August 16, 2019 | Predictive Analytics | No Comments
How can Inferential Analytics help business with target customers?
Say, you wish to know the average salary of a data scientist professional of a particular region. What are the possible options you can think of?
- You personally meet with every data scientist of that region and make a note of his or her salary.
- You hand pick few professionals of that region and calculate the average salary.
Although the first method is not impossible, it is a Herculean task indeed, which will consume a lot of resource and time. And keeping in mind the swift moves of companies these days, easy and quick solution is not just preferred but a priority too.
So, what method should be used to figure out the average salary of the data scientist of that area?
The answer is Inferential Statistics.
For starters, and to put it simply for all, Inferential Analytics is typically designed to draw assumptions beyond the present data available.
How it works-By taking a random sample of data from a particular set of population and making assumptions and inferences about the people.
But how can this demographic analysis help a business meet its sales targets? Read on to know more.
How to grow business with Inferential Statistics?
With time, the marketplace shifts and evolves, and so does the list of your clients.
Here are three tips on how you can boost the revenue of your organization by making the most of Inferential Statistics.
- Development Plans– Often business leaders plan to expand their company or open a branch at a new location, but how to derive information about the customer base, delivery system, distribution scheduling etc. ?
With Inferential Analytics, you can get key insights on such aspects, coupled with business intelligence reports. Such information is extremely crucial for expansion plans, especially at a new location.
- Locate your audience– With the help of Inferential Analytics that examines your current customer data, it is possible to find out where people are most likely going to take benefit out of your product or service. Add to it, you can also narrow down the region where the possibility of customer potential and expansion is high.
- Create a marketing campaign– With the help of Inferential Analytics, a business leader can narrow down the branding requirements and focus on specific consumer preferences in a bid to stand out of other competitors in the region. Together with such data, it becomes easy to create a successful marketing campaign.
Grow your business with Inferential Analytics
Expansion of business is nothing less than a big challenge. Not only it takes time and dedication, but also careful location planning. Only with proper location segmentation that helps categorize targeted customers can a business reach its heights.
When the importance of location and population is so impeccable, Inferential Analytics importance cannot be ignored.
If you are blown away by the relevance of Inferential Analytics on business and wish to incorporate it into your company, team members of SPIN Strategy can be of great help.