Business analytics strategy is the process of generating insights from relevant data that impact business processes in order to make strategic data-driven decisions that could foster business growth and more market capture.
Data is at the core center of business analytics. Data can be used in analyzing where progress is been made and where there are lapses that need improvement.
So we listed out a few ways business owners can gather data about their business and implement business analytics strategy:
1. Customer Reviews Data: Gather customer reviews data. This should reflect what people think about your brand and how your brand has impacted their lives. Sentiment analysis can be done using the data to further detect brand perception.
2. Carry out Random Surveys: This gives customers the privacy to comment on the organizations’ services without bias. Quick survey data can be gathered by using online survey platforms like google form,Surveybot.com,soGoSurvey, Forms. app,Question pro e.t.c. Data gathered can be visualized using business intelligence tools like Power BI.
3. Gather Complaints Data: Bad reviews and complaints can help a business in analyzing threats using predictive analytics such as a machine learning model that classifies complaints into various categories or a model that helps predict customer churn.
4. Good Performance Data: Always keep data on good customer service offerings. This helps in making strategic business decisions. The data can also be used to foster more loyalty via customer analytics.
5. Capture Data on Pricing: Data on market pricing can be gathered to engineer a predictive model for price-setting analytics that can help improve customer willingness to pay and lead to more market capture.
Technical skills like customer segmentation, product recommendation, sentiment analysis, forecasting and price analytics are required for business analytics. Your business needs an analytics team that can learn them fast and starts applying them to your business.
