3 Trends Driving
Revenue Acceleration in 2017
3 Trends Driving Revenue Acceleration in 2017
In an evermore technical world, we have infinitely more potential to grow business and accelerate revenue. The key to doing that in the digital sphere, is harnessing all of the technologies available and using them to gain valuable insight. If you don’t use the information that’s available to you, you run the risk of falling behind. So where are these trends headed? A few rising trends this year include Big Data, artificial intelligence, and harnessing the power of infinite digital storage.
If you’re not using data to back your decisions, you’re banking on your best guess. While some companies may have the resources to make trial and error decisions, there’s a smarter way to run things, and you should trust data instead of your gut. Here’s how data can better inform your decisions and ultimately drive revenue:
View your data: First things first, in order to profit from your data, you need to be able to see what your customers are doing and the choices they’re making. Whether you’re a travel company wanting to know more about how your customers found your service, or a online publishing company who wants insight into how people use your website, being able to see insights into your customers and better understand their behavior is the first step to data driven decision making.
Analyze your data: It's not enough to have a ton of data; you need to analyze it in order to drive tangible results. This can mean identifying trends and asking relevant questions that can further drive your revenue. For example, are most of your clients coming from a certain part of the world? Does content you post perform better when you post at certain hours of the day? These insights can help you make strategic decisions moving forward.
Improve future performance: Once you’ve viewed and analyzed your data, using those data driven insights (link to insight rich blog post) is how you will ultimately increase your revenue. For example, when JetBlue Airlines performed a recent data analysis, they found a high number of potential purchasers dropping off during some point in the purchase funnel. They decided the best answer to this was to change their approach to email marketing. Instead of blasting consumers with multiple emails about promotions and deals, they designed four different email templates that would remarket to various customers based on their drop off point. By implementing a variety of changes ranging from reducing strictly promotional copy to tailoring emails to destination city, they were able to get 1,640 percent more revenue per email.
Artificial Intelligence and Machine Learning
From Siri catering to your every whim on your iPhone to Netflix's ability to predict what movies and shows you’ll like based on past viewings, Artificial Intelligence (AI) and machine learning is becoming ubiquitous in our day to day lives.
This technology exists because it can perform faster than humans can. That’s why we ask Alexa, Amazon’s Home intelligence device that performs a number of regular tasks in your place, to turn down the lights or call us an Uber. This rapid ability to process information enables faster processing of data and improves the ability to gain data driven insights. This technology is being implementing across thousands of companies and industries and is only growing with time. For example, Google is currently running tests of an AI software to crawl video content and avoid placing advertisements alongside videos that contain hate speech and extreme content.
In business, AI and machine learning take an ever-increasing role in speeding up insights & automation. Whether in marketing optimization or predictive intelligence for logistics and supply chain, machine learning is providing unprecedented capabilities for revenue growth.
Cloud-based Data Storage
Data storage used to be limited by harddrives and physical space. Now, we live in a world where floppy disks are long gone and digital storage in infinitely available. The cloud storage market is estimated to be worth $74.42 billion by 2021. Services such as Amazon Web Services Cloud (AWS) and Microsoft Azure are changing the way business is done in the digital space.
What is Cloud Based Storage? In the simplest terms, accessibility through cloud based storage means you can access a file on any machine that's connected to the internet.
Think about that 20 page paper you worked so hard on in high school or college. That document lived on your hard drive. If you computer crashed, the document was lost. You needed that specific computer to access it, so you couldn’t work on it from a library or friend's computer. Using the cloud, you can access any document from any computer that’s connected to the internet from anywhere in the world at any time. Cloud based storage eliminates those barriers and takes them to new levels, which means from faster processing to shirking room error margins, this technology can fuel your business and drive revenue.
How is Cloud Storage Different From Cloud Computing? Cloud storage enables you to store files in the digital space without a physical hard drive. Cloud computing takes that process one step further, by enabling digital functions to happen on the cloud. It gives you infinitely more access to various software so you don’t have to fill up your hard drive with various computing technology. A few examples include:
Netflix: Where you can watch everything from Criminal Minds, to the Great British Bake Off, to the Lion King without saving anything to your computer or TV.
Social networks of all kinds: You don’t have your cousin's wife's sisters friends photos saved on your phone, but you have access to them if you want them
A growing list of thousands of software companies with billions of dollars of purchasing power that are becoming more and more prevalent in today's society
Data, AI and the cloud - these are more than just trends: they are here to stay. They increase our ability to process and analyze and give us entirely new ways to solve this generation's problems. In this new era of business optimization, it's time to get serious about making changes.