Business

Data as an Essential Tool to Drive Business Growth

Business growth - cfamedia

Data is important, in the life of a business, especially, as an essential tool for growth.

Many entrepreneurs neglect this fact and lose out on this important benefit.

Many customer information and tools are used by business owners, these days.

Once you know how to collate and use customer data for business growth, the scale of opportunities can be to infinity.

Before you grow, however, you need to know how you can use the customer’s data to your advantage.

Although business would obviously grow naturally, the growth could spike up, once you fully understand how you can use the customer’s data available to you.

Business owners should learn to use data, analytics and insights, to experience significant growth, in the business of sales and revenue.

Data helps business owners to scale their advertising campaigns – paid advertising, like Google AdWords, Facebook, Instagram and other platforms.

It allows them to measure the result and account for the money spent on the advertisement.

With these important tools, you can provide better customer service online.

You can measure and keep track of your site visits and it tells you a lot, about the customer experience your website provides, while highlighting the areas that need to get improved upon.

Your advertising data, allow you to quit wasting money on things that do not work for your business and lets you focus on the priority that needs pushing.

Customer data, allows you to make strategic decisions, based on facts and numbers.

It, also, validates the moves you make. It is nearly impossible to make, potentially damaging decisions, when you have hard data available and accessible, to guide you.

Data helps you to identify who your ideal customers and audiences are, as well as help you to focus your targeting on them.

Big data is of common usage these days, especially, by companies, trying to outperform their peers.

The three Vs of Big Data are explained below:

Volume

Data collected from different sources, business transactions, social media and so on.

This is simply referred to as, the size of data gathered, for expansion, or improvement of your business.

Velocity

This is simply referred to, as the speed of generation of data. How fast the data gets generated and processed, to meet demands, determines the real potential in the data.

Variety

Data comes in all types of formats, especially, when structured. It makes it easier for sorting and generation.

The benefits of having access to customer’s data, as earlier stated, utilizes outside intelligence, while taking decisions, early identification of risks to the business, (product/services), improved customer service and better operational efficiency.

This tool understands the market conditions, reduces time, boosts customer acquisition and retention.

It, also, controls online reputation, solves advertising problems, offers marketing insights and serves as a driver for product development.

All these, are bound to boost sales and enable businesses to make the profits and growth they desire.


Featured Image: beholderagency


Don’t miss important articles during the week. Subscribe to cfamedia weekly digest for updates.

About the author

Oyinkansola Adesewa

A final year Mass Communication Student at Les Cours Sonou, University, Benin Republic. She is an art and media entrepreneur.

Add Comment

Click here to post a comment