For businesses of all size, digital know-how is becoming a must-have for generating growth and new revenue. At the core of this is data, which has always been available to business, but not with the volume and quality that it is now. According to Forbes, this data is the key to excelling in business – but only when used correctly. Specifically, businesses must look to find ways to exploit data to disrupt their area of industry. Doing this is actually a little more simple than it sounds – but it must start with high-quality analysis. From there, businesses must look to turn those analytics into actionable processes for their online presence.
Properly analyzing data
Without analysis, data is just a set of values without any real meaning. Too many businesses use data to confirm what they already know, and don’t look to try to identify new trends with their datasets. Getting up to speed with analysis is, according to Entrepreneur, a must-do with regards to improving your business. How exactly is that achieved? According to data experts Tryane Analytics, the key is in using your insights to drive digital transformation. That means looking at your data, analyzing exactly where your customers stand and where they’re going, and then applying that to your online presence.
Just as data flows to a business via a digital presence, so should it inform future changes. Statistics reported by Retail Dive show that 87% of transactions now begin online, whether that be for a local Google search or through perusing online reviews. Any changes you make should pivot towards this market; it’s simply good practice to be there at the gatekeeper of purchases and ensure that you are represented.
How can you use data to make a bigger impact here? Your data might show that your customers are enjoying a consumer trend, or are likely to make purchases alongside other products or areas of interest. You can harness that and ensure that you are providing a service that always interests your customers, and you will provide disruption within your industry at the same time.
Creating new trends
When you think of a company like Amazon, you think of innovation. Associated first with books and then tech, they appeared in industries such as grocery deliveries, consumer electronics, and home streaming services. Rather than simply being a retailer, they expanded, using their logistics network, to provides a huge range of services – akin to a conglomerate. What this should tell a business is that they shouldn’t be afraid to use customer data to branch out. If you see a lot of crossover with an area, try to move into it, whether personally or through third parties. It might surprise your consumers – but it could impress them too, and develop your brand further.
Using these insights to create new markets will help you to remain relevant and keep growing. Today, the market is so competitive and saturated with new ideas and new operators that this is crucial to your success. Be a force for change in the market, not a follower.