Increased Business Success Starts with Knowing Your Customers Using Data Analytics
Gain a deeper understanding of your most valuable customer. Develop a clearer picture of those who are most likely to purchase your product or service again and again. With four unique data analytics solutions ranging from basic profiling to highly advanced customized data modeling, AccuData has a solution that suits your needs.
With the ever-increasing amounts of customer data, it is imperative that companies thoroughly analyze their data for meaningful insights that drive better decisions. A study by the Harvard Business Review found that 82% of respondents said that predictive analytics produced the greatest impact on their organizations to date. You can count on our data scientists to help you understand how the results of your data analysis will increase the effectiveness of your marketing campaigns with higher response rates, more customer engagement, and increased ROI.
Learn more about Descriptive and Predictive Analytics:
What Is Data Analytics?
Data analytics means manipulating data to uncover patterns, relationships, probabilities and other actionable insights. Modeling data helps discover useful information that can be used in the corporate decision-making process. This can be applied in many different ways to solve problems or better understand customer behavior. Some common similar phrases people use when talking about data analytics are “big data” and “data mining” but really what people mean by these is using data to find useful actionable insights.
One way that AccuData helps clients is by showing common characteristics of customers – what is unique or special about those who are purchasing from you – and then using this insight to identify similar prospective customers who are also likely to make a purchase.
Another common practice is the development of buyer personas, which are semi-fictional representations of your ideal customer based on insights gained through analytics. Buyer personas typically include customer demographics, behavior patterns, motivations, and goals. A detailed buyer persona will help your marketing team determine where to focus its time, it can guide product development and ultimately allow for better alignment across your organization. As a result, you will be able to attract the most valuable visitors, leads, and customers to your business.
These are just some examples of how data analytics can be used to help businesses identify and target the right audience, but there are many different ways to use data to achieve better results or answer business questions.
What is the Process Like?
In order to properly use data analytics to your advantage, often times certain preparations are needed. For example, a database file may need to be cleansed so that the formatting works correctly or additional, third-party data attributes may be applied to help better understand the results. Depending on which company you work with, this may be done to your data for you or you may be asked to work with your files to do the necessary prep work.
Once your data is ready for use, a data scientist will use modeling and coding languages to process the information. After the work is completed, your results will be presented in a format that is user-friendly and easy to understand.
What Can You Do With Analytics and Data Modeling?
While there are a variety of problems that can be tackled by using analytics and modeling techniques, here are a few different ways marketers use analytics:
- Prospect Targeting: Identify new prospects who are similar to your best current buyers
- Customer Targeting: Find ways to personalize messages to potential buyers based on their characteristics
- Segmentation: Create segments of buyers based on unique factors, transaction history, and more
- Market Share: Understand your market penetration
- And much more
Analytics is a useful tool for many marketing departments, including those that are most successful! Start basing your marketing decisions on evidence within your data rather than intuition by using AccuData’s sophisticated analytics and modeling tools.