Business Analytics

6 Ways to Leverage Analytics to Grow Your Business

Data is one of the most powerful tools available to any business. It allows business owners to drive change, foster business growth and serve customers better. Without data, you make decisions based on gut feeling, anecdotal evidence and hearsay. Gone are the days when it was difficult to get the analytics you need for your business. You can easily, and automatically, collect and analyze data on your website and get detailed reports. If you’ve been blindly running your business without examining your key metrics, now is the time to stop. Knowing exactly where you stand in real-time can make a significant difference to your operations. Let’s look at some of the ways in which you can use analytics to expand your business.

Identify Your Ideal Customers

There are several ways to utilize analytics to identify your ideal customer or client. Studying your existing customer base and using social media data can provide valuable insights. You can also do research on your competitors’ customers for even more useful information. Social media platforms like Facebook and Instagram provide lots of statistics for business accounts and Google Analytics is available for websites of all kings. However, you can add other plugins to your site or use an open-source real-time analytics solution to help you understand your users.

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It’s important to take the time to analyze the type of content which gets you the most engagement. Is it the behind the scenes videos or the helpful tips you share? You should also make an effort to understand how people interact with you on your varying platforms. Do they reach out only when they have complaints or do they ask for information on your products and services? When you know who your customers are and what they want, you can give them the content and solutions they will appreciate. This means analytics can help you to convert more leads.

Segment Your Audience

Analytics provides you with an opportunity to divide your audience into distinct groups. This allows you to offer customized service to each segment instead of forcing irrelevant products or services on your audience. Age, educational level, and location all influence spending, so you need to ensure you’re investing your resources in the most effective way. In addition, customers are increasingly seeking out personalized communication and experiences and analytics are the key to providing them.

Set Achievable Goals

Many entrepreneurs have lofty goals but without the right information, it’s difficult to achieve anything meaningful. Maybe you want to make an additional $50,000 over a particular period. Do you know how much you made over the same period previously and what contributed to that amount? How much did you have to spend to generate that income? When you use analytics, you can use historic trends to help you shape your goals. When you look at the stats, you may realize that you’ll need a longer period to make that $50,000 or you’ll have to step up your level of investment. Without the right information at your fingertips, you’ll be simply guessing and possibly setting unachievable goals.

Get In-Depth with Your Social Media Stats

Many entrepreneurs get caught up with the number of followers and likes they have. However, these don’t tell anything close to the whole story. You need to take note of where your audience is from and what they are interested in. Look at the devices they use and when they’re most likely to be online. You should also track the mentions of your brand on social media and the contexts in which they occur. These analytics are a lot more important to the future of your business than the number of followers you have.

Reduce Costs and Increase Income

If you want to stay in business, you need to pay attention to how you manage your money. Research shows that when companies use data to inform their marketing plans, revenue can increase by up to 20 percent while costs drop by as much as 30 percent. Monitoring advertising campaigns, online shopping activity, and all the channels in your sales funnel is extremely important. This is the only way you will know what works and what doesn’t. When you get real-time data, you can halt campaigns that show a poor return on investment and invest more heavily in the areas that are more profitable.

Analytics can also inform the time when you make critical decisions. For some businesses, sales increase around Christmas and the New Year. For others, this is a slow season. If you don’t collect and analyze key business data, you may bring on extra workers when it’s unnecessary or purchase stock which won’t sell quickly.

Keep on Top of Demand

To ensure you bring in maximum revenue, you need to be able to meet the demand for your goods and services. This means having both the manpower and the materials with which to serve your customers. While you may know the busiest periods of the year based on experience, the data may give you additional insight which can boost your efficiency. Not only do analytics reveal historical trends but they can be used to forecast the performance of your business. With the data at your fingertips, you’ll know when to outsource tasks, hire temporary workers or even expand your operations.

Take Your Business to the Next Level with the Help of Analytics

There can be no doubt that data brings several benefits for organizations. By leveraging analytics on your website, social media pages, and business processes, you can gain the insight you need to make key business decisions. Any other approach is likely to be detrimental to your operations since you simply can manage what you don’t fully understand. You need to know what works for your business and what doesn’t if you want to bring in new customers and clients, increase income or expand your business. If you intend to truly be successful in business, you need to use analytics at every stage of your business. Ensure that everyone else in the organization makes decisions based on data and you’ll be well on your way to business growth.

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