More accurate decisions, increase profits and improve productivity
Harvard Business Review reports that it costs 5 to 25 times more to acquire a new customer than to retain a customer, 58% of businesses that analyze data pf the buyers have achieved a significant increase in customer retention and loyalty," which reduces sales expenses. Companies that implement a customer service strategy enjoy a 92% customer retention rate (source: Aberdeen). 84% of companies that work to improve customer experience report higher revenues (Source: Dimension Data).
The resources of all companies, regardless of size, are limited, so you must be rigorously strict in how you use them. To achieve this, data analytics is the best known way to accomplish this, known as the Data-Driven culture, because it allows management to make data-driven decisions, an excellent complement to what many managers call business instinct.
By applying data analytics, information such as the first five seconds of page load time has the greatest impact on conversion rates (sales) can be obtained. On average, site conversion rates drop by 4.42% with each additional second (Portent, 2020).
Data also serves to always stay one step ahead. A Harvard Business Review study notes that collecting large data sets makes it easier for business owners to identify buying patterns of their customers, such as 51% of buyers that completed a survey say they use Google to search for information about a purchase they plan to make online. (Think with Google, 2019) According to a 2019 study, search traffic generated 65% of total ecommerce sessions, 33% were generated through organic search and 32% through paid search. (Statista, 2019) (Source: https://www.hubspot.es/marketing-statistics)