Here Are 10 Very Good Reasons Your Business Needs Better Analytics
A business leader is often mired in hundreds of decisions on any given day. Having to prioritize items that deserve major investment can be a challenge, especially if the financial stakes are significant. A plethora of development, marketing, and sales concerns compete for their attention, making it difficult to decide what investments would ensure increased business value. Mobile app development comes to the rescue of every business, no matter the industry or size, to streamline business processes and improve communication with the customer.
Among the myriad enterprise capabilities that mobile application development services offer, business analytics is of crucial importance. Innovation and planning can only be driven by a crystal-clear comprehension of past practices and resulting insights. It is imperative that an analytical model comprising statistical analysis, explanatory and predictive modeling as well as fact-driven management influences all decision making.
A business can derive a number of advantages from implementing real-time data and analytics:
A common request among customers across industries is better reporting. Customers uniformly have a thirst for insight which helps them understand the value they can derive from a particular product and identify future business opportunities from its usage. Visual analytics is especially helpful in providing relevant information and insight with continuous communication between the company and the user. If the user is offered a comprehensive analysis of product functionality, chances of using the item rise notably. Mobile app development also ensures customer loyalty by direct communication through the app.
Diversity of Usage
Mobile application development services infuse a software with analytical abilities, thus, enabling a business to create new and necessary insight into customer behavior. Business leaders can then apply the software to resolve questions and scenarios entirely unique to their case. The software will generate feedback and reports which can be used by the vendor to modify the application for similar predicaments. In addition, the product’s ability to adapt to niche scenarios will also serve as a good trust building exercise with the customers.
Proof of Success
The niche conditions mentioned above notwithstanding, real-time analytics can be used to capture customer success. By showing analytics that depicts quantifiable advantages provided by a product, the company can present tangible proof that they are having a positive and desirable impact. The same metrics can be used to guide all product improvements in general and offer more effective pitches to marketing and sales teams in the future. Mobile app development companies offer a dashboard that collates and analyses all data in real-time from various integrated software to provides analytics that is customizable by the business.
Differentiation is possibly the most significant driver of business value. It is important that a business and its products stand out from the offerings of competitors. Analytics do much more than provide reporting tools that facilitate a Request for Proposal (RFP). Strong visual-based analytics are instrumental to efficiently demonstrating business value and how user needs are met by a product. For example, if the analytics provide a feedback loop, it contributes to optimizing both their business as well the product/service itself. Thus, mobile application development services provide tangible, realizable value, and serves as a strong differentiator.
Cross-Sell and Upsell Opportunities
It is possible that certain businesses may not require the exact product a business is marketing at the moment. However, product analytics help to identify the needs of users and organizations as they evolve. A cross-sell and/or upsell opportunity can be identified when an organization (using the core product) has become sophisticated enough to require a higher functioning application. This is an extended benefit of mobile app development.
Accessing New Markets
Large enterprises usually have so many cross-functional departments that users require a product with a sophisticated ability to create custom analysis and reports. This means that a single product should be able to adapt itself to widely different scenarios as well as generate reports adhering to each. If a mobile app development company offers robust ad-hoc analysis, then the business can utilize these variant reports to tap into markets that it may not have been aware of before.
Career Opportunities and Advancement
Formulating better analytics is an encompassing and high impact customer engagement adds greatly to the credibility of an organization. Invariably, it creates excellent career opportunities for product architects. A company that focuses on building and refining its analytical capabilities also provides extremely valuable experiences to individuals which they can leverage in the future.
Improved Data Generation
Mobile app development-driven analytics is best known for generating extremely precise information. In particular, they can track the location of the customer as well as their purchasing habits. This has incredibly far-reaching uses. For example, if a company finds that a large number of its customers are from a particular city, it can provide discounts or offer a sale in stores in that city. This would increase the footfall and purchases in that city. Similarly, by tracking purchases, a company can initiate targeted campaigns for buyers of differently priced products. Frequent buyers of luxury items can be approached in ways that are different from others, which would contribute to generating revenue.
Resolving a High Bounce Rate
Sometimes, a website can receive a large amount of traffic but produce insufficient conversions. This means that while a large number of people are visiting the website, they are exiting without making a purchase, or without being able to find what they have been looking for. Mobile app development offers robust analytics programs that will provide detailed reports of pages with a high bounce rate to make changes as and when necessary.
This makes it infinitely easier to figure out what might be discouraging conversions. It is possible that certain pages are optimized inefficiently, or the content is irrelevant or improperly positioned. Analytics can assist with improving the layout or utilizing appropriate search terms to drive both traffic and the conversion rate.
Social Media Engagement
Advertising on social media is an absolute necessity for businesses. A social media page is pivotal in driving engagement with both existing and potential customers. It is one of the easiest ways to promote new products and offers. It is also greatly helpful in establishing a unique brand image. By establishing easy contact with customers through social media, companies encourage customer retention and loyalty.
A prolonged social media campaign, including ads, can be demanding on finances, especially if the company’s resources are limited. Business analytics can specify which OS platform works best to meet business goals, and investments can be made accordingly. Analytics enables the tracking of which platform encourages the highest conversions, how many users are talking about the product, and how much traffic is driven by referrals on platforms. With mobile application development services, social media integration is a one-click-to-integrate process.
The advantages provided by analytics are multiple, the most significant of which are described above. A business must deploy full-featured, adaptable analytics if they are to convert themselves into a reliable provider of diverse, high-quality products and services. Analytics form the foundation upon which developers, investors, administrators, and other decision-makers can formulate a business model to ensure success.
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