Many Nigerian businesses are now making use of data analysis to improve their profits. They have realized that to strategically reach and maximize their target market, they need to keep a record of their business data and make necessary decisions based on that analysis. The Nigerian marketplace is ever-changing; as a business owner, you must take advantage of your sales data to enhance 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 products 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 be able to identify your tiers of customers: those who have bought your product repeatedly, those who bought it once and were 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 regarding your product. For instance, you can choose to entice one-time buyers by offering them special packages.
Identifying these sets of people will go a long way in increasing the sales of your product. It enables you to design your products in a 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 and the products and special offers that will interest them.
How can Factual Analytics help you?
Running a data-driven business can give you a competitive advantage. The amount and variety of data being generated in today’s world are growing exponentially. At Factual Analytics, we work with companies across different industries to develop and implement cutting-edge data analytics solutions to solve specific challenges.
Get in touch with us today!