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Data is already a massive part of the business landscape, and it’s only growing. Even small businesses can utilize data to drive decisions across their company and improve conversion rates. Read on to discover how businesses can leverage data to find success, no matter what size they’re starting as.
Get in Touch With Customer Desires
Today, customers don’t want to work hard to find the products and services they need. While some customers still research when they desire a product, others are more open to the technological universe around them suggesting what they need.
Through machine learning and data, businesses can predict customer desires and offer goods and services that the customer may not yet know they need.
For instance, say you own a frozen yogurt business. When you see data that indicates a customer posted about enjoying frozen yogurt two months ago, then again one month later, you know that this customer enjoys frozen yogurt and visits about once a month.
With no post from this month to indicate they’ve had frozen yogurt, a well-placed ad on social media would remind them to enjoy their monthly sweet treat again.
Use Data To Enhance Intuition
Intuition drives many business decisions—a gut feeling that leads you to make a risky acquisition. When that pays off, it’s the best feeling in the world. However, you may be in trouble when the move doesn’t pan out. Data can analyze the potential outcomes of your intuition and give you a sense of how likely that gut feeling is to succeed.
Cut Unnecessary Costs
Data notices redundancies far faster than humans can—if you have dead weight in your company processes and workflows, smart data will pick up on that quickly so you can trim down until you only have what you need.
Now that you know how your business can leverage data to find success, take your seemingly meaningless information and make it work for you with data analytics solutions. You’ll see how millions of data pieces can become one cohesive vision for your company’s future.