How to Use Data Visualization in Your Business?
Be it bar charts, line graphs, pie charts or scatter plots, data visualization is an important tool for business and marketers.
But is it enough to show only a single or a few values on the chart?
Do you know how to create data visualizations that can convey complex information in an easy and understandable way?
Do you know the right type of chart for your project?
In this article, we will talk about how to use data visualization in your business strategy.
How to Use Data Visualization in Your Business?
1. Analyzing patterns
A data visualization can help you find out the pattern of your business.
Bubble charts, line charts, and scatter plots are the three types of charts you can use to see how your business is growing.
You can also use bar charts to analyze the overall growth of your business.
It is essential to find out the causes of changes in your business as well as predicting future changes.
You can get information about causes and impacts from a trend chart or a combination of multiple charts.
2. Making comparisons
You can use data visualization to compare different items, such as revenue from sales, production and customer satisfaction.
By creating a comparison chart, you will be able to compare one item with another in a very easy way.
Bar graphs are very effective in this situation. You can also use pie charts to compare different values.
The best way to compare these two charts is to combine them together in a single chart.
3. Discovering trends and anomalies
You can find out the trend of your business by using data visualization.
For example, if you are planning on opening a new store in an existing city, it is important for you to know whether or not the store will be successful.
By analyzing the records of sales figures, you will predict whether or not your new store will be successful in that city.
The type of chart that you should use for this purpose depends on the business.
4. Increasing sales
If you are a retailer, you can use data visualization to increase sales. You can use the data visualization to display the data of your product in a more attractive way.
For example, you can use the different graphs to display the number of sales by different age groups.
You can then use that data to strategize your product development and sales.
5. Creating a better brand image
You can use data visualization to improve your brand image. For example, you can create a data visualization that will display the number of sales of each product.
By comparing the sales figures of different products, you will discover which product is most popular among your customers.
This information will help you create more appealing products for your customers.
6. Changing customers’ perceptions
Some visualization tools, such as Google Data Studio, allow you to create your own graphics and maps, as well as import and share existing data.
These visualized data can be a great help when you try to analyze a customer’s behavior, customer satisfaction, and customer perception of your business.
For example, after you get data from social media about how customers talk about your brand, you can analyze the data and find out what’s working, what’s not, and why.
With this information, you can change your marketing strategy and create more targeted content.
This way, you can improve your conversion rate, increase the number of loyal customers, and reduce the cost of customer acquisition.
7. Determine the best promotional strategy
Google Charts lets you create beautiful and informative charts. But what’s the use of beautiful visualized data if you don’t know what to do with it?
Besides knowing how to visualize your data, you also need to know how to use it.
If you understand the basic data points, you’ll be able to quickly see how your marketing strategy is working.
Use a data visualization tool to help you understand how your marketing strategy is working. Analyze your data and create an action plan to optimize it.
It’s not enough to know what you’re doing. You also need to know why you’re doing it. You can do this by creating a customer journey map for your product or service.
8. Communicate with your customers
Social media posts, comments, and reviews from customers can be extremely helpful in helping you to improve your products and services.
If you can’t respond to your customers directly, then the least you can do is let them know you are aware of their comments.
Besides communicating with your customers through social media, it’s also a good idea to track your social media posts and keep a log of them.
You can use a Google spreadsheet or a simple text file to track all the social media posts that are important to you.
Data visualization can also elevate your social media marketing efforts by helping you to get a clear picture of how your customers are responding to your business.
A visual representation of social media data can help you see how many people are engaging with your brand, and how often they’re doing so.
9. Decide based on data analysis
You can use data visualization to decide based on data analysis. The common types of data visualization are bar charts, pie charts, and line graphs. When deciding based on data analysis, it is important to use visual cues.
For example, if you want to find out the maximum profit that a business can earn in a certain period of time, then you should make the chart show how much profit the business made in the last quarter.
You can make this decision based on the total sales and total expenses.
Explore Your Visualization Tools
By using data visualization, you can use the power of visualizing data to make important decisions in your business.
If you are looking for the best way to use data visualization in your marketing strategy, it is essential for you to know how to create the best data visualizations.
Expand your knowledge on data visualization and you will make more effective decisions in your business.
About the Author
I hope that my post has helped you know more about Startups. Feel free to leave a comment and tag me and I will answer them. Follow my profile to get the latest content I post to stay ahead of the curve.
I am the Founder of Cudy Technologies, a full-stack EdTech startup helping teachers and students learn better. I am also a mentor and angel investor in other Startups of my other interests (Proptech, Fintech, HRtech, Ride-hailing, C2C marketplaces, and SaaS). You can also find me on Cudy for early-stage Startup Founder mentorship and advice.
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