Now it is easy to say that I am going to start a business, but it is very difficult to know exactly what I need to do for this startup. Last year, my friend thought of starting an online business. He knows about business because he comes from a business family and he earned a degree. So he thinks that I know about business and I have the last 3 years of experience with this product, so it will be very easy for me.
My friend made a team of 5 members and started the business. Undoubtedly, his products were very good. They also have a good name in the area where his father used to sell these products. But her business. But his products were not selling well.
Then one day my friend asked me about a good startup, I told him that nowadays any startup needs to do data analysis. Because you know that now the whole world depends on data. Every field and business creates data. When you think about any business then you know about business insight. For this, you need proper data analysis.
In this article, we gain some practical experience about why startups need data analysis.
4 Key Reasons Why Data Analytics is Important for Startups
You know every business creates enough data. So we can make an easy business plan with data basis. But it’s difficult if you don’t know about proper data. Data helps you to know about target markets, decision-making, marketing, and targeted customers.
For example, in my friend’s case, after doing data analysis, his business became superfast. And I did the data analysis of my friend’s entire business. And I will tell you what I did for this.
Through data analysis, you can do Business decision-making very easily.
Data analysis is the first choice for business decision-making. When you think of setting up a business in the market, your every decision needs to be perfect. And in the current context, data analysis is required to take a good decision. In the beginning of this paragraph, I gave an example about my friend’s business, the friend started the business traditionally. But could not take a very good decision. This is because he did not know about data and did not do market data analysis. So, data analysis is a game-changer for Startup decision-making.
Through data analysis, you can find Target markets.
Finding the target market is very important in business. Suppose you want to sell a motorcycle lock, then what would be your target market? If you are targeting a city for marketing, there may be a variety of people in that city, including people who don’t own motorbikes, your marketing campaign may include. It will only cost you more and nothing else. And this is where a data analyst will help you shortlist the motorbike owners in the city.
Through data analysis, you can make marketing campaigns.
Since you know at this stage who your target audience or customers are, you can tailor the campaign based on them. For example, let’s say you sell motorbike locks to people who ride motorbikes as your target audience.
Now we discuss about Data analysis is a fundamental part of creating effective marketing campaigns. Like:
Understanding audience: which is our main audience we can find By analyzing customer data and demographics.
Crafting compelling content: Every campaign needs good content. Data can show you what kind of content resonates with your audience.
In short, data analysis helps you move beyond guesswork and create marketing campaigns that allow you to make a good startup.
Conclusion
In today’s information technology era, no business can do well without data and if we look at startups then data analytics can take a startup to the next level. I gave you a practical example of my friend’s business, how he made his business superfast by doing data analysis. There are many levels of data analysis, if you know some of the levels, then you can analyze any data very easily. As I used to analyze my friend’s data. Stay with us to know something new and visit our blogs daily.