" Where there is data smoke, there is business fire. "
— Thomas Redman
Imagine you wish to buy a nice pair of jeans and you told your best friend Google about it and BOOM! Facebook already knows that your dream pants are one click away on Myntra! It’s not imagination, it’s the reality of the digital world we are living in.
Notice the catch?
Even your likes and dislikes are being understood, interpreted and analyzed before your favorite brands have hooked you in. Infact, that’s how they reached there; they know you before they sell you!!
After all, sales is about Product > Market > Buyers. The amount of data in this era is insanely rich and successful companies know that it’s a gold mine to dig so you can fuel up your sales to rocket highs.
One such great example is Netflix!
The company successfully used predictive analysis in order to make an intelligent shift from delivering prepaid DVD mails to online streaming of movies & shows.
Not only this, the company focused on data-driven algorithms to influence customers from high-demand blockbusters towards the underrated Netflix library.
Data analytics played a key in understanding the customers better. This is how Netflix invested over $100 million on its own original series “House of Cards,” a Netflix original series, debuted in 2013. Results? The thriller has been a huge success since, with over 8.7 IMDb rating with millions of viewers around the globe.
So what more does data tells you, here’s what:
About your customers: Data analytics tools can help to predict customer’s likes, dislikes, behavioral purchase based on the history of past orders and also can automate consumer interaction with pre-sales questions thereby multiplying lead generation.
About your competition: From market statistical analysis, pricing structure to cooperative analysis and market insights from the prospect’s POV, data can tell you where exactly you stand in the race. For instance, big data analytics can help predict the impact of the competitor’s move on the market.
So, what happens if you choose to ignore when data speaks to you?
About your customers: Data analytics tools can help to predict customer’s likes, dislikes, behavioral purchase based on the history of past orders and also can automate consumer interaction with pre-sales questions thereby multiplying lead generation.
About your competition: From market statistical analysis, pricing structure to cooperative analysis and market insights from the prospect’s POV, data can tell you where exactly you stand in the race. For instance, big data analytics can help predict the impact of the competitor’s move on the market.
About your own progress: Data helps to monitor everything, from strategies implemented, analyzing the results, the market feedback, how consumers perceive your brand and even identifying the bad decisions which affect the sales.
About your place in next 10 years: Forecasting your business goals is easier with data driven methods. Based on such statistics, a company can make use of predictive analysis algorithms to determine required changes, improvements and probably revolutionize the present sales techniques.
So, what happens if you choose to ignore when data speaks to you?
A billion dollar company can go bankrupt. And It's none other than Kodak!
By the 1980s, Kodak created over a $10 billion market in the space of photography and established a monopoly with over 90% of market share. 32 years later, by 2012, the company declared bankruptcy. The reason? Digital photography, which was invented by its own employee, Steve Sasson in 1975, soon dominated the market. While Kodak ignored innovation & market dynamics, its competitor, Fuji Films understood the value of innovation, prioritized consumer responses and optimized the market dynamics to tailor their products.
Here are the red flags Kodak deliberately overlooked while the data was right there:
Kodak ignored the growing demand of digital photography and did not take any measures despite the data suggested the booming sales of digital cameras.
The company failed to analyze the strategies of the competitors and ignored their evolving impact on the consumers.
It completely turned a deaf ear when it came to listening to the existing customers. The data clearly stated the value for money as the digital photo was 20% cheaper and higher in quality. The consumers got better options and hence drifted away.
The company also made the greatest mistake of ignoring the market dynamics over a period of 10 years and didn’t implement needed strategies to pace up with the competition and demand.
In conclusion, do not ignore when data speaks to you. Listen, analyze and act!
each step is equally important to ensure that the data is analyzed correctly and provides valuable and actionable information. Let’s take a look at the five essential steps that make up a data analysis process flow.
So, If you are ready to dive in the ocean of data and find hidden gems of data-driven success, we are here to share the big jump with you!
From market and corporate research to helping your sales team to get automated with data driven tools, Stratefix got you covered. We not only help you in processing important data but executing it with right strategy!
