However big or small your business is, you will be required to make impactful business decisions. Most people tend to rely on business decisions from the past that will not affect growth. By reading this article Kameleoon it will help you understand more about data-driven decision making. Data-driven decision making will ensure that decisions made for the business are backed by ab testing and critical analysis of information. By doing this, it will positively impact your business health thereby improving the quality of service provided to customers.
Taking risk is usually inevitable in business, but data-driven decision making will help in significantly reducing vulnerability to risky decisions. Data-driven decisions will require you to reciprocate previous strategies. Data collected and analyzed will aid in making efficient business decisions. Researching and conducting a/b testing will back up this method. Recent studies have shown that businesses using data-driven decisions make an 8-10% profit increase and experience a reduction in overall costs. 91% of companies also agreed that data-driven decision making is vital for business growth.
You have already seen some of the benefits of data-driven decision making. It would now be vital to identify how the use of these data will impact decision making.
Data collected can be used to figure out:
• Finance: It can help you know the cheapest to promote your products and also help you know where there is a need for new staff.
• Growth: It will aid in improving customer loyalty, thereby helping you reach business goals.
• Marketing and sales: you will understand which is the best channel for advertising and which sell more.
• Customer service: it will help you figure out the best way to enhance customer support.
AB testing is comparing two elements in a web page against each other. It allows businesses to make savings when identifying business activities that do not offer good returns. The benefits of ab testing are saving money, increasing profits, identifying errors, easier analysis, and improving content.
When the sale of a product offers customer satisfaction, it definitely will reflect on the profit margins of the business. Therefore, you need to raise the bar to ensure you have reached your customers’ expectations. Data-driven sales will help moderate time, effort, and money. The following are some techniques I have compiled that will help the business apply data-decision making:
1. The use of sales force automation tools- Manually tracking sales will be time-consuming and monotonous. Most businesses will find it very challenging to monitor sales. Nowadays, manual sales tracking is not used, as there has been an enormous development of sales force automation tools.
The software of these sales force automation tools will aid tasks like follow-up emails, generation leading, and tracking of deals can help analyze sales reports, thereby providing sales managers with vital information. It will also improve data-driven efficiency.
2. Improves knowledge of customers- Your clients are the beneficiaries of the business, ensuring that you get even the little detail about them as it may prove to be beneficial. Before you sell, you need to know to who you are selling the product. It will help you satisfy their needs more.
Data information from the clients will be collected from different channels like social media platforms, CRM tools, and customer directories. Once the data is collected, it will help in satisfying their needs better.
3. Machine learning for proactive customer service- Machine learning is the use of computer-aided machines. This advanced technology allows the machines to contemplate and perform like human beings. These machines will ensure dependency on staff is reduced and will use business data collected from intelligence to enhance data-driven decisions. Customer records are analyzed, thereby ensuring that services provided are suited to the preference of the customer.
4. Find, present and store relevant data- Data-driven decision making will require a relevant source of data. Data collection is mainly outsourced from third parties. The data will later be presented and stored for future decision making. Make sure the tool used can present the data and help the lead generation so that the business can provide quality customer service.
5. Enhancement of data-driven company culture- Every business should have a strong culture. Your employees should come up with data-based strategies that will help the business reach its goals. Make it your culture to adopt any new data-driven strategies that come up.