Ways You can Use Big Data to Increase Your Sales

Monday, April 16, 2018

Ways You can Use Big Data to Increase Your Sales

Big data continues to create a buzz and cause a stir in today's business world. It can help you gain profit, which is the result that every investor is chasing. The reasons why big data continues to trend sharply is because every business wants to grow its bottom line.

With increased competition, the threat of internet to offline retailers, and a challenging economic climate, times are hard for companies across all industries. However, you could still use analytics to push head and shoulders above your business rivals. Big data could also help you turn around failure trend on your sales chart and redirect it towards success. Here are ways you can use analytics to increase customer value, improve performance, and eventually increase your sales.

Reduce Costs

Flower business is seasonal and often booms during specific days such as Mothers' Day or Valentine's Day. In fact, the demand can be ten times that of other days. As such, florists require a flexible labor force. However, big data can help florists improve their workforce forecast levels and manage operational costs during peak hours.

Improved Product Management

There is plenty of products that could meet the needs of your customers. However, understanding the best product or a combination of product that can meet the needs of your customers can be a game changer in your company. Using analytics to target the right audience can help a business increase its overall sales.

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Big data provides an insurance company with insight into the details of all areas of operation. That way, an insurer can discover that incentives such as giving free insurance quotes could help gain a competitive edge.

Optimize Your Marketing Strategy

It is easier to maximize customer value if you can identify customers that are likely to transact with you again. That enables you to establish long-term relationships with customers and subsequently maximize customer value. Ultimately, repeat purchases and maximize customer value will drive your sales.

Improved Service Delivery

A flower vendor often uses a network of florist to deliver flowers to the end users. Florists can use analytics to predict their ability to sustain customer demand and supply flowers on time. Big data allows them to understand the average delivery time and the impact of traffic pattern on each supplier. As such, they can make commitments or propose a next day delivery if they have a tight schedule. Also, analyzing customer refund requests and complaints allow florists to drop supplier with a damaged reputation. That ensures suppliers deliver quality flowers on time.

Improved Order Fulfillment

The performance of a supplier can vary depending on factors such as the season, time of the day, and the product being supplied. Big data can help you analyze the performance of various suppliers and determine the supplier that gives the highest success probability. Improved order fulfillment results in increased customer satisfaction, which can ultimately drive your sales.

Improved Decision-Making

Successful businesses often use analytics to make informed decisions and increase their sales volume. Big data allows you to know what satisfies your customers. Nowadays enterprises use different communication medium to engage with their customers. You could use social media, human interaction, and phone calls to learn meaningful information about your target audience. Knowing how customers interact with you, what they depend on you for, and where they stumble when using your product can help in decision-making. However, you can't analyze these data using traditional means since most of it is unstructured. That's when analytics comes in to help you unravel the information that makes it easier to understand customers' preferences.

Improved Advertising

Every business is keen to assess the effectiveness of its pop-ups and landing pages campaigns. That makes it easy to tweak strategies to achieve maximum results. Moreover, measuring the positioning of your products on the web can also help identify the best location to drive sales. Advertising can be expensive; thus, it's important to know how you can maximize its results.

By  Mark Palmer Embed

Author Bio - Mark Palmer is a small business expert and has a passion for helping entrepreneurs make the most out of their company. As a freelance writer, Mark hopes to influence others so they can have a positive business experience.


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