Data Analytics
In Tip #8 – Do you fear data analytics, I guess the question is, do you? This is pretty common for new and small businesses. Especially, if you are not sure how it works.
Bigger companies generally hire someone for this task. If you are able to have someone gather your analytic data, at least once, it can help you tremendously going forward.
Figuring out data analytics for your business, whether on social media, financial analytics or your website, requires time and research.
What does analytics show you?
Most importantly, data analytics gives you a readout of your performance as a business, across all platforms mentioned above.
Such as, where your conversion rate stands. If you are reaching your potential clients and customers.
What about Social Media?
What reactions are you getting from your social media content? Moreover, are you spending more on ads than you are bringing in? The goal, try not to let that happen.
Know your analytics impacts your growth as well. In other words, having this type of data gives you the opportunity to adjust and learn more about what’s working and what’s not.
So how is this done?
Firstly, through CRM or Customer Relationship Management. This is where you can find out more about buying habits. What are your clients or customers spending on orders? What’s the value of their order? What will they purchase next?
Easier said than done. Why? Consumers are pickier than ever. They read reviews and they want quality over quantity to get the maximum value.
Good question. In an online search about this subject, I found information that will help you get started.
- Collect data about your customers. Use ways to determine how much, and how many pertaining to purchases. Additionally, the why methods like focus groups, surveys and customer behaviour data.
- Analyse the data to look for trends and patterns.
- Use the information to improve your marketing strategy.
- Regularly review your strategy.
You can read the full blog here
It goes on to say that understanding who your customers/clients are isn’t always easy. Not knowing can affect how you write your content and design your products and services that appeal to your ideal/target customers/clients. Therefore, if you fear Data Analytics, you are not alone.
What Else Can You Analyse?
Why, your website, of course. Setting up Google Analytics or any type of analytic platform on your website, helps you keep track of things like your bounce rate. You can gauge how long a visitor stays or leaves right away along with the demographics of your visitors.
Ultimately, analytics lets you know which pages they are visiting most? Knowing this will allow you to focus on conversions. They call the demographic aspect Heat Mapping.
Heat mapping is a software tool that can help you analyze and improve your site or mobile app’s UX.
Optimizely had a blog about Heatmapping. Read more about it here and see if there is one that will work best for you.
I also found this article, put out by Zoho, about all sorts of mapping for your website. Check it out here.
Thirdly, is social media working for you?
Are your posts getting a lot of engagements? Are you reaching your target audience? Which posts did or did not get a reaction or comment.
Test out the highest viewing with a rewrite. It may surprise you as to what people find interesting.
Lastly, a friendly reminder to not spend more to reach your audience. Especially, if you are not increasing your revenue as well.
In conclusion, do you still fear data analytics? Knowing how to build your business and utilizing the analytics tools, helps you move forward in the direction you want to go in to reach your goals.
Sometimes it’s simply testing the waters when it comes to data analytics but hey, life is about testing the waters. You’ve got this!