4 Ways to Use Data Analytics to Drive Your Business
Have you been to Disney World lately? If you have, you know that if you don’t want to spend all your time in line, you need to do a little research. An entire cottage industry has sprung up on social media with tips and tricks for “skipping lines.” There are even data analysts who specialize in predicting wait times, creating crowd calendars, and suggesting which day of the week is the best for visiting each of the parks. Isn’t spending time gathering information better than waiting in the sweltering Florida heat in hours-long lines? That’s what you call a good use of data.
Of course, on the other side of that information stream is Disney Parks, Experiences, and Products. While guests are taking advantage of data-driven tips and tricks, Disney is gathering intelligence of their own to disperse crowds, bolster their workforce, and measure interest in attractions and products.
Behold the power of data! Interested in how you can use a little of that data magic for your company?
Here are 4 ways to use data analytics to drive your business.
Optimize
Before you can harness the power of data, you need to get your ducks in a row. Why not start by utilizing information to get your company running more smoothly? Use data to streamline your business processes, pinpoint your strengths, and target your weaknesses. Once you’re operating with a well-oiled machine, deeper data mining can begin.
Monetize
How many products and services have you discovered while drinking your morning coffee and scrolling on your phone? Maybe it’s time to take a page out of the social media and advertising book. What is your data worth to another company? Could the data you’ve harvested be beneficial to another business? Consider using that data to benefit your internal business practices as well as your bottom line.
Personalize
How do you meet your customer’s needs without knowing them? Disney World guests are encouraged to purchase a wristband that can open their hotel room, serve as their park ticket, act as a charge card, and even capture pictures taken on certain thrill rides. A little wearable data gatherer that offers convenience to guests and crucial information to the company: where guests shopped and ate, which parks they visited, and what attractions they rode. Understanding your audience allows you to offer a more personalized experience.
Now that you have used your data to understand your audience, optimize your business and create another revenue stream, what’s next?
Strategize
Probably the best use of data is to inform the future of your business. Leverage that knowledge to spot trends and make correlations. Use data to anticipate supply chain issues or operational bottlenecks.
Knowledge is power. Harnessing and understanding data can help you to make quicker and better decisions about your company, grow your customer base, and drive your business into the future.
