At a Glance: Leveraging Data Analytics for Growth

by Poppy Williams

For any digitally mature business, data analytics are a crucial part of the work process. By analyzing raw data and forming new insights, you can acquire and retain clients/customers, manage risks, and engineer marketing campaigns that more accurately hit your objectives – here’s how to get started.

Acquisition and Retention

Within the fields of sales and account management, data analytics is ultimately about understanding your client/customer behavior to reduce wasteful methods and refine your approach. Offering discounts to help draw in new business, for example, may occur to you as a great idea but if your datasets show that new contracts/subscriptions only increased amongst low-value clients/customers, you might find that the strategy ultimately has a negative effect on your bottom line. With more precise, thorough datasets, your sales leaders can set smarter goals, improve internal processes, and forecast future sales/revenue more accurately.

The same logic applies to the retention of existing clients/customers. A close analysis will allow you to better understand your clients/customers’ performance and identify new trends/opportunities for the future. This isn’t just for your sake, your clients/customers are relying on you to discover insights that help them to make more strategically advantageous decisions – your ability to help effectively depends upon how well you can accumulate and interpret data.

Risk Management

Adopting an effective risk management process is imperative for the long-term success of a developing business and it’s almost impossible to do this without strong data analysis. Ideally, you want to transition from a subjective approach to one that embeds data and other technologies across the risk management process. Risks often originate internally and can come from anywhere (e.g. faulty processes, linear product portfolios). Big data allows you to identify these risks and react in real-time.

Once you’ve aligned the data to the risk profiles, you can build analytical models to detect any potential risks, assess their associated impact, and create a framework that weighs financial and strategic risks against the investment required to mitigate and manage them. It’s even possible to project implementation effectiveness before anything’s gone wrong. This is one of the key benefits of precise data analysis – the ability to predict future outcomes and build automated workflows accordingly.

Marketing

The applications of data analytics in marketing are so far-reaching that you might never stop learning even if you started now. Big data has completely transformed the process of marketing and is integral to most successful campaigns – it can often advantageously inform your decision-making process with recent studies finding that 42% of CMOs make marketing decisions based on customer-acquisition numbers and 40.5% on customer insight.

As well as informing the structure, placement, and style of marketing, it can also be used to study campaign effectiveness, helping you refine and remodel your process moving forward. Marketing analytics can help you to discern patterns in conversions, consumer behaviors, regional preferences, and more. This leaves you to spend more time on qualitative work, such as building a logo. Instead of paying for a logo, you can often use a business logo creator free of charge. Simply choose an art style, font size, color and add any text you require.

If you’re striving to reach digital maturity and you’re not already, then it’s time to incorporate data analytics into your work process. Failure to do so is a risk to your company’s long-term viability.

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