Data is often described as the lifeblood of modern businesses. Used to develop and drive marketing, sales, and customer service strategies, it informs every decision management makes and is key to achieving greater growth and profits. Because of this, data analytics can prove vital in helping companies to prosper. Allowing businesses to gain useful insights into
Data is often described as the lifeblood of modern businesses. Used to develop and drive marketing, sales, and customer service strategies, it informs every decision management makes and is key to achieving greater growth and profits.
Because of this, data analytics can prove vital in helping companies to prosper. Allowing businesses to gain useful insights into not only performance, but potential too, it makes it much easier to think strategically, and data crunching is an important part of this.
Simply defined, data crunching is a method whereby large amounts of information can be processed, sorted, and structured in order to make them easier to interpret and manage. Often supported by specialist software and systems, it can prove invaluable to businesses of all sizes, helping them to understand what’s driving profit and loss within their company day-to-day.
Here are just a few of the ways it could help your business to grow.
IT can deliver cost savings
All data begins in raw form, but by itself, this is nearly impossible to interpret or put to good use. Enriched and analysed, however, it quickly becomes a much more valuable tool – one that can deliver significant savings for your business. One of the ways it can achieve this is by reducing storage costs. According to a report by Global Databerg, most businesses store more data than they could ever use, leading to rising overheads and wasted opportunities. Enter data crunching, which ensures that you only retain the information that’s useful to your business, while also lessening the amount spent on management and databases.
IT improves customer relationships
While data crunching can be a handy tool for streamlining and reducing spending, it can also have the advantage of helping to improve customer relationships. That’s because data enrichment from companies like Lusha fosters more personalised communications, so you’re able to meet your clients’ individual needs and preferences. The result is that your audience feels better understood and is thus more likely to demonstrate their approval by making a purchase and/or directing their custom your way.
IT supports customer nurturing
One strategy that can pay dividends in terms of increasing sales and profits is to identify the groups that need additional nurturing before purchasing from you. With data crunching and enrichment, this process can be automated, allowing you to pinpoint individuals who need a gentle nudge in the right direction in order to encourage their patronage.
IT enhances targeted marketing strategies
If your business is one of the many that understands the value of targeted marketing, this is one more reason why you might want to consider using big data analytics and enrichment to help grow your company. That’s because, in order to effectively target your audience, you need to be able to recognise which individuals belong to the various demographics you’d like to appeal to. Doing this customer by customer is nigh on impossible but, with data crunching, the process is made simpler, more streamlined, and ultimately more successful.
IT increases sales
As a business on the up, it’s important to ensure that sales are continually rising, and data enrichment can assist you with this too. Stopping you from wasting your time and resources on individuals whose details are no longer up to date, it makes certain that you have a completely contemporary contact list to work from. The result is typically a greater return on your marketing efforts and less money wasted on dead ends.
IT improves the customer experience
Last but not least, data crunching and enrichment can be highly effective in improving the overall customer experience. Allowing you to deliver more tailored communications, it means that you’re only targeting those with a genuine interest in what you’re pushing. This benefits both you and the individual, as it means there’s less unwanted contact (and a decreased risk of customer resentment as a result) and a greater likelihood that your efforts will pay off and lead to a sale.
When it comes to helping your venture to grow, data is an invaluable resource but, in its rawest form, it’s unwieldy, untameable, and almost useless. Enriched, crunched, and controlled, however, it can be put to much better use. Why not take advantage and explore the ways it could help your company to prosper?