The Importance of Data Analytics

The title is a very popular quote on big data by Gary King, a professor at Harvard University. Every business understands the power of data, but very few are able to successfully harness it. The limitations are not around the answers you derive from data. The challenges are around asking the right questions.
Only a handful of companies do a phenomenal job of analyzing how customers are interacting with their brand. Starbucks determines the potential success of a new location using location-based data, traffic data, demographic data, and customer data. Netflix has the confidence to spend over $100 Million for 2 seasons of House of Cards because they have analyzed viewership of the British version of House of Cards along with the popularity of Kevin Spacey movies combined with David Fincher’s fan following.
What makes a business jump from ordinary to extraordinary is their ability to stay ahead of competition and incrementally provide customer value. Starbucks and Netflix are not in the business of providing data solutions but their ability to make that a core competency and a sustainable differentiated advantage is what makes them who they are.

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Starbucks and Netflix invest millions of dollars to make their products better. Wouldn’t it be great if every business had access to actionable insights that are  based not only on their own customer activities but are also a representative subset of their industry? CleverTap helps you exactly do this. We process over 55 Billion events each month and reach around 1 Billion devices.
Thousands of  businesses send around 10 Billion CleverTap messages every month to engage with their customers and provide a great customer experience. We consolidate and correlate this data to provide insights that our customers can use to make adaptive marketing decisions and thereby have more confidence in the probability of success of their marketing outreach.
To see big data in action, we analyzed thousands of clients across different industries and use cases during this Valentine’s month and came up with some interesting insights:

1. Food Tech: The economy seems to be improving at a very slow rate. Couples who used to splurge a fortune to please their loved ones, were now looking for deals on this special day. Our data insights showed that businesses that provided special offers on Valentine’s Day dining saw a huge hike of 150% in CTRs.
2. Media and Entertainment: Netflix says “Couples that watch TV shows together are happier and more committed”. CleverTap analyzed and segmented it further and found that  “Couples that watch Reality TV shows together are happier and more committed”. Reality TV viewing was up by a whopping 70% on Valentine’s Day, compared to the previous week.
3. Hospitality: Couples chose to spend some quality time by staying away from the busy Mumbai city. As compared to the previous week, on  Valentine’s Day, travel apps showed a 20% drop in hotel demand in Mumbai.
4. Travel Tech: Singapore and Malaysia were top of mind for couples this Valentine’s Day. Flight searches to Singapore and Malaysia jumped up by 50%, compared to the week before.

This is just the tip of the iceberg. CleverTap not only gives you actionable insights from your customers in real-time but you can also use the same platform to drive contextual engagement strategies at the right time. Quickly segment, analyze, engage, measure and track your users and confidently expect a substantial rise in your customer engagement metrics –  just with a few clicks.
We hope you found these trends interesting. Throughout the year, we will continue to publish more such insights that you can leverage to implement impactful and relevant user experience strategies.
We are always listening. If there are any specific insights that you would like to have access to, please reach out to us.