Impact of data analytics on the increase of sales
Using data analytics increases profits by up to 8% (Business Application Research Center Report), which makes it the best known way to increase sales, because decision makers will have a complement to their business instincts, allowing them to be more accurate in less time.
The Gallup consulting firm shows that companies that apply customer behavioral data analysis achieve 85% growth in sales compared to those that do not. In addition, a Harvard Business Review research reports that 58% of businesses that analyze buyer data have achieved a significant increase in customer retention and loyalty, which reduces sales expenses, since it costs between 5 to 25 times more to acquire a new customer than to retain a customer.
Therefore, it is important for the company to have KPIs (key performance indicators) as 75% of customers are likely to buy from someone else if they find the buying process too difficult (Source: Salesforce) and only 1 in 26 dissatisfied customers will complain to the company about their experience, the other 25 will look for another company to buy from (Source: Thinkjar).
Data is vital to recognize why customers come to a store or visit a website. The trend is clear: personalize service to achieve customer satisfaction.
Thanks to data analysis, it is possible to find business opportunities, know the market share, identify segments, in other words, a lot of information to make decisions based on data that generate the greatest profitability and dividends to Marketing and Sales strategies.