Big Data Expected to Get Big Boost in Value by 2027
As markets increasingly swell in size and competition, businesses are looking for a new competitive edge to outpace their competitors. Nowadays, it seems that edge is data analytics, in fact, around 43% of business owners use data for any decision they take, according to Forbes. Furthermore, according to MicroStrategy 2020, a whopping 59% of organizations 59% of organizations worldwide use some form of big data analytics.
$100 Billion by 2027
Although it was considered, not that long ago, as a not so important tool for targeting customers, it has fast become one of the most essential tools in a company’s marketing arsenal. Companies, due to the impact of Covid-19, have, seemingly, completely embraced a new online extraction approach to customer data and marketing. And with this, the data analytics industry is expected to reach $100 billion in value by 2027, which isn’t too far away.
But what’s all the buzz about? How can data analytics benefit you and your business?
Precision Marketing
Data analytics allow you to track key insights about your customers, you can track behavioral and transactional data, like the kinds of things a customer clicks on your website, or how long it takes them to check out. Data like this allows you to build a customer profile, which then makes it possible to take concrete and precise actions to target that profile. Moreover, data analytics can help your business save money by showing which marketing actions work best and which don’t.
Staying Ahead of the Curve
Another advantage of using data analytics is staying up to date with what the competition is up to. Being able to track what they’re doing and change strategies accordingly is extremely valuable. Besides, with the massive growth expected by the data analytics industry, it’s more than likely that your competitors are already taking advantage of it.