Top 5 data analytics tools for your business in 2019

Data Analytics Tools for Business

Got your hands on millions worth of data, but can’t find ways to monetize it?

You aren’t alone! There are thousands of businesses experiencing the same issue.

With the advancement in technology, and better IoT and machine learning models, modern businesses are bound to deal with big ounces of data that require a lot of curating before it can be put any good use.

Knowledge was power, today data is power! With this powerful weapon, you definitely require guidance on how to curate this data and make it relevant. We first built the cloud, then data visualizations and business dashboards crashed their way in, thus replacing spreadsheets for analyzing and observing data insights.

But now, data analytics isn’t just for the sake of analyzing, it is much more.

Business Intelligence is also finding its way to enterprises. It has been a focus light throughout 2018, and now it’s time to continue its reign in 2019 too. Businesses, whether small or large are now looking for expanding their business intelligence and seeking solutions from the huge canopy of BI.  

Today, every businessman’s focus is on how to manage their increasing data this year. So, here are the top 5 data analytics tools to help you drive business growth in 2019!

Let’s see how these great tools can help using the era of multi-cloud accessibility and business intelligence, let’s see how these tools help:

 

Data Analytics Tools for Business

 

1) Sisense for Artificial Intelligence and Business Intelligence

AI is helping machines to synthesize the functioning of a human brain. We need to know how our business is performing every day and every week. But with the help of artificial intelligence, we can understand the live performance of our firm. It means, we can see the insights every second!

Sisense is a great tool for building an intelligent AI system. The AI algorithm is supported by high-performing neural networks and is completely accurate. A lot of tech giants are using AI in many ways to keep themselves in the forefront. So, in 2019 it’s no surprise that this trend will keep growing. 

It is highly customizable and it transforms your complete data into dashboards and elastic tubes. You will come across a lot of statistical tools and features in this tool. You can create customizable dashboards for each team member in your company.

By maintaining and managing your data levels properly, the companies get leverage to compete in the global market and uphold their business intelligence principles.

 

2) Click tale – Track and View Data Insights the right way

To know how your business is doing online, you will have to trust web analytics tools such as Google analytics. But to give a tough competition to the Google Analytics itself, you have the Click tale that also provides an in-depth analysis of your website. This is becoming very popular amongst the businesses and website owners due to its amazing features.  

The Click tale tool also makes it easy for assisting business. This tool also offers you insights on behavioral analysis along with web analytics. It offers data optimized tools so that you can improve the inward flow of business. You can also check the path analytics of your website with this tool. With this platform, you can reach the required goals and formulate a good customer acquisition strategy.


3) SEMrush for Marketing Analytics

SEMRush is the right data analytics tool for examining your marketing strategies. They offer features which help you track KPIs and also the analysis of how your content or business is doing online. Also, this tool helps you analyze according to the search engine visibility of your website.

SEMRush is a one-stop shop for all your SEO and Digital Marketing Analytics. It also gives insights on keyword performance, backlinking data and other website analytics. With SEMRush, you can also review and track the performance of your competitor’s website and use that information to bid for keywords to improve your digital marketing efforts.

 

4) DataMelt Tool

Data Melt helps in power analytics. It comes to your rescue when there is a need for intense analysis. Also, if you are thinking this comes with a set of tools, then you are mistaken. You can customize it according to your will.

Also, you can use it for decoding fields like mathematics, financial marketing, engineering, and statistics. Also, it has a great number of tools and is available over 500 Python modules. DMelt or Data Melt is in various languages. This tool can also be applied for any kind of business analysis.

 

5) Kissmetrics for Predictive Business Analysis & Social Media Marketing

Kissmetrics is used especially for understanding the whole route of customer’s behavior. For a business to grow, there is a need for understanding what the customer wants. By studying his/her searches or predicting what he/she usually looks for, we need to strategize in a way that our product is reaching them and striking a right chord with them.

Also, Kissmetrics will be of huge help if you are making any digital marketing strategies. The tool, which was founded by the famous SEO strategist and Guru Neil Patel, offers an exclusive and holistic marketing analytics solutions for all business challenges. This tool also helps in engaging more customers.

The Kissmetrics tool easily integrates with your already existing analytics tools and also provides constructive criticism on the insights you drive. Also, you can execute smooth digital marketing initiatives with the help of its customer behavior- based automation features.

