Harness the power of data for business growth

Harness the power of data for business growth

Data is transforming the nature of business in fundamental ways – it’s become a bit of buzzword these days, and for a good reason. ‘Data for business’ can help you gain a competitive advantage, all you need to do is harness the power of your customers’ curiosity. 

Here’s how harnessing the power of data can help your business: 

Understand customer needs better – The ability to analyse big data enables you to truly know your customers. What are their likes and dislikes? How much money do they generally spend? What time of year do they make the most purchases? Utilising big data gives you a full customer profile, allowing you to interact with the customer in a way you are confident they will respond to. 

Personalise your campaigns – Sometimes marketing can feel like a bit of a guessing game. You may think your customers will like a certain campaign, but do you have any evidence to support that? Having the right data and using it allows you to create personal and relevant campaigns that will speak loud and clear to the customer. 

Predict the next trends – Looking at your customers’ purchase patterns will help your business to predict what they want next. This is not only good news for your business from a product or service development perspective, but is great news for the customer who gets something they want before they’ve even realised they want it! 

Using data internally – Peter Drucker, management guru, said: ‘you can’t manage what you can’t measure’. Drucker is spot-on – how can you know if your business is successful unless success is defined and tracked by data? 

Whether your weapon of choice is big data, small data, structured data, or something else entirely, your business’s data is your currency – use it! 

Chew on this:

What data do you have at your fingertips right now and are you aware of your GDPR obligations? How could you use this to your benefit?

Author: Safaraz Ali
My career began in the financial services sector and since 1999, I have been involved in the world of business. I am Head of Pathway Group, which is a workforce development solutions provider. Pathway Group specialise in apprenticeship training and recruitment. I also offer independent strategy, advice, and investment for a wide range of private business sector. These include: social care, education, training, and recruitment.