Today’s marketers and businesses have access to more data than ever. Technologies that can help you gather an incredible amount of data are already in place. Data is now a valuable resource that every business needs to remain competitive and profitable.
Companies such as Maropost are registering more than 12,000 percent growth rate because they are utilizing all the data they gather effectively. It is through the data Maropost is gathering that Ross Andrew Paquette makes informed decisions that help drive revenue to his company.
According to Maropost, big data benefits the marketing teams that can bring together data from different sources to create a single, 360-degree view of every single follower, subscriber, and customer. It is through data analytics that Paquette is able to ensure more targeted and personalized communication with customers. Data plays a great role in digital marketing. It helps marketers reach the audience that is likely to be interested in their products.
Many small businesses and startups are still lagging behind when it comes to taking advantage of the data they are gathering online. Here are some of the reasons why data is important for businesses of all sizes:
1. Data analytics can help you set realistic goals
Every business has its goals and objectives. Every CEO must make sure his or her company achieves its goals.
Data analytics is now helping business owners assemble data from previous activities and historic trends to have a clear idea of what goals they should set. It can help your business grow by showing you the strengths and weaknesses that you should improve on to grow your business.
Having unrealistic goals is where many startups start moving away from their success. Setting realistic and achievable goals can help startups avoid spending their limited resources on unworthy tactics.
2. Analytics can improve decisions
Every business with a website, electronic payments, and social media presence can collect data about its customers. Businesses can use this data in making decisions about:
- improving customer service
- predicting sales trends
- tracking social media interaction
- increasing customer retention
- finding new customer
Leaders such as Paquette depend on data their companies collect to make smarter decisions. It is only those companies that are leading in data analytics such as Maropost that are continuously reporting a high growth rate because their CEO’s can make smart decisions about the directions to take. Data will help you make better decisions in all areas of your business, from marketing to customer service, warehouse to distribution, and many more.
3. Data analytics will help you understand your consumers
Producing products that fit your consumers’ tastes and preferences will help ensure high sales. Data analytics can help you determine the trend of your consumers. It can help you determine the products your consumers will be looking for in the near future.
Apart from helping you understand the products your customers are looking for, data analytics can also help you find new customers and increase their retention. Big companies such as Maropost are where they are because they focus on attracting new customers, and at the same time retaining, and making their existing customers loyal to their business.
4. Data analytics can help you segment your audience
Data analytics is helping businesses divide their audiences into distinct groups to be able to make more personalized communication with their customers. Maropost depends on data analytics tools to determine the intent of every customer who visits their website. Knowing what the audience is looking for has helped the company to be in a better position to meet the needs of its customers.
Maropost is also using software tools to automatically and effectively personalize its email marketing content. Personalizing your email content is a great way to drive up customer engagement. If you are still struggling with email marketing, Maropost can offer a helping hand to ensure you get the best from your efforts to reach your audience via emails.
5. Data analytics can help you lower costs and increase revenue
Data analytics can help you lower the production cost and increase revenue by making sure you are using all your resources as effectively as possible. According to new research from Boston Consulting Group (BCG) that was commissioned by Google, businesses that are adopting data-driven marketing strategies can reduce costs by 30 percent and increase revenue by 20 percent.