With these tools in hand, you can now do social media marketing in the right way. Thus, with such data analytics, it can help restructure your marketing approach and also attract more paying and prospective customers.

 

Conclusion

There are many factors for a business to flourish. You have to cater to your customers, their expectations, and in a similar way, you have to look at growing your sales funnel too.

If you are turning towards being a more data-driven organization, then understanding the data triggers of your business is crucial. Deploying or using any of the above tools will really put your company in high fame, or if you are looking for a custom-made data analytics tool for your business, then drop us a quick message here.

How Big Data is Influencing ECommerce

How Big Data is Influencing ECommerce

ECommerce in recent years has been quite popular amongst the public. People prefer the idea of choosing their desired products from the comfort of their homes. The massive success of the eCommerce industry could be attributed to the large amounts of data that is available today. Big data analysis, in particular, has been crucial in helping the retail sector keep up with the growing trends and mindsets of the consumers. The modern day consumer is truly a remarkable creature with a myriad of needs and expectation along with a constantly changing taste pallet influenced by the media. In today’s market, it is hard to remain relevant without staying up-to-date with the constantly turning tide of the consumer demographic mindset. This is patently obvious with the various products that have a total lifetime of just a few months in the market after which a newer, more improved product takes over. Long gone are the days of time-tested products serving a loyal customer base for decades often bought from the same dealer. So, e-commerce and the use of the various tools that support is more of a mandate today rather than a choice. In India alone, it is expected that the e-commerce industry is set to cross the $100 billion mark in revenue by 2020. Now, let us have a look at the technology that influences e-commerce the most.

Data Analysis and Actionable Insights

As we have witnessed with everything today, data always plays a huge role. E-commerce in particular relies almost entirely on data for many processes. And there is a colossal amount of it online and analyzing it is by no means an easy task. It is here that big data makes a huge difference for all professionals within the e-commerce industry to make the best out of the data available to them. Deriving actionable insights that will help them with various processes from planning marketing strategies to campaigns, product placement, inventory, budget management etc. Professionals are now able to understand where their business strategies are taking a hit and plan contingencies that could be used to rectify them. Choosing the most effective marketing channel, the right platform to place the product are just a few of the perks that data analytics offers.

Demand Prediction

Prediction services are one of the largest benefits of big data. Given the vast resource of information available through big data, it is now possible for a retailer to predict the sales prospects of a product and how it will fair in the market. All this is based on historical data of the products’ performance in your business as well as that of other retailers. Services like Amazon Web Service (AWS) analyze customers’ shopping habits and their browsing habits to achieve this.

Personalized Business

Using behavior tracking services retailers are able to understand the personal preferences and purchase patterns. This data is further leveraged to customize ad placements and products displayed by retailers on e-commerce websites. Personalized stores display all the products that customers are more likely to buy and in most cases have been looking forward to buying. Such data is acquired by monitoring the customers’ web searches, the topics they are researching and so on. Automated recommendation for the product they are searching for is displayed on their browsers and on most websites they visit. Sometimes a cue for such a process is given when a customer first clicks on a particular product while just window shopping. In some cases, personalized offers are given to customers based on the various sites they are visiting to get the best deal. This prompts the retailer to offer a better deal for that customer. This also works quite well while scaling. The idea here is to always stay ahead of the curve. Coupons and promotional codes are also passed on to customers as part of this process.

Customer Service Optimization

The 21st-century business world relies a lot on customer service and support. A bad experience with customer service and support could lead to your business or product getting a bad reputation. Besides customer service today is also a marketing opportunity for selling accessories and additional supplies. Big data offers a clear view of the customers by providing vital information that could be used to enhance the customer service experience. Furthermore, with online transactions, mistakes occur often and some of them could cost dearly for both parties. Using big data a customer care professional will have access to all the information leading up to his/her interaction with the customer. This miscommunication can be minimized and a solution can be provided speedily.   

 

 

How Data Analytics Can Help Marketers Understand Consumer Behavior

Big data has had a profound impact on numerous sectors today including the marketing space. Marketers across the world are leveraging the power of data analytics, thus using insights to generate tailored marketing messages.

So, how do data analytics and big data help marketers develop targeted campaigns based on specific consumer behavior? Do you stand a chance to leverage existing data and understand customers better? Let’s find out!

