“Hi, I am Data Engineer/ Data Scientist, & I help businesses with their DATA!” You might have heard this a lot many times. How can someone help businesses by studying their DATA? Have you thought about it? How to grow your business with Data Science.
Advanced analytics, directly and indirectly, boosts the performance of an organization. And how??
- By identifying opportunities & then promoting low-risk data-driven action plans
- Selecting the right target audience
- Identifying trends to stay competitive
- Empowering management to make more promising decisions
- Increasing the efficiency by encouraging the staff’s commitment
- Fostering recruitment of the best talent
- Employee satisfaction (automation of tasks)
- Offering tailored offerings to improve the customer experience
Let us walk through each of these Data-driven steps towards achieving a better business!
1. Identifying opportunities & then promoting low-risk data-driven action plans
Back in 2007, when the poster boy for the Indian Startup market- Flipkart, just came into the digital business picture, things felt not so fortunate then. But within a few years to countdown, we have all witnessed Flipkart running into a race with Amazon and other e-retailers, all giving consumers access to the broadest possible spectrum of products, right at the comfort of their homes.
By ongoing Data analysis and strategic data-driven crucial improvements, Flipkart advanced into becoming one of the largest e-commerce portals. Despite its ups and downs, Flipkart emerged and went creating outstanding landmarks.
That is to say, analyzing the data which is constantly growing around us and improving on our shortcomings can help immensely in building a brand that will stay connected to people all around the globe.
2. Selecting the right target audience
Say you are a brand selling athletic shoes. Then you might need to target the age group between 15-35, who would be actively looking for shoes- for running or other athletic purposes. Furthermore, the gender, the purpose, the challenges, etc. should be pondered upon before getting started.
That said, before entering into the business, you need to drill down into thorough research on who could be your potential customers. It is way important to trace their pain points to start.
The closer you get to your high-value audience groups, the better and near you advance to your next sale. So, working towards meeting your target audience is the most vital step to take.
And, how do you target the best audience for you?
Analyzing the customer base, understanding purchase path & pain points, target audience case study, multi-segment marketing, conducting market research to identify industry trends, etc., help in identifying the right target audience for your brand.
3. Identifying trends to stay competitive
While in Rome; Be like Romans!
We need to stay equally abreast with our competitors, as we stay tuned with our target audience. That said, working out with our Competitor Data and the related numbers can give us a better lookout & help us determine patterns within large data sets. It will particularly help us identify new and emerging market trends. So, you can keep up with and be part of the changes.
So, how do you Identify and evolve with the industry trends?
- Study the Industry research and trends reports
- Follow publications and influencers in your industry, regularly
- Use multiple tools and analytics systems
- Ask the right questions, & listen to your customers.
Above all, look out for the changes and be ready to embrace them, immaterial of whether you like it or not!
4. Empowering management to make more promising decisions
Empowering your management is crucial because it promotes employee efforts & boosts engagement throughout the workforce.
That is to say that the Managers should empower their employees by giving them the tools they need to make high-quality decisions &, at the same time, the right level of guidance. They should equally get involved in the processes. Encouraging a Strength-based culture always helps, i.e., the work should be driven by the employee’s strengths, thereby reducing efforts. Positive behavior and an open line of communication always add value to the organization & its processes.
5. Increasing the efficiency by encouraging the staff’s commitment
Yet another data-driven way to achieve a successful business is encouraging staff’s commitment.
When the employees are committed to their organization, then they visibly are more proactive & supportive. Furthermore, their determination results in relatively higher productivity and augmented awareness of quality. Then, committed employees are less likely to call in sick. So, they stand out as they display positive behavior within organizations. In light of the increasingly competitive nature of organizations, employee commitment plays a vital role in retaining top talent.
Valuing your employee ideas and giving wings to their thoughts will help you tons towards achieving more!
So, how do you increase efficiency by encouraging the staff’s commitment?
Well, you can do it by
- Placing clear Company vision & goals,
- Providing energetic, challenging & fruitful work environment, &
- Also, make your employees feel a fit with the company.
6. Fostering recruitment of the best talent
To be better and more reliable, we should adopt more strategic recruitment. It is the key to achieving true diversity in our practices. Recruiters should stay open and look for talent in new places. As they say, Look for the spark!
It is crucial to bring in the right talent and skilled employees to get the output that you have in your mind.
7. Employee satisfaction (automation of tasks)
Employee satisfaction is the extent to which employees are happy or content with their jobs and work environment.
When the employees are satisfied, they contribute their best efforts towards company success. Rewards, recognition, work-life balance, employee well-being programs, and more augment employee satisfaction!
8. Delivering tailored offerings to improve the customer experience
All the above points eventually add to delivering a fine product and render more customer satisfaction. To grow your business with data science, you should deliver tailored offerings to your customer
AI and Machine Learning play a handsome role in providing tailor-made Customer experiences. 24/7 functioning Chatbots and free-form text messages that work on NLP and give personalized customer feedback have reduced the time-to-insights way faster and more reliable at the same time.
Furthermore, using customer journey mapping and open-text feedback in surveys improves the overall data-driven personalization.
These are the 8 data-driven techniques to grow your business with data science. All these ways are proven strategies towards progressive growth.
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