Long gone are the days where the market has standard-solution-for-all kind of advertisements. Nowadays, with the availability of the internet, customers expect solutions that are exclusively personalized. Almost in all the big cities of the world, one can find startups struggling like mushrooms struggle, to spread under the shade of the big old mango tree. Someone wise once said- ” Work smarter, not harder”. The reason some startups get to spread their wings and become worth billions is that they understand their DATA. They know where the market is going, what are the trends and demands and how the gap can be filled. They research exhaustively and spend quality time on analyzing and planning.
If you notice, all the successful modern enterprises, they have used data-driven insights to understand their customer’s needs, enabling them to proactively evolve their products alongside their need.
To find the answers to the following questions:
Who will buy my product?
How can I attract more customers?
How can I make my product a life- saving solution?
How to prove my loyalty in the market?
What my competitors are doing?
How to increase my sales?
and on and on…you need excellent data analytics and a business analytics team:
The insights they will give not only help your business to cater the product to the right customers with confidence but also will help to optimize you’re already limited working capital, the inflow of resources and outflow of manufactured goods.
As director of CNS, Mr. KK Kaushik once stated in an interview,” If you want to excel in the market, you’ve got to stay updated and understand each customer individually, and that can only be done when you understand your DATA”