As businesses strive to remain competitive in a rapidly changing world, they are increasingly turning to data analytics to help them make informed decisions. Data analytics involves collecting, analyzing, and interpreting data to help businesses understand their customers and operations better. In this post, we’ll look at these trends and their relation to brands.
Tools Businesses Should Use to Understand Emerging Trends in Data Analytics
It is essential for brand marketers to understand the role of data analytics in their businesses and to implement appropriate tools. Here are some tools that can help you extract valuable business intelligence from your data:
Marketing Analytics Tools
A great way to leverage data is through marketing analytics tools such as Google Analytics, IBM Digital Analytics (formerly Coremetrics), and Adobe Marketing Cloud. These tools provide a range of data and metrics to analyze customer behavior across multiple channels, including website visits, mobile traffic, and social media interactions.
Business Intelligence Dashboards
To help businesses better understand the impact of business intelligence on their operations, consider using business intelligence dashboards, which are graphical user interfaces that allow you to see key performance indicators (KPIs) and metrics quickly. You can then share these dashboards with your co-workers to help them make informed business decisions based on the information that you collect through data analytics.
Customer Relationship Management Tools
Customer relationship management tools integrate customer data from various departments, including sales, marketing, and service. A CRM tool such as Salesforce can help you add customer interactions and activities on websites, via email and phone, on social media platforms such as Twitter and Facebook, or even through face-to-face interactions. You can then keep track of all this data to improve your customer service by better understanding your customers’ preferences and behaviors.
How Emerging Trends in Data Analytics Help Companies Achieve a Competitive Advantage Over Competitors
Emerging trends in data analytics are helping businesses achieve a competitive advantage through cost-effective means. For instance, when you know your customer demographics and behavior, you can leverage these insights to offer targeted products or services that suit their preferences. You can also personalize interactions across all channels to improve the chances of converting them into paying customers.
By leveraging real-time data, you can make more informed decisions about your operations and marketing strategies to help you better manage your business. Tools such as predictive analytics, for instance, can help you forecast future events based on existing data points. This information will allow you to achieve a competitive advantage by reducing the chances of being caught off guard by industry changes or other unforeseen events.
Also, as companies gain new data about prospects, they can gain new insights into serving them better. For example, Google acquired the start-up company Moodstocks which uses deep learning neural networks and pattern recognition to understand photos. We all upload many of our images to Google (e.g., for image search), which means that Google has a massive database of images that it can now use to improve its image recognition.
These emerging trends in data analytics are already having a huge impact on how businesses operate. While emerging trends in data analytics might seem daunting, they can be fascinating and rewarding for companies that start using them early enough to reap their benefits.
There are many emerging trends in data analytics that can significantly impact brands. It is essential to implement appropriate tools and systems to take advantage of this shift. NetBaseQuid is a marketing analytics platform that helps marketers deliver a personalized experience to their customers across all channels. We can help your brand achieve its business goals by leveraging the power of real-time data through market research, social media monitoring and listening, influencer marketing, data visualization, etc.