Part 1 of The "Everyday Analytics" Series
Data is an increasingly important focus area for business leaders across industries and functions. The right data can provide deep, useful information that's critical to your business goals. But it's how you use that information to build meaningful and actionable insights that drives real growth. Enter analytics.
Understanding the importance analytics plays in guiding smarter business decisions, we're kicking off our Everyday Analytics series. Each edition will look at how analytics can be beneficial even in the most common scenarios. From descriptive to prescriptive, we want to give you a clear picture of how you can use analytics to your advantage.
For our inaugural entry and infographic, we're looking at how advanced analytics can help sales and marketing hone in on the best customers.
Selling Cookies with Advanced Analytics
What if a young girl selling cookies for her school had access to advanced analytics to better identify her ideal prospects? The results would be really sweet! Here’s how she could use five types of analytics to improve the effectiveness of her sales and marketing efforts:
- Descriptive analytics: Understand which customers have a propensity to purchase, or “Who’s bought cookies in the past?”
- Diagnostic analytics: Understand what varieties to offer, or “What kind of cookies did they purchase?”
- Predictive analytics: Understand where the chances for selling more cookies increase, or “Who has households with kids?”
- · Prescriptive analytics: See how to avoid competition and keep from targeting the wrong market, or “Who has kids also selling cookies for school?” and “Which households belong to a gym?”
- Anticipatory analytics: Anticipate future needs before they show signs, or “Are there other audiences with an insatiable craving for sweets?”
Want to learn more about customer analytics? Here are 4 questions you need to answer to get started.