours of 3 and 4 p.m., they have let you down more than once.

Analyzing Complaints Can Improve Performance

5 Ways Data Analysis

Complaints can be directed at a specific employee, in which case, you will probably ask the employee to make some corrections or find new employment. But complaints can also point out weaknesses in your supply chain that are costing you money.

If you offer repair services and a supplier has caused you to miss your repair deadline on multiple occasions, you may want to cut ties to that company. Or if you find the parts supplied by a vendor are coming apart almost as soon as you complete the repair, you would probably find another supplier.

Using Analytics to Predict Staffing Needs

5 Ways Data Analysis

Many retail and dining establishments experience holiday ups and downs when they need temporary or flexible staff to supplement their regular employees. If you analyze your staff ratios for the past ten years, you will be able to pinpoint the times of year when you are going to need those supplemental staffers to avoid shortages and layoffs.

Website Analytics

5 Ways Data Analysis

Most businesses regularly track their website analytics to determine whether ad campaigns and pages are bringing in business as expected. This analysis points you to the best use of advertising dollars for your business.

Product Analytics

5 Ways Data Analysis

A new grocery company entered the U.S. market with a completely analytical philosophy. They began by analyzing which products flew off the shelves and which ended up on sale tables or in the trash. They then selected the 1400 most frequently purchased products to place on their shelves. By only stocking merchandise that moves, they keep their costs down and their profits high. But the true winners are the customers who pay almost 50 percent less than the prices at most big box stores.

5. Act

5 Ways Data Analysis 

Applying the predictions you have made using Big Data Analytics, you will be able to anticipate upcoming changes in your industry before they occur. Data analytics allow you to be ready for changes when they take place instead of reacting to them after the fact.

Summary

The world of Big Data Analytics is very detailed, and you may not have anyone on staff capable of conducting this type of analysis. There are many companies providing data analytic services using state-of-the-art technology. Visit our website blog for companies who provide data analysis and other services.

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