Data is going to be a key component when it comes to future business success, and that future is rapidly arriving. By the time we ring in the New Year again, data will be the cornerstone of businesses looking to thrive going forward. Unquestionably, we find ourselves living in a time with more technology than our ancestors could have ever dreamed of. The amount of data today’s marketers have access to is simply staggering compared to what was available to businesses in the past.

So why is data so important? What makes data the make-or-break element of sailing a business venture into the land of profits and wealth? Let’s take a look:

Data Gives Customers What They Want

The best way to keep yourself in business is to provide the products, services and experiences your customers are looking for on a consistent basis. People want to feel special. They want to be catered to on an individual level – as if they’re more than just another account in your book of business. Unsurprisingly, many startups are taking this paradigm to heart and finding ways to customize their product or service to indulge their clients in a way that serves their desires (while still making good business sense).

Netflix, for example, uses machine-learning algorithms to determine what each of its 65+ million subscribers will probably want to watch next. To generate this type of big data, the streaming goliath’s computers analyze the ratings a viewer gives previously-watched productions. It then makes use of the results to predict (with scary accuracy) other shows and films the viewer will enjoy watching.

Making recommendations on this scale may be beyond the scope of possibility for your startup, but you may still be able to harness the principle in some way, shape or form. Your database of customers and their past purchases can provide a wealth of information you can use to predict what these same buyers might be interested in purchasing next. If you can queue up cross-sells and upsells based on this data, you stand to increase revenue substantially.

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