One of the keys to win more sales and achieve business success is to be more data-centric. In an increasingly competitive world, joining data analytics training courses has become an extremely effective way to make smarter decisions. Learning data analysis and mastering all its related techniques, mechanisms, and methods are necessary to be able to meet your customer needs, achieve the highest return on investment (ROI), maximize your retail sales, keep up with competitors, and also excel them. Accordingly, the Institute of Management Professionals IMP in the Arab world offers you the most powerful data analytics online training course in KSA using Excel and Power BI during which you will be able to learn and apply all the data analytics-related strategies and tactics.
In this blog, we will show you some of the data analysis uses that will help you achieving more revenue, beating competitors, and having a more successful business overall.
5 Uses od Data Analysis to Win More Sales
1. Improving Value Propositions and Price Points
Improving value propositions is the primary and most common use of data analytics, What are the value propositions?
A ‘value proposition’ is simply a promise of value to be delivered. It’s also the initial thing that determines whether prospect customers will read more about your product/service or hit the back button. Your value proposition has to be the first thing that your visitors see on your website so it should be visible at all significant entry points on the site, improving the value proposition is simply saying the right thing, at the right time, to the right customer.
How can you do so? The short answer is “data analytics” …
By using data analytics, companies build highly-personalized value propositions that are tailored perfectly to be used on each customer segment to meet their specific needs.
2. Improving Price Points
Pricing new products or services can be a big challenge for many. Data is the key to defeat this challenge, exactly the full understand of the data now at a company’s disposal. Pricing analytics will help you understand how changes of prices will affect your overall business, how to optimize your pricing strategy for maximum profits, and what the optimal price is for each customer segment.
3. Boosting Customer Acquisition and Retention
“The more data that a business collects, the more customers’ patterns and trends the business can be able to identify.” Based on that, observing customer behaviors and customer-related patterns and trends is very important to enhance loyalty.
Analyzing and understanding customers’ behaviors can help you offer what the customers exactly want from your business. And this is the fundamental step to achieve high customer retention.
4. Risk Management
Having a risk management plan is a significant investment for any business in Saudi Arabia regardless of the sector. You should be able to predict potential risks and mitigating them before it occurs. That’s why you should start learning data analysis and join data analytics training courses in KSA to be able to build a big data analytics system that helps you achieve smarter risk mitigation strategies, develop risk management solutions, and make data-driven decisions.
5. Improving Targeted Marketing to Cut Costs and Boost ROI
Another big advantage of data analytics is the ability to help companies improve advertising efforts and improve their targeting to avoid wasting money and efforts targeting wrong customers.
You can target and acquire more customers that have similar characteristics and behaviors to your most profitable customers based on the data you’ve collected. Thus, you can maximize the ROI and the return on your marketing spend. Over time, you’ll be able to identify customers who prefer detailed and more in-depth demonstrations of the product, and customers who prefer short, concise sales presentations.
Why Should You Join the IMP Data Analytics Training with Excel and Power BI in KSA?
The Institute of Management Professionals IMP provides the most powerful online data analytics training course in Saudi Arabia using Excel and Power BI during which you will be able to learn and apply all the data analytics-related strategies and tactics. Also, you will learn how you can use your big data in generating ideas to boost sales and maximize ROI.
You’ll learn How to:
- Create and format KPIs and measures.
- Build Excel Data Analysis Models.
- Convert Excel reports into usable data to perform further analysis.
- Describe the trends in Business Intelligence (BI).
- Describe the data analytics process in Power BI.
- Create valuable reports that help to manage the ever-evolving volumes of data.
- Use the key visualizations in Power BI and describe the rationale for self-service BI.