What Role Does Data Visualization Play in B2B Website Strategies?
You may have come across statements such as “data is the new gold.” Though this might sound cliché, data is playing a crucial role in the growth of businesses and shall continue to do so in the future. However, it isn’t the data but how it is presented and used determines the success of any business especially a B2B website.
Did you know that 90% of all information processed in our brains is visual? An MIT research paper says so. Forget the phrase “A picture is worth a thousand words" because the human brain processes images 60,000 times faster than it does in the case of the text.
The importance of data as a means of growth and that of gaining a competitive edge has grown enormously in the digital world. Present the same data in the form of visuals and you have the secret recipe for success.
However, merely gathering data isn’t likely to offer your business the traction it is looking for. Here enters Data Visualization, and it can push your business to greater heights letting you foresee the market and stay ahead of the competition.
In the modern world businesses are busy recording user interactions at every given opportunity. This helps them identify trends and patterns in user interactions and gain deeper insights into the target audience. When this data is smartly analyzed it is a goldmine of information. Players in the B2B domain are leveraging this technique to make quick and appropriate decisions. Here are some interesting facts that testify the importance of Data Visualization as an important marketing strategy –
- More than 50% of human brain functioning is meant for processing visuals
- It takes just 13 milliseconds for the human brain to process an image
- Data Visualization can cut short business meetings by almost 30%
- Businesses can make 5x faster decisions with visualization as compared to texts
- 86% of all analytical reports are in the form of visuals
What is Data Visualization?
In simple words, Data Visualization is the process where data is represented in the form of an image. It is a process where the right visuals are used to communicate a complex set of data converting them into meaningful information. This process of translating numbers, texts, and figures into pie charts, bar graphs, maps, and line charts allow organizations to identify important patterns in the data. Interactive graphics can take this process a step further and lead to a better comprehension of the raw data.
How Data Visualization Can Improve your B2B Website Strategies?
Data Visualization presents a great potential to any organization to improve its products, services, and boost revenue. It is even more important in the case of B2B websites as it changes the way organizations use and process data. Visualization is helping them improve productivity, customer satisfaction, and most importantly revenues. Let’s take you through some ways how Data Visualization can improve your B2B Website Strategy.
Simplifies Complex Information
Data Visualization is being widely used by businesses as it helps in simplifying complex information. Interpreting raw data is never easy for analysts and decision-makers when you have tons of it being generated from multiple sources. Numerous studies have shown that the human brain can process images and graphics much faster than data. 90% of the information that the human brain processes daily is in the form of visuals. With Data Visualization, complex problems can be represented in a simple form which is easy for the decision-makers.
Let’s look at the example below where we track the sales trends in three stores run on an online marketplace –
Here we have the numbers where the units solid in the three stores are recorded every month and the same data is presented in the line chart below making it far easier to read and interpret.
Speeds Up Decision Making
B2B businesses face cutthroat competition and in this ecosystem, success rests on how quickly you can leverage the opportunities that come your way. Data visualization speeds up the decision-making process for organizations by offering them deep insights into the data. The decision-makers in your organization would be able to assess the risks and the opportunities in every business decision allowing them to make informed choices.
Turn Large Data into Information
We have come a long way since businesses used to record information on Excel sheets. Handling large amounts of data in a pictorial format to provide a summary of unseen patterns in the data, revealing insights and the story behind the data to establish a business goal. It is possible to present large volumes of data as pictorial information that helps B2B businesses in faster and more accurate analysis of the macro and micro trends.
Better Understanding of Market Trends
Decision-makers in all organizations rely on data to chalk out future strategies. Reading large volumes of data and interpreting them can be difficult. Data Visualization makes it easy as it helps in identifying the correlation being the independent variables in your data. Studying these visuals offers deeper insights into the past trends and helps in foreseeing the trends for the future. Data Visualization makes it easy for decision-makers to focus on the key aspects of raw data.
Data Visualization is playing a vital role in B2B businesses framing their website strategies. It allows the sales and marketing teams to understand the broad patterns in unorganized volumes of data. Employing the right analytics and data discovery tools organizations can make effective decisions that help them mitigate the risks and cash in on the opportunities that come their way. From sales trends to the performance of the web resources and the general direction of the market, Data Visualization allows your organization to keep a bird’s eye view of the business and competition in the market.
If you are looking to leverage Data Visualization, Growth Natives is here to help you. Our experienced team of data analysts can help your organization turn raw data into visual information for quick and informed decision-making. Write to us today at email@example.com to know more or visit our website.