Big data and data analytics have almost become buzzwords, thrown around like some miraculous tools that all businesses should be using. It is true that they are important terms that all data scientists should know. However, the terms are often explained with vague use cases such as “offer marketing insights”. To give you a more concrete understanding of the applications of data analytics in business, we will briefly introduce three clear and actionable ways you can start using data analytics in your company today.
If you want to learn more about any of the methods below, additional links for more information can be found at the end of each item in the list.
1. Develop an Advertising Campaign Through Facebook Ads
Facebook has gotten into hot water in the past for the amount of data they collect on their users. However, for businesses and advertisers, this data is a goldmine and can quickly be used to create advertising campaigns for a targeted audience. It is simple and easy to create a Facebook Ads account. After doing so, you can boost your social media posts and create targeted advertisements for specific demographics.
Image via facebook.com
In addition to choosing gender, age, and location of people you want to target, you can also choose interests, skills, and industries.
Image via facebook.com
For example, if you run a translation business, you might want to target people working in the video game industry. Once you set this up, you can have your translation services ads show up on the Facebook feed of game developers and other big customers in the translation industry.
You can also use Facebook Ads to find staff. If you are running an ad to find more translators, you would want to target people with prior experience in translation and fluent in the languages you need translated.
Whether your selling products or services, or looking to hire staff, running ad campaigns on Facbeook can be incredibly effective. Be sure to analyze the results of the campaigns and adjust your target audience to see which parameters convert the most.
To learn more about Facebook ads, check out their ads help center.
2. Determine The Best and Worst Time Periods for your Business Using Data Analytics
Whether you run a brick-and-mortar business or online store, keeping track of your sales and customer data can help you take advantage of your busiest times, and help supplement for your slowest business periods. If you run a physical shop, one way to do this is to set up an automated traffic counter at the entrance that can keep track of how many people are entering your store daily.
For online shops or service pages, the best way to keep track of entrances to your site is through Google Analytics. This is a free tool by Google that can be used to track the amount of visitors to your website. It can also track which pages are getting the most traffic, as well as what avenues those visitors are arriving from (social media, search engines, email campaigns, etc.).
Depending on the scale of your business, optimizing your website to get better traffic is a full-time job on its own. However, if you’re completely new to Google Analytics, you can start by checking out this analytics course for beginners.
3. Analyze Public Opinion of Your Company Using Sentiment Analysis
One of the most cutting-edge ways to use data analytics in business today is the monitoring of public opinion of your brand through sentiment analysis. This has been used as a buzzword a lot online, so be careful when doing your own research or looking for a sentiment analysis company.
What is Sentiment Analysis?
At the basic level, sentiment analysis is the evaluation of a piece of data (often text) to determine the emotions, opinions, or sentiments held within it. For example: Is this Tweet about Elon Musk positive, negative, or neutral? Does this movie reviewer praise or criticize the film?
On the business side of things, you can use sentiment analysis to answer the question: what are customers saying about my products or services?
While this can be done manually, going through various platforms to find public posts about your company can be tedious. Moreover, having someone go through each public mention of your company, analyze each post, and create a report is unnecessarily time-consuming.To automate this process, many companies have been using AI algorithms to create sentiment analysis tools. These tools can give you a sentiment rating for a piece of text in a matter of seconds.
For example, check out this sample tool on Monkey Learn. This tool has been trained to analyze the sentiment in text and tag the text as positive, negative, or neutral and give a confidence rating of that prediction:
Image via Monkey Learn
Using an automated sentiment analysis tool, this is one workflow you can use to begin analyzing the public opinion of your company:
- Create a program that can crawl Twitter, Facebook, or other social media platforms for posts with hashtags or brand mentions of your company.
- Export those posts through an API which automatically runs them through a sentiment analysis tool for processing.
- Export results from the sentiment analysis tool.
Above is just one way that you can use sentiment analysis to track public opinion, but there are many more ways to implement sentiment analysis into your business. To learn more about sentiment analysis and how you can get started, check out this list of free and paid sentiment analysis tools.
These were just three ways that many people can start using data analytics in business today. However, there are endless ways you can apply data analytics to solve real-world problems. For more articles on big data, check out: