01st May, 2020
Marcom, , Designation
It is a customer-centric era. Today’s digital-age customers are well informed and have everything available on their fingertips. Social media has a significant role to play in it, as it has made the entire world a ‘Global village’ where everyone is connected with each other through the string of thoughts, experience, opinions and feedbacks. This is a win-win situation for both customers and marketers as well. It helps marketers to track the customer’s online behaviour patterns and plan their strategies accordingly.
When your customers are overwhelmed with choice, there is no room for the marketers to relax. The advanced disturbance enjoying some real success on this gigantic store of information is prevalently sorted as organized and unstructured however they additionally fall under-tapped and undiscovered classes. “Whitespace” is the thing that we call these obscure spaces, fundamentally client database that has not been found and which might be huge for accomplishing deals objectives.
Whitespace discovery means unknown space; to relate it with sales terminology, it basically means spaces in the prospective customer database that have not been previously tapped or discovered.
Whitespace discovery is at the center, it helps to leverage the data pertaining to products or services, markets, customers, potential clients, etc. Advanced analytics can help companies to generate futuristic insights through internal and external applications. This helps in cost-cutting, revenue generation and enhances customer satisfaction. With the assistance of Data analytics, a robust sales strategy can be created that helps in making informed business decisions. According to the recent reports, only 37 percent of the companies feel that they are using advanced analytics that is creating some value for the business.
Benefits of using advanced analytics techniques:
- Supports in taking da-to-day informed business decisions
- Provides insights, perspective and analysis
- Quick in giving hypothesis and prototyping
- Improves agility for business development
- Makes timely and accurate decision-making
- Provides personalised customer communication
- Identifying upsell and cross-sell opportunities
Types of business analytics that can get you closer to the new customer
Descriptive Analytics: Summarising the business existing data to get a picture of what has happened in the past or what is happening currently. This type of business analytics helps identify strength and weakness and provide informative insights into the customer’s behaviour
Diagnostic Analytics: Indicative examination shifts from the “what” of past and recent developments to “how” and “why,” concentrating on past execution to figure out which components impact patterns. However, diagnostic analysis has limited ability to provide actionable insights, delivering correlation results as opposed to the confirmed causation. The most common physical product of the diagnostic analysis is the business dashboard.
Predictive Analytics: It forecasts the possibilities of future events using statistical models and machine learning techniques. This type of business analytics develops on descriptive analytics results to devise models that can extrapolate the likelihood of selected outcomes
Prescriptive Analytics: Provides recommendations for the next best action and allows potential manipulation of events to drive better outcomes.
Gathering data, leveraging it, and then turning into insightful information is one of the biggest challenges that every organisation is facing today. Acquiring new customers can only become easy when the companies start to bring together the unstructured and structured data and subsequently combines it with advanced analytics tactics that facilitate whitespace discovery.