WebgoodreadWebgoodread

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Five health Fitness motivation guidelines

    February 8, 2023

    Top Ways to Make Money Online For the Year 2023

    February 8, 2023

    The Right Clothing Can Make Any Man Stand Out

    February 8, 2023
    Facebook Twitter Instagram
    • Home
    • About us
    • Disclaimer
    • Privacy Policy
    • Contact us
    Facebook Twitter Instagram Pinterest Vimeo
    WebgoodreadWebgoodread
    • Home
    • Featured
    • Tech
      • Automobile
    • Home Improvement
    • Gaming
      • Sports
    • Lifestyle
      • Pets
      • Food
      • Travel
      • Fitness
      • Health
      • Education
    • Business
      • Finance
      • Real Estate
      • Digital Marketing
    • More
      • Fashion
      • Entertainment
      • Daily Bites
    WebgoodreadWebgoodread
    Home » How Consumer Analytics Can Grow Your Business
    Business

    How Consumer Analytics Can Grow Your Business

    Asfa RasheedBy Asfa RasheedJanuary 18, 2023Updated:February 11, 2023No Comments5 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    digital marketing
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Big data is big business, and it’s become an increasingly vital tool for companies to connect with the right consumer at the right time. It’s also a constantly evolving concept because each new technological innovation provides a new opportunity to gather, scrutinize, and interpret data.

    Businesses that know how to harness data’s potential can develop smart, efficient strategies that can lead to robust growth. You can find the best help with the aid of a Global PEO by your side. It can boost your business abroad without trouble. To learn more about big data and consumer analytics, check out the infographic below, created by Maryville University’s online Bachelor of Science in Marketing program.

    Also, read more: reputation protectors

    The Rise of Consumer Analytics, by the Numbers

    A wealth of data is out there, coming from a wide variety of sources. Organizations that know how to harness the power of analytics can reap benefits that can help their businesses grow.

    Data Projections

    In 2021, an estimated 2.5 quintillion bytes of data were created every day. Experts predict that number will grow over time, and by 2025, nearly 200 zettabytes of global data storage will be needed. Furthermore, experts project 100 zettabytes of cloud-stored data will be generated by 2025. So where is all this data coming from?

    Data Sources

    Collectively, search engines are one of the biggest data generators. This is due to frequency of use. Google, for instance, saw 8.5 billion searches every day as of early 2022. This number translates to 99,000 searches per second.

    Social media is also a key primary source, gathering data from various user actions or activities. In 2021, on a per-minute basis, Instagram users posted 65,000 user photos, Facebook users shared 240,000 photos, Facebook Live received 44 million views, and Twitter users posted 575,000 tweets.

    Data also comes from online entertainment platforms: Netflix generated 452,000 hours of streaming every minute in 2021, while YouTube users streamed 694,000 hours’ worth of video content per minute. Apps are yet another source: TikTok users, for instance, watched 167,000 hours’ worth of videos per minute.

    Finally, business operations produce plenty of usable data. On a per-minute basis in 2021, 100,000 users connected to Microsoft Teams, 12 million messages connected to iMessage, 148,000 messages were sent on Slack, 856 minutes of Zoom webinars occurred, and 208 rooms were created on Clubhouse.

    Economic Impact of Data

    Data attracts attention in marketing due to customer analytics, which are the data processes and technologies that give businesses insights into consumer behaviors. Understanding these insights allows businesses to provide offers based on metrics like anticipation, relevance, and timeliness.

    The customer analytics market is projected to grow from $5.24 billion in 2020 to $20.82 billion by 2028 — a growth of 19.3%. There are several reasons for this changing landscape, including partnerships, collaborations, and agreements; mergers and acquisitions; and product launches and product expansion.

    Using analytics in business can carry several benefits, including increased profitability, better decision-making, clearer market insights, and improved efficiency. There are also several customer-related benefits to data analytics, such as improved customer experience, identified consumer trends, and stronger customer relationships.

    Reaching the Right Consumer

    When data is used properly, it can help a business reach the right customer with the right product at the right time. The path to this customer comes from properly mining information from numerous sources.

    Also, read more:  How to Break the Cycle of Poverty: Impact on Global Growth

    Data-Gathering Methods

    Organizations can use a range of methods, from traditional means to tech-driven ones, to collect data. Traditional methods include direct and indirect interviews, questionnaires, and focus groups. Tech-driven methods include automated data, webpages, and social media.

    The types of data collected by these traditional and modern methods focus on personal, engagement, behavioral, and attitudinal consumer information. These avenues can allow a business to glean a more holistic insight into the consumer.

    Building a Solid Data Analysis Strategy

    Data can yield powerful insights into consumer behaviors and desires. But without a solid strategy in place, data is just random bits of information. Businesses can ensure the building of these strategies by bringing data scientists into the fold.

    Types of Analytics

    There are three basic types of analytics — descriptive, predictive, and prescriptive. Each type can produce different consumer insights. Professionals in data science roles can use these data types to carry out their essential tasks, which include developing data analysis strategies, preparing data for analysis, analyzing the data, interpreting and visualizing the results, and building data-driven models that demonstrate the results.

    Several well-paying career paths fall under the data science umbrella. Data analysts, for instance, earn a median annual salary of approximately $62,500. Data engineers earn a median annual salary of about $93,000, and data scientists earn a median annual salary of about $97,000.

    Building a Better Business with Consumer Data

    Everyone wins when a business uses data analytics to gain customer insights and reach the right people. Customers are happier and businesses are more profitable. By deploying their knowledge and skills to help turn data into actionable strategies, data science professionals can be a key part of this successful formula.

    Digital marketing
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Asfa Rasheed

    Related Posts

    Top Ways to Make Money Online For the Year 2023

    February 8, 2023

    Elevate Business with Custom Packaging to the Highest Level

    February 8, 2023

    The best packaging choice for your makeup products is custom makeup boxes.

    February 8, 2023
    Add A Comment

    Comments are closed.

    Editors Picks
    Top Reviews
    Advertisement
    Demo
    Webgoodread
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    • About us
    • Disclaimer
    • Privacy Policy
    • Contact us
    Copyright 2022 |webgoodread| All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.