Data analytics and marketing

Knowing the concept

Before we dive deep into the discussion, it’s high time to develop a comprehensive idea of big data. The term ‘big data’ refers to a collection or a database of complex data sets. Although it has a lot of potentials and can be used for dynamic development, you can’t extract it with conventional methods.

If you are operating in the marketing sector, customer information, notes, and behavioral patterns will be of paramount significance for you. These are the resources that help you take informed decisions. But you need to organize, arrange, and curate the data to understand your customers better!

The real scenario

Cut-throat competitions and steep growth curves are giving birth to new challenges. Every business wants to stay ahead of the growth curve, and big data seems to be the only way out. Since data analytics helps you develop clear ideas of consumer preferences, purchase behaviors, and decision patterns, it becomes imperative to take note of it.

However, you should know the art of extracting useful data as that is the key to gaining crucial insights into customer behavior. It’s here that consumer personas emerge as a significant point. Here’s what you need to know!

Understanding consumer personas

If you are on the other end of the sales process, you will surely come across numerous consumers. Without specific demographics, it will be tough to identify their individual behaviors. Here are some of the crucial parameters:

  • Identifiable and direct: Identifiable demographics include age, marital status, ethnicity, income level, and employment status.
  • Non-identifiable: When it comes to identifying the non-identifiable parameters, you will get parameters like preferences, lifestyle, personal objectives, influences, and interests.

How Big Data helps?

Based on the demographics and personal behavior patterns, big data helps marketers develop assumptions about their consumers. While a majority of organizations consider their customers’ spending power as the biggest parameter to be the MVP or ‘Most Valuable People, that shouldn’t be the case. These customers don’t score high in terms of brand loyalty and can shift their interests over time.

Data analytics and marketing

By leveraging these parameters, big data helps you come across crucial metrics related to consumer behavior. Here are some of those important metrics:

  • Consumer acquisition costs
  • Customer retention costs
  • Lifetime value
  • Customer satisfaction and happiness
  • Average purchase amounts and behavior

Signing off

Marketers can develop a deep understanding of these metrics thus correlating them with customer information. Once they know their buying trends, it will be easier for them to match the results with specific consumer personas, thus devising targeted marketing strategies.

When you know what your target consumers like and spend on, you will surely stay ahead of your competitors in the market.

Are You Using Data Analytics The Right Way?

Are You Using Data Analytics The Right Way?

In today’s tech-led era, there is hardly anything that you can accomplish without using data. In this scenario, are you able to fully utilize the value presented by data? Is your data analytics helping you turn data into a revenue generation engine? Are you using data analytics the right way?

Today we look at solving these questions at how this can be done

  • Is Your Data Purpose Driven?

The first question that you need to ask yourself is whether the data you’re using is purpose driven or not. The easiest way to find an answer is by analyzing it based on four important dimensions – accuracy, relevance, usability and cost involved in the analytics. Based on these elements, you can determine whether your data is purpose driven or not.

  • Are You Asking The Right Questions?

The another important aspect of data analytics is whether you’re using it to ask the right set of questions or not. Questions like “how can we reduce costs? ” “how to increase revenues? ” “how to improve the productivity of all the team members? ” “how can we better manage the time dedicated towards product development? ” etc. should be addressed without any failure. It’s great if your data analytics practices address these question, but if not, then ensure that you make the necessary changes as soon as possible.

Are You Using Data Analytics The Right Way

  • Have You Built A Data Provenance Model?

Valuable data may come in all forms and shapes, and you need to be ready to capture it at any given point of time. Building a strong data provenance model can help you do that in a hassle-free manner. It enables any business owner or team leader to identify the actual source of information and check its reliability to know whether it can be used or not.

In today’s time when differentiating useful data from scrape information has become one of the toughest tasks for businesses, data provenance model can help you achieve desired results over and over again. If you have not already built a data provenance model for your business, do so without any further delay.

  • Can You Connect The Dots

No matter how intelligent or experienced you are in a particular field, you cannot get hold of everything at once. Ask yourself whether you can connect the dots in the raw data that comes to you from different people and departments. If the answer is no, hire someone who can. Knowing how to connect the dots can take your business to whole new heights; therefore, learn this process or hire someone who possesses necessary data skills to do the job.

Data analytics can make a real difference only if you are willing to convert your insights into action. So, take a close look at the points mentioned above and start using data analytics in the right way.

Have you been exploring data analytics field for a long time and have an expert opinion on this topic to share with everyone? Please comment below and help others learn the usefulness of data analytics.

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