Data plays a vital role in helping every business understand its customers’ behavior and preferences. Companies use data to tailor their advertisements, personalize the content and deliver what their customers want right now.

A business will not benefit from having raw data unless it has a proper analytics tool to decode it. Data analytics and processes will make a lot of difference and provide the organization with proper insights that they can use further.

This is where existing data analysis will help. Now you may ask what data analytics is? Well, we are going to discuss it in our next section.

What Is Data Analytics?

Almost every organization has raw data related to their consumers, their target audience, conversion metrics, and many more. This raw data amounts to nothing if there are no proper insights derived from it. 

Many organizations use data analytics to overcome this issue. Various types of software and tools are available in the market that can help in effective analysis of existing data.

Usually, these data analytics techniques involve tools, automation, machine learning algorithms, and other capabilities to understand and provide insights into the data. One can use it to leverage different techniques such as segmentation, data visualization, predictive modeling, and information management.

The main purpose of these analytics is to understand of the customers’ behavior, to get raw data to form the strategies, services, and products. It helps customers engage with the brand. When a business has all the accurate data at its perusal, it can easily understand the sales targets and revenue.

This will help in making informed decisions as well as keeping realistic goals for the organization.

Importance of Existing Data Analysis

Any business that needs a strategic edge over its competitors needs to conduct secondary analysis of existing data. Let us see how data analytics can make a change in your business.

Personalize Customer Experience 

Businesses collect customer details in many formats. By using different analytics, businesses gauge and understand customers’ behavior. These insights will enable organizations to provide a personalized experience for their customers. 

Now let us take the example of a retail clothing line that is available both online and offline. This brand has to curate the data extracted in brick-and-mortar stores and compare it with the data available in their online stores. 

After careful analysis, the brand will run ads on social media that are specific for the users and completely personalized as per their shopping choices, the products that are present in their carts. 

This hyper-personalization is possible only with the help of existing data analysis.

Streamline the Operations

The most important thing for any organization, irrespective of its industry, is operations. Data analytics can playan important role improving the operational efficiency of an organization.

Gathering and properly analyzing supply chain data will assist businesses in determining where they are lacking, what bottlenecks exist, why production is delayed, and forecasting future problems.

Now, what can an organization do with this data? Let us understand this with an example.

Imagine a scenario: A storefront that sells Christmas and New Year’s decorations discovers that one of its vendors would be unable to deliver the material by the festive season. So, using these analytics, the storefront could look for another vendor immediately.

Likewise, predicting the issues early on can help make better decisions and avoid any further problems for an organization.

Informed Decision Making

Data analytics play an important role in the decision-making of an organization. Predictive analytics help organizations envision any problems that they may encounter in the future, and perspective analytics will help in how to deal with that issue, as in, what to do and how changes can affect the business.

Companies can do A/B testing for their products and services to see how customers react to each of their offerings. After analyzing the sales data, the business can make the required changes, present the right product that matches with customers’ requirements, and visualize the results as well.

What is Data-Driven Marketing?

As the world revolves around our mobile and social media, data-driven marketing is making an impact. Data-driven marketing is a marketing technique that understands customer behaviors to gain insights on their motivations, preferences, and behaviors. With this data, they personalize to enhance their experience. 

Marketing teams of B2B, B2C and D2C businesses use various tools, such as Growth Nirvana, to analyze and understand the raw data that they have. With this information, it becomes quite easy to understand the customer requirements, and brands do targeted advertising.

Data-driven marketing can help organizations with: 

• Better customer experience.
• Producing relevant content and copies
• Make informed decisions
• Better understanding of the spend optimization

Different Ways Data Analytics Can Be Used by Marketers

Marketers can leverage these data analytics to the fullest. Let us see how marketers can use these data analytics.

Behavior Analysis

Marketers work quite closely with your customers. They need to understand customers’ behavior before pitching the product or service to them. They leverage the data analytics to do this. 

There are some customers who visit one particular product page of your website multiple times. This certainly means that the visitor is interested in purchasing that product and is on the verge to make a decision.

If a marketer has this data, they will be able to run different ads related to that product on the visitor’s device across various platforms. This will push the visitor to purchase the product or at least spike interest in them which can prompt them to make the purchase.

This is the most common way marketers use these data analytics. They leverage the data and help in decision-making for customers.

Predictive Analytics

Imagine a customer has purchased a new iPhone. The next thing that they have to buy is a charger, along with a screen protection and backcover. The predictive analytics will do the same and give insights to the marketer.

The marketer can use this to attract customers to these product pages by running ads. You can apply this example to newlyweds, new moms, or anyone. Their one purchase can trigger multiple purchases in the upcoming days, and predicting this will really help marketers in pushing relevant ads to the customers.

These are just two of the many ways marketers can leverage the secondary analysis of existing data. 

Examples of Data Analytics

Let us see some real-time examples of these data analytics:

• Have you ever seen “For You” section on Netflix? You will find different types of series or movies that are very similar to the series that you have binge-watched recently. 

Ever wondered how Netflix does that? It uses data analytics to understand your behavior pattern and gives you recommendations that are quite similar.

• Walmart, the biggest store in the world, also uses consumer data to capture its customers. Walmart collects almost 2.45 TB of data every hour across the world. 

It uses this data for providing tailored marketing services, PPC, and many more.

• “I searched for a gift hamper on my Safari browser this morning, and in the middle of the day, when I opened Instagram, I found multiple ads from gift hamper sellers over there.” 

Do you relate to this? I know that many of you have experienced it. This is called target marketing. Your search data is analyzed, and you are provided with the ads that are relevant to your recent search.

Wrapping It Up

So, this is how data analytics is playing an important role in the market. Businesses leveraging this big data have benefited a lot, while others are lacking in the market. 

If you want to make the most out of raw data that you have and scale up your revenue, then it is time for you to get your hands on these data analytics tools. 

You can use tools like Growth Nirvana that connect with the ad accounts from various platforms in one place.

This way, you will be able to check all the analytics in one place and gather insights. The best part about this is that if there is no connector with Growth Nirvana for your preferred ad platform, they can build it for you within five days. So, what are you waiting for?

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