Why Businesses Are Moving Towards Analytics?

In a connected and competitive world the very existence of the business lies in utilizing the data generated within the organization and making useful insights using Analytics.

We live in a connected world where businesses, employees, and customers work with loads of data. All stakeholders want data driven insights to make informed decisions. Data has become an invaluable asset for all and success depends on converting raw data into actionable insights.

Data-driven insights are immensely helpful for businesses and executives, but analyzing data is arduous to sift relevant data from an ocean of raw data. Data needs to be collected, processed, cleaned, and analyzed to derive key insights. The State of Saleforce Report finds out poor data integration as a barrier for business growth.

High volume, velocity and variety of information assets demands cost-effective, innovative forms of information processing. Organizations need data for prospecting and client acquisition. Conventional database software is ineffective to store, manage, and analyze large datasets which is more than a terabyte in size. It is at this stage analytics with robust software tools come to the picture.

Analytics for Customer acquisition and retention

Customer acquisition is costly and does not happen easily. According to David Skoka venture capitalist,the cost of customer acquisition (CAC) is equal to: Entire cost of sales and marketing over a given period, including salaries and other headcount related expenses divided by the number of customers acquired in that period.

Customer acquisition holds the key for business. The only way to win in competition is to know the prospects better and know the customers even more to retain them. For that businesses are getting more personal with them by understanding their interactions. Analytics helps businesses by:

• Studying into areas like website visits, calls to sales office etc.
• Studying data on the purchase history their transaction mode of payment, buying patterns etc.
• Studying data on their social spheres to be specific on with whom the customer relates with, their social media interactions on Facebook, twitter etc. This will throw light on what influence the customers.

New customer or prospect can add revenues to the client. To pitch for client acquisition, marketers need to be sociable with them by understanding their choices, sensibilities, buying behavior and other factors that influencing their purchase decisions. Rough statistics will do little help. Measurable, predictive analysis

predictive analysis based on sheer facts helps marketers to optimize client acquisition and retention. Investing on analytics will give competitive advantage to the customers. Analytic tools also helps in track purchase history, product usage patterns,and his sentiments displayed in social media.

Analytics for Brand Building

For businesses branding is everything. Brands are built in customers mind; brands create a mindset where product or services are fixed in consumers’ minds. At micro level, a small and medium enterprise also can create wonders by carefully pursuing the customers’ wants and desires and offer personalized offerings.

Tracking Offline & Online Behaviors through Barcodes

analysis experts say business need to track the online and offline behavior of the prospective customers. For example, businesses sell products and services which have barcodes. Barcodes are imprinted in product packs which are fed into dashboards. When barcodes are scanned a QR code brought to an advertiser’s website that gives information on how customers found the particular site.

Barcodes are not just for inventory management. Thanks to analytics tools, marketers can derive information on consumer behavior. When it comes to codes online which are appended to the keyword URL strings, marketers track the sales conversion with the help of analytics tools. The same principle can be applied in coupons and discounts which also has codes.

Businesses of all sizes are moving towards analytics. In the hyper competitive world wars can be won only by information technology; and today the technology is analytics.

Prime Technology Group, LLC is a global, technology services company with innovation at the core of our business engagements. For more Information visit http://www.PrimeTGI.com