Importance of data analytics in digital business

A clear trend in the movement of businesses towards it-technologies and digital was already identified in the 2000s. Then no one took business on the Internet seriously. However, some entrepreneurs who had a digital business understood the huge potential of a new market for their products and services. Even then, any Internet user around the world could buy a product. Also, news information was simply available, which spread much faster than the classical ways of alerting people.

Those entrepreneurs who then saw these opportunities and opened businesses on the Internet are now included in the Forbes lists of the world. Such entrepreneurs and businessmen, of course, include Bill Gates, Jeff Bezos, Elon Musk, Mark Zuckerberg and many others… The same opportunities surround us now.

First look at digital business

Until now, business on the Internet is growing and developing at a fast pace. Every year, a new technology appears in one of the directions, a new solution that opens up new products and markets. The largest markets for products (both informational and physical) today are marketplaces, social networks and niche online stores. At the same time, the competition only intensifies every year.

There are also more complex and specialized digital products. These include various applications and games on a smartphone, computer, as well as web applications. They are put up for sale (some of them can be downloaded for free) on special sites, a kind of marketplace for software products: App Store, Google Play, Steam, Microsoft Store and many other similar sites.

The same marketplaces exist for music and movies: Apple Music, SoundCloud, Netflix, Google Movies and others.

How can you improve the position of your digital business in a competitive market?

Now for any type of IT product there is a unique approach to building marketing and sales. The entire marketing mix can be broken down into several main areas of work: branding, increasing traffic, improving the product, increasing engagement in the application, game or website. Let’s analyze each separately:

Branding

Work on the company’s brand increases customer loyalty to the company, its recognition and visibility in the market. The principle of branding is to tie positive emotions and feelings from the brand to the client. It is important to establish a positive association with the company in the mind of the client, as a result of which the client will automatically decide to buy from you or enter your application or game.

Branding is built as a separate marketing strategy. Its main task is to correctly position the company and product. For example, to show the work of an application or product using the example of other customers, to clearly demonstrate its usefulness, quality, and so on.

Traffic increase

You can increase traffic both by connecting new sales channels and testing new advertising strategies. The most important aspect of traffic efficiency is the sales funnel. It shows the client’s journey from the first visit to the site to payment.

However, many companies are faced with the inability to increase traffic and do not see additional ways to do this. To sell even more effectively, there are many methods of analytics and research that reveal the full potential of the market. With the right business intelligence, the company’s direction will predictably deliver results and outperform the competition. To get advice on analytics and data collection for your business, we recommend using advice from leading experts. To do this, follow the link: https://www.dataart.com/en/services/data-bi-and-analytics

Product improvement

By improving their application, the company increases the level of customer satisfaction, and their involvement in using the program. This increases the competitiveness of the company and leads to its growth.

In order to understand well what needs to be improved, how to do it, you will need to study competitors, obtain analytical data from the use of your application and compare different software implementations in an application or game.

A successful implementation will require a professional approach to data collection, optimization and debriefing. There are companies that have experienced this many times and have a lot of experience behind them. Therefore, contact one of the leading such companies for data consulting services.

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