Additionally, segmenting a customer base helps in targeted marketing which is more cost-effective and efficient compared to focusing on a general market. When a business knows who their customers are, it becomes easier to manufacture products that meet the specific needs of the target group. Identifying Your Customer BaseĪ key benefit of statistical data analysis is that it plays a big role in identifying a company’s customer base. This article highlights nine key benefits that manufacturing companies can realize by investing in statistical analysis. Statistical analysis in business can be achieved by hiring statisticians and making use of analysis software.
This is a process that involves the collection, organization and critical examination of data to draw some conclusions. Through statistical analysis, companies can make good use of big data for greater success.
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