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When data becomes a competitive advantage, it can become a powerful force. The companies or businesses that are ahead in data thinking and data analytics will have an edge in their industry. Data is becoming a critical part of the digital transformation journey for businesses.
Data creates a competitive advantage under the below conditions:
1. When data is both accurate and relevant, it provides visibility and insights into the business. This allows businesses to take advantage of changing market conditions and move quickly to take action.
2. Data's unique ability to transform itself into meaningful information that can lead to better decision-making.
“Whatever version, short-form video has the highest ROI of any social media strategy, favoured by 59% of marketers” – Retail Dive and afluencer Report [HubSpot]
3. Data that helps to personalize marketing campaigns and show customers content that is most likely to persuade them to buy. This can lead to increased conversion rates and improved customer satisfaction.
4. Data that convey customer's buying habits which makes businesses target their marketing campaigns accordingly and increase their effectiveness.
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