Before the era of big data, business decisions were driven almost solely by instinct. Now that solid conclusions can be gleaned from compiled data, you would think business owners would be able to abandon their gut instincts for something more reliable. The truth is, old habits die hard.
Data helps businesses increase sales, retain customers, manage inventory, and market more effectively. Unfortunately, many businesses still fail to act on it. According to business analytics and marketing experts, this is a common occurrence and stems from a lack of trust.
Data allows businesses to understand exactly who to target when it comes to selling its products. Data also lets them know which products this target audience is most interested in buying. And that is just the beginning. Are current marketing efforts working? Is a business spending too little or too much on these campaigns?