Data is one of the most precious commodities for modern businesses, but not all of them know how to use it wisely. By looking at some of the smartest ways to use data, we can see how this information can help increase profits and create a better future in several different ways.
To Create Tailored Marketing Campaigns
Data-driven marketing lets businesses better understand their target market and then work out how to appeal to them. This means gathering huge amounts of data on client preferences in terms of issues such as the devices they use, what social media sites they like to interact with companies on, and other crucial factors. In this way, the marketing team can then tailor their campaigns accordingly.
Data can also be used in real-time marketing campaigns, allowing the team the chance to react to feedback and change their approach immediately if needed. This infographic from Maryville University suggests that 87% of marketers believe that data is the most under-used asset in their company, with only a fifth of all marketing budgets spent on data-driven strategies, but that’s something most expect to change in the near future.
To Get the Right Prices
One of the best uses of big data is to make precise pricing decisions. Getting the price right is crucial in any industry, with a 1% price increase typically said to lead to almost 9% extra in operating profits. But raise the price too much, and the volume of sales may fall. Automated data analysis lets us see what clients are willing to pay and the effect of any discounts or price increases.
Online sports betting companies are another example of this, as they need data to be able to set their odds at the optimal figure. Sportingtech is a company that provides official data from leading providers to inform odds to sportsbooks. This is crucial, as these sportsbooks cover hundreds of thousands of live and pre-game odds, which often have to be varied constantly due to changing conditions such as player injuries being revealed or the fluctuating weather.
To Predict the Future
Predicting the future of any business market used to involve a lot of guesswork and wishful thinking, but it’s now another area in which the right data can be used to draw sensible conclusions. Rather than guessing what an industry’s trends will be and working on this basis, businesses can now make their plans based on what the numbers tell them is most likely to occur.
This look by a marketing specialist for Kewmann explains how to more accurately predict what will happen using artificial intelligence tools and natural language processing, together with predictive models and a cognitive engine. As the technology used to analyze data carries on improving, it should become easier to carry out this process using all-in-one tools that anyone can use.
These ideas all show us how data can be used to help businesses to grow and make more profits. They also confirm that big data isn’t something to fear and should be integrated seamlessly into a range of business processes to help make our jobs easier.