The business of running a business means making a lot of decisions, making them quickly, and making them smart. At times you’ll use intuition, at others you’ll rely on experience, and a lot of times, you go with your gut. That’s all well and good, but that’s not enough in today’s hyper-fast, global, media-savvy marketplace. Products change, demographics shift, and new technologies spring up. What you really need is data, a lot of it. And then that raw data needs to be analyzed. What does all that information mean? How can you use that data to grow or even just keep up in the marketplace? The science of turning those facts and numbers into something you can use is called Data Analytics. It’s what the big boys do and if you want to stay competitive, you’ll need to join the club.

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Here, they offer some insight on how to use analytics to optimize the data you’ve collected to your best advantage.

Data can tell you where your potential customers are

Properly and thoroughly analyzed data can tell you who your consumers are, and why they’re likely to purchase your product or service. It can even tell you how they’ll use it. Data analytics dives into customer behavior to let you know who to target and how to target. You’ll learn how your customer responds to ads, sales, coupons, and displays. That data can then be used to retain and grow your sales base.

Data can guide your marketing program.

Marketing relies heavily on making sure your brand is front-of-mind when your target audience is thinking of making a purchase. You want your marketing materials to be distinct, unique and reflect your product and service’s brand the way you envision. Once you know your customer and how they’re going to respond, use that information to create a logo that you know will speak to them. Instead of relying on someone else’s vision, make it yourself. An easy-to-use and free logo maker that puts you in charge of your logo right down to the color and kind of font is the best way to get your product noticed the way you’ve always envisioned.

Data can help you with inventory.

Knowing past trends can help you predict future ones. If you analyze sales and product data over the past years or seasons, it can keep you from holding too much inventory that is costly to keep and maintain or could possibly even go to waste. It will also prevent you from not having enough when the demand is higher, causing unhappy and disappointed customers.

Data can help you with risk management.

Assessing your risk from theft can save you more than money. The legal hassles involved with risk compound an already frustrating part of business, fraud. Online fraud has multiplied the opportunities for unethical and unscrupulous practices. Using risk analysis software can be invaluable in keeping your business safe by mitigating the risk or acting quickly when it happens.

Data can put you on the right social media platforms.

Social media is the newest darling in the marketing world. From Instagram to TikTok, the potential to reach thousands if not millions of customers in a fun and interactive way seems almost too good to be true. It’s easy to get caught up in overspending your ad dollars if your sales campaign isn’t targeted well enough. Tracking and analyzing sales data on social media is almost always up-to-the-minute, so you can adjust how you’re marketing and to whom.

As Microsoft founder Bill Gates said, “Information technology and business are becoming inextricably interwoven. I don’t think anyone can talk meaningfully about one without talking about the other.” Information can be your most valuable business tool as long as you know how to use it.

Author: Close Lamb from BusinessPop.net