Getting Great Insights through Data Analytics
- June 9, 2017
- Posted by: Olufunke Akinloye
- Category: Digital Marketing
There is no doubt that data analytics has become an effective tool for game changing feat world over. , the way decisions are made, strategies adopted by businesses etc. The proper interpretation of data has resulted in huge ROI for some companies by giving them the competitive edge, the interesting thing is that it is not enough to just acquire data, it is making sense of it and taking decisions with it that changes data from just mere figures.
Successful e commerce companies like Konga and Jumia evaluate their customers browsing history to understand their needs, habits etc in order to advertise the product that the customer is likely to buy. For such companies they have made and they continue to make good use of data in order to maximize returns for the organization.
Data remains mere figures if you don’t interpret it for your use.
The business terrain is changing and technology is leading the way. Companies of all shapes and sizes can benefit immensely from engaging in the practice of data collection and analysis. By utilizing the information provided, you will be able to configure a unique sales and marketing strategy for your own business. The key is to knowing precisely what you wish to achieve with your data, before moving forward.
First Step to Data Analytics
Before you begin to acquire large amounts of data you ust know that data storage and analysis aren’t cheap. You must be clear on what you plan to use your data for, is it to for the acquisition of genuine data, which can bring in revenue? Is it to understand your customers so that you can develop other products that can expand your revenue source? Is it to prevent customers’ activities that will negatively impact your brand? etc for whatever purpose you have for collecting data ensure it is properly established before you embark on large data collection.
Now you can collect data to meet your business need
a) Collecting Data: As you must already know there are various ways to collect data, the type of business you do would have an impact on the type of data you can gather. An academy can easily gather data of current or intending training participants because they will naturally register for the training online or at the venue. Data can also be gathered from social media platforms, for every customer you get data must come with it. Cookies on site also gather data even without the visitor consciously leaving their information.
b) Data Evaluation The way the data you want to work with has been collected would fundamentally determine how useful the information would turn out for you. Data that will deliver true value has to be collected in a systematic format and not haphazardly. Data that is full of error at the point of collection cannot deliver the best result. True accuracy of the data source needs to be determined first and foremost before any additional investment in time and money is put into it. This is so important because for valuable insights.
c) Gain Better Insights: The majority of modern companies already store a sufficient amount of data on a regular basis. In order to gain better insights a number of questions need to be addressed first:
- How much do you know about your company’s data and collection processes?
- How frequently is the information updated and where is it stored?
- Is the information analyzed on a regular basis?
- Are there any security or confidentiality concerns regarding the stored information?
Gaining answers to these questions will give you an advantage and ensure you better understand your company’s current practices – including compliance with local and international laws. Also, be sure to consult with the team or individual who is responsible for analyzing your company’s data.
d) Interpret Data into visuals
Once you have learned how to collect accurate data, it is time to carve out insights from the information. Visualization is a key aspect of this process as it gives you the ability to represent the information in a more understandable manner.
In all likelihood, your team will have a few members who are uncomfortable with numbers. In order to guarantee your data is utilized efficiently, you need to display the information in a visually appealing manner.
The utilization of certain tools such as Google Charts or Datawrapper, Canva will make it possible to transform the data into graphs and charts. This is highly recommended. Charts are easily understandable and will help to ensure each member of your team is involved and engaged.