In today’s market, it’s hard to thrive or even just survive without collecting data. Companies have to understand their customers better than they do, study their competitors and understand how cultural and global influences affect their positioning. Data can help them create strategies based on these powerful forces.
The good news is that it’s never been easier to collect and organize data. In the early days of analytics, only the largest companies could afford to leverage big data. All that’s changed and now there are accessible tools for businesses of all sizes.
But which tools are the most effective for businesses in 2021? Here’s more on why data is so important for companies and the top 5 analytics tools they’re using this year to stay ahead of the curve and their competition.
What Is Data-Driven Marketing?
Data is important for companies because it tells them what’s working and what isn’t. Marketing is a hugely important department in any organization because success depends on people knowing about a product or service and wanting to buy it. Marketing is expensive, though, and can be a huge waste of money if campaigns fail long-term.
Data-driven marketing is simply marketing that is informed by data. Marketers use data the company collects to strategize and monitor the effectiveness of different campaigns so they can increase ROI (return on investment) and create more revenue for the company. Data is a goldmine for marketers because it helps them understand how consumers actually behave, vs. how we think they behave.
Technology Ushers in the Age of Personalized Marketing
Not only is data-driven marketing a must for modern companies, but the technology that allows us to collect and use data can also take marketing a step further. Unlike print or television ads, which are the same no matter who sees them, it’s possible to create a more personalized advertising experience with digital mediums.
For example, data-driven marketing can include retargeting, which shows people ads for products they’ve already viewed. These leads are warmer because they’ve already shown interest in a product. Another personalization tool is through apps, which can deliver coupons as a customer walks through the door.
Data Science: Harnessing the Power of Big Data
Marketing and business strategy benefit greatly from data. But interpreting some large datasets takes a great deal of skill and specialized training. People who are interested in data and statistics can do very well in a data science or analytics career.
5 Best Analytic Tools in 2021
So, what are the best analytics tools for businesses in 2021? Things are always changing in the digital landscape, but here are some great options companies can use to create more informed business strategies.
One of the biggest benefits of Tableau is that the software is free and extremely versatile. It can connect any data source, although the better your source, the better the results will be. The software is easy to use and provides the ability to download different file formats. Another key benefit is that it allows companies to create data visualizations!
Intended for small and medium businesses, Splunk can do it all: it can collect and index data in real-time, then analyze existing data and find connections. Splunk is super secure as well, which is a huge concern for today’s businesses. It’s got some impressive partnerships, including Coca-Cola, Intel, Comcast, and many other Fortune 100 companies but it’s great for smaller organizations and even has a free version!
Another cloud-based software with an easy-to-use interface, Looker provides not only data analytics and management, but also business intelligence tools. Companies can use Looker to see what the market is doing and create visualizations. It works with a number of different databases.
RapidMiner empowers organizations to tap into the power of data science without actually needing to hire a dedicated data scientist. With RapidMiner, companies can use a huge range of algorithm and data functions without writing code manually. Emphasizing automated machine learning, RapidMiner has become popular with thousands of organizations for its ability to process data and improve productivity. Teams can easily work together on data science tasks and the software supports integration with different tools, languages, and libraries.
An extremely accessible and responsive program, QlikView doesn’t require any programming experience. This makes it a great choice for businesses without the budget for a tech expert. With that said, a basic understanding of SQL and VB Script can be helpful in leveraging all it has to offer. There’s a free version for individuals or very small startups.
Choosing an Analytics Tool
Companies have a lot of options in 2021 for analytics tools. Each tool has its pros and cons, meaning that some research is needed before choosing the right tool. If you’re in the process of choosing data analytics software for your business, check out these 5 options and think about your priorities before making your final decision!