Significance of Data Analytics and Storytelling

By StartUp City | Friday, January 11, 2019

Data is the fuel of the future. From enterprises to start-ups each one has realized its power leading them to incorporate data analytics in their business models. Data analytics is currently driving business strategies for better customer reach, experience, and service. Start-ups have started to utilize data analytics tools which provide them better insights of the market, leveraging them to modify their marketing strategies for better sales and after service.

Data Analytics offers the following Benefits.

•​  Understanding Customers: Market research has become crucial in the last few years. Proper analysis of the data accumulated from various sources help businesses to understand their customer’s need and modify their product or services accordingly. Data mining is the term given to this research and technology like big data is leveraging the process of data mining. Bigger and better data sets provide more accurate results.

•​  Targeting Customers: Analytics empower organizations to target the correct cohort for their solutions and services, saving a lot of time and efforts. Also, the analytical approach provides marketing team sufficient time to focus on transforming leads into sales. The conversation ratio is always higher when the correct cohort is targeted.

•​  Predicting Trends and Behavior: Future demands lead the way to new trends and their prediction gives start-ups an edge in the market. With proper utilization of analytics tools, businesses can predict the demands leveraging them to come up with new trends. Customer behavior also is crucial in prediction and serves as data for the same so, even the slightest data set cannot be ignored.

Similarly, data storytelling is equally important for business growth. Data storytelling is a structured approach for communicating the insights of analytics to client and investors. It consists of three key elements data, visuals, and narrative that engage the audience and connects them easily with the core. The major benefits of utilizing data storytelling are-

•​  Memorability: Humans memorize details better when told with help of visuals and narration; this leads customers, clients, and investors to remember the key insights for a longer period of time.

•​  Persuasiveness: Convincing one to invest in a particular project becomes much easier with data storytelling. Investors understand the idea better and quicker, raising more chances for a positive output.

•​  Engagement: The most crucial part of any presentation, even if the idea is worth millions, one might lose interest because of the facts and figures presented blandly. Storytelling keeps the audience engaged and gives presenter the opportunity to provide additional details.