Today’s consumer is more value-oriented and less loyal than ever before, the rapid increase in startup culture has everyone looking for the next big thing and because of this, the business environment is more disruptive than ever, with consumers ready to jump ship the moment they find something better, faster, stronger.
This is where analytics come in, to drive actionable insights, enhance marketing strategies, and optimize marketing efforts.
Performing analytics, however, takes time and skill, so why make the effort and investment? A recent Big Data Analytics study by Accenture reported that companies who invested in analytics teams saw a 50% improvement in demand driven operations over companies that did not invest and that those that invested had more effective operations processes and higher sales volume.
So, how can we use analytics to drive growth? While analytics can be used to answer questions in any area of your business, marketing analytics help answer questions such as: “Which customers are worth paying a lot of attention to? Which ones are worth less?” Here are five growth opportunities that analytics help evaluate:
Determine which marketing activities have the greatest impact on accelerating and improving customer acquisition and retention
Companies use analytics to make decisions related to business operations, staffing and skill requirements, customer strategy, positioning and messaging, and marketing optimization. With so many possible projects, it may be hard to determine where to start.
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