July 9, 2020

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Business Analytics

Business Analytics for Beginners

As we move on from the era of traditional marketing techniques towards more the era of post-modern marketing. It is vital for businesses to adapt to the latest trends. in order to be able to complete in a competitive marketplace. Various analytical tools are present in the marketplace to test, analyze and adapt different marketing strategies.

In the world of predictive analytics we are able to outline a consumer’s behavioral mindset – right before he’s actually made a purchase. It is very commonly known that “A marketer is a chef, he just needs to know what ingredients he should be mixing in order to create the perfect dish”. The ingredients in this scenario are insights and statistics provided through various analytical tools. Certain Key Performance Indicators have to be kept in mind whilst evaluating different options. In Pakistan, there are numerous business models operating within their own contexts. You’ll be able to find a business operating solely out of Facebook. Or various start-up e-commerce sites launched by tech savvy people. It is our job to adapt our strategies according to the task at hand.

Tools such as Google Analytics give businesses an edge over their competition as they give actionable insights through which businesses are able to scrutinize in order to create effective marketing strategies. Software’s such as ERP systems and much more have made it much easier and more systematic to standardize the elements by eradicating human interaction and replacing it with a much more efficient machine learning algorithm.

Google Analytics Dashboard:                                                                                                        

These tools offer real time statistics which can be utilized to carefully monitor each strategy. As well as consumer heat maps. To see which aspects of the value proposition of the company are resonating highly with the customers. And those can be highlighted in order to attract newer and newer customers. Customer retention is key. Obtaining customers may be very easy for businesses, however retention is key for any successful business. Thus a business must be quick on it’s feet and have agile marketing characteristics. Through use of business analytics tools in order for it to be highly successful.