Updated for 2021
We live in a world driven by data analytics. Namely sales data analysis. Analytics, statistics, and numbers – it is a channelized interplay of all this that we can see the things placed in a way they are around us.
This whole idea of sales data analytics, data mining, and data science has completely captivated business and education in the last 12 or so months... So much so that I see info products and degree programs popping up all over the place around this idea of 'data.'
Don’t believe it?
Well, why do they place the items in the way they are placed in a grocery store?
Simply because they have studied and found a particular pattern that attracts maximum attention. Hence they have kept it like that. The same goes for the advertisements we see on our social media. It is because of the data or the so-called cookies that these systems use, because of which we see those ads floating around on our computer screen.
And, that’s just the tip of the iceberg. In this post, we are going to discuss the countless ways in which businesses can utilize data analytics to create a better experience and ultimately improve their sales. So, let us begin...
And to kick it off, one of my favorite quotes:
“Data by itself is useless. Data is only useful if you apply it.” Todd Park
1. How To Improve Sales And Marketing Using Data
As a business, you want to generate as much traffic for your website as possible so that you can convert them. For this, you employ countless strategies – social media marketing, search engine optimization, paid marketing, and whatnot.
At the most basic level, you want to know how to improve sales with data...
What works and what not? It's easy to get lost in huge amounts of seemingly meaningless numbers.
Only quantifying and analyzing data can help you figure out what works, which is why we built the Axis's Advanced Analytics engine... To get a complete picture of what works. What is driving sales? Where should you be investing your marketing resources? There’s even a free 3-part video series that’ll walk you through filling the gaps in your metrics.
With the power of data analytics, you can eventually get to know about the methods that are driving the best numbers to your website.
Once you have those numbers you can easily analyze the sales data and focus on putting more efforts in that direction, rather than continuing with the hit and trial streak.
2. Targeted Marketing Using Data Analytics
Your efforts are going waste unless you know your target. It is data that helps your product to targets.
Suppose you have project management software for teams. And, you intend to sell it in the market.
Which audience should you target? This becomes a big question. By running a pilot study, gathering the data, and then studying the results of this test can help you get a clear picture of your most effective audience.
So, you can plan the marketing efforts targeting that particular audience and kill it out there in the market!
That’s how powerful data analytics is when it comes to driving sales!
3. Predictive Analysis: How Analytics Can Improve Business
Your ultimate target is to reach the customers and sell your product. But, when should you reach them?
What are the best methods and the best time to get in touch with them? This is something that can be achieved with data-driven predictive analysis.
If you have a business that has been running for long, gathering past data to study the customer behavior and understanding the results of interaction with them in the past can be used to predict customer behavior.
Based on these predictions you can eventually be more specific in your efforts and hit the bull’s eye with every marketing campaign to ultimately get more conversions!
4. Drive Down Costs With Data Analytics
As combined results of all the factors mentioned above, you can be certain of one thing – running more efficient marketing campaigns.
What this means is that you can be more specific when dealing with customers, create campaigns that are more targeted, and hence require less effort to create and implement.
Now the ultimate result of all this would be – low costs and better ROI.
And, this is the ultimate goal of every business. Isn’t it?
Bringing down the expenses and getting the maximum out of the investment you are putting in is what creates a successful business. With the help of data analytics, you can easily achieve this goal without facing any trouble.
Inside our Coaching Accelerator Toolkit, there are LOTS of free training material to help you understand and dig into analytics:
- How you can effectively track marketing data,
- Decide what costs you should cut, and
- Find the profitable areas of your business that are worth pursuing.
5. Build Better Products With Data
A business must continue to evolve to remain a thriving force in the industry. But, how does a business evolve?
The answer is by constantly building new products, better services, and whatnot.
Now, this is where again data analytics can play a big role.
Data analytics can help you understand market trends. What are the customers drifting towards? What are they attracted to in the current market scenario? And, what’s the future going to be?
Answers to all these questions lie in your numbers – the numbers that you can only with the help of data analytics.
Once you have those numbers and find the answer to these questions, you can simply go ahead and head towards developing a product that has already a high chance of succeeding in the market. So, you are in a win-win situation!
6. Better MRR Because Of Data Analytics
For those of you who are not into sales, MRR stands for monthly recurring revenue.
It is the number of customers that come back every month to pay for your product or service.
With the power of data by your side, you can easily study customer behavior, build targeted campaigns, and easily attract those customers who have invested in your business.
So, you can easily get recurring customers by targeting your efforts in that direction. As the numbers suggest, it costs five times more money to acquire a new customer than retaining one.
And, data analytics can help you figure out ways to keep that returning customer number high.
Remember those words by Mark Twain, “Data is like garbage. You’d better know what you are going to do with it before you collect it.”
And, today’s businesses have found the hidden power of data. They know what they are going to do with it; therefore they are investing such huge sums in data and predictive analytics.
If you too want to take your business to newer heights of success, it is high time you find the right source for gathering data and then invest in analytics.
The future lies in numbers and predictive analysis. And, you would not want your business to be left behind in the market just because you did not want to invest in gathering those numbers. Would you?
So, what are you waiting for? Plan your way out, and see what strategy you need to implement to get the most out of data analytics for your business.
If all this data is Greek to you... If you're a big-picture visionary and would rather claw your eyes out than spend a second looking at graphs... Click the button below to learn more about what we do and then book a free call!