September 16, 2018
Many Nigerian businesses are now making use of data analysis to improve their profit, they have realized that for them to be able to strategically reach and maximize their target market , they need to keep record of their business data and make the necessary decision based on the analysis of the data.The Nigerian market place is ever changing, as a business owner you have to take advantage of your sales data to improve your profit.
How much do your prospects know about your product? Will they be willing to buy your product again after the first purchase ? If yes, how many of your product do you sell in a day, month and year? What is the average sales in a day, month and year? Is there a positive or negative relationship between some factors that influence the production of your product? To what extent does this relationship affect the sales of your product ?
You should able to identify your tiers of customers, those who have bought your product repeatedly, those who bought it once and not impressed with the product and those who are yet to patronize it in your target market. This information will allow you to answer some important questions pertaining to your product . For Instance, you can choose to entice one-time buyers by offering them special package. Identifying this sets of people will go along way in increasing the sales of your product, it enables you to design your products in way that will meet the needs of your customers.
No doubt, effective data usage and Implementation will increase sales.By observing past behaviors, businesses can predict which customers will visit again, the products and special offers that will interest their customers