Businesses use the insights they glean from analytics in a variety of ways. Gathering large amounts of quantitative information is the first step in improving logistics, maximizing worker utilization and plotting out long-term investments. However, big data also has a vital role to play in improving interactions between organizations and their customers.
Analytics has revolutionized the way companies engage with consumers, offering insights to establish and nurture strong relationships. Graduates with a master’s in business analytics can guide a business in building a smarter approach to communicating and fulfilling the needs of the public. Applying the latest tools and techniques to data reveals how to make productive connections that allow a company to expand over time.
Learning about consumer behavior
Analytics tells an organization a great deal about how people are reacting to particular products or services and related online content. The ability to predict these patterns of behavior gives a business an advantage in capturing and retaining the attention of customers. That’s why many companies are using big data to gain insight into people’s preferences, finding out what initiatives promote increased conversions and ongoing loyalty.
By tracking the path an individual takes, from reading some introductory information to getting in contact or making a purchasing decision, companies discover what aspects of their online presence are most appealing and which are failing to connect. Realizing when people tend to drop out of the sales process is often just as important as finding out what initially attracts people. Marketers, salespeople and other stakeholders learn to more reliably capture consumers’ interest and, when the time is right, to engage in direct communication.
Customizing the experience
Using detailed customer information, businesses are able to develop increasingly narrow market segmentation. Many companies have detailed information of the consumers they are serving, including where those people live, their interests and their socioeconomic status. Understanding customers and what brings them to explore a product or service allows an organization to direct its marketing and service efforts wisely.
However, Harvard Business Review emphasized that businesses should go beyond using their wealth of information to target consumers to find the means to add value to these exchanges. Personalizing the experience of visiting an e-commerce site, using a mobile app or getting in touch with customer service goes a long way to make individuals feel valued. Businesses with powerful data strategies are able to streamline these interactions by anticipating what people want and sharing key pieces of information with efficiency.
Understanding the customer’s perspective
Among the major advantages of an analytics-based strategy is the capacity to gather a great deal of consumer feedback and relevant metrics. Businesses have the capability to take in data on customer sentiment from a wide range of sources, tailoring marketing and service accordingly.
Companies can understand customer sentiment by closely monitoring social media conversations and online reviews. Some businesses go further, using techniques like voice analytics to find out where their contact centers are succeeding or falling short in helping people with their problems and questions.
Directing communications more effectively
Getting to know your customers means knowing their preferred channels of communication. Businesses can strengthen engagement and loyalty by being ready to reach out, but they must do so in the right way. People want to get in touch with brands by different means depending on a number of different factors, such as their own level of comfort with online conversations and how urgently they need a response.
An organization that is well-informed about how people are seeking information is able to streamline the process and build a closer bond. Many consumers still prefer to call when they need answers, but others would rather communicate via email, text or chat. A robust data strategy reveals these tendencies and enables opportunities to get in touch at the right time in the right way.
Learning the skills for more strategic customer engagement
Big data is a powerful force for transforming the relationships between companies and customers. To capture the full potential of analytics, organizations need leaders who have a deep understanding of the relevant tools and the ability to translate quantitative findings into actionable business intelligence. That’s why students pursue a master’s in data analytics from Villanova University. Visit the program page to find out more and learn how you can apply.