If you run a Business, you are likely aware of the importance of data. Nearly every company out there utilizes data to make decisions. Some companies have a heavy focus on the quantitative side, while others spend their energy collecting andanalyzing qualitative data. One thing we can all agree on, however, is that data has the power to transform your Business into a results-driven, successful brand.
Unfortunately, in all the talk about the importance of data, many brands don't ensure they are getting the full picture. It's an all-too-common mistake to focus on only half the data. Usually, that means focusing on either the quantitative or the qualitative side.
If you want to see growth, profit, and increased brand awareness, it's essential to look at both sides of data analysis. Data is an excellent resource in driving results, but your results will be limited if you don't look at multiple angles.
Big Data and quantitative data analysis are some of the most frequently discussed marketing tools of the modern business era. A Number of wildly successful companies built their business on the numbers, calculations, and algorithms of quantitative data analysis.
In fact, quantitative data analysis is so common that it's likely rare that you'll interact with a brand that isn't utilizing it. One of those companies that used this type of data analysis to achieve massive success isNetflix.
Netflix collects large amounts of information from its hundreds of millions of subscribers. The company collects data on things like time and date a user watches shows, types of shows a user watches, and length of time spent watching. This data is used to create specific recommendations for users as well as customized advertisements and previews for new content.
This quantitative data analysis has led Netflix to an astounding 93 percent customer retention rate. The data-driven customer recommendation system accounts for over 80 percent of streamed content. With a worth of over 100 billion dollars, Netflix is one of the highest valued brands in the world. Numbers like these are only made possible by quantitative data.
Quantitative data opens up major possibilities for your company. Tools like regression analysis, simulations, and hypothesis testing will show you patterns that you may not have seen otherwise. You can use this information to pinpoint areas where your business can function more optimally.
With mathematical modeling, you'll be able to make decisions with more confidence because the numbers can show you the likelihood of a Number of possible outcomes. There's no reason you need to rely solely on your business intuition these days.
