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By Courtney Rosenfield
Analyzing data may not be in every entrepreneur’s wheelhouse, but it’s an increasingly vital tool for business owners to have in their toolbox. Not only does it inform marketing strategies and streamline daily operations, but it also assists with decision-making. Looking at various types of information can help you determine everything from optimal price points to security measures, saving you time and money throughout the year.
While you may not necessarily be able to predict the future, you can definitely use analytics to make thoughtful choices about the coming months – especially if you follow these helpful tips from Utomic.
Utilize Data for Customer Acquisition
Your marketing campaigns are all about bringing in new customers and retaining the ones you already have, and data analytics can help you make important decisions about how to draw them in. Not only can that information tell you who your target customer is, it can teach you why they buy your service or product and where, how, and when they shop for it. You’ll also get better insight about seasonal changes for your company so you can be prepared for the coming months. Read up on all the components that go into a marketing campaign and how you can use data for different results.
But of course, the best marketing campaign doesn’t amount to much if you can’t get paid – so plan ahead in case you encounter customers who fail to provide payment on time. There are several tactics that can help you in this unfortunate circumstance, from assigning late fees to helping them set up payment plans. You can also streamline your payment process and make it easier to maintain precise records by taking advantage of an online invoice template to create branded invoices with your logo and slogan.
Something else to consider: in today’s hyper-competitive business world, you need every advantage you can get. One way to give yourself an edge over the competition is to go back to school and get a bachelor's degree business. You can even streamline the process further by taking advantage of a flexible online program that allows you to learn at your own pace without having to take too much time off work.
Once you have the market targeted, data analytics can be used to show trends. Interested in seeing how well your marketing campaign is doing, or whether it’s slowed down over time? How do those numbers measure up to your website sales? Use Google Analytics to track how often your customers visit your site, average time of visit, and conversion rate.
This info can be applied to decisions regarding where you invest the most money and which marketing channels you put the most effort into. Of course, this data must be read correctly to make an impact, so it’s crucial to make sure everything is as accurate as possible and that you’re able to compare current trends with last year’s.
Optimize Social Media
Data analysis can also show you trends on social media, which is significant when you consider the potential for advertising and brand-building. While not every social media platform is right for every type of business, most have something to offer when it comes to reaching new customers. There are several free or low-cost tools that will show you how many people are engaging with your posts, which platform drives the most business your way, and whether it’s worth your time to continue posting on accounts that don’t get as many clicks.
Assess Your Employees
Analytics can also help you assess HR statistics, such as which candidates to hire, how effective your employees are, and whether there are any red flags that require your attention. This information can help you make tough decisions about promotions or disciplinary action, and it can also give you insight into different departments so you can make changes to management when issues with productivity or morale arise. After all, your employees are a gateway to your customers, and if your daily operations aren’t streamlined, your business could be negatively affected.
Utilizing data analytics and tools like Google Analytics can take a little time to get used to, especially if you’re not well-versed in the various metrics that can be used. Get to know the different tools that can be used to help you plan, strategize, and set goals for the coming months.
Utomic focuses on the simplicity and functionality of the products we design and create. We strip away the frivolous and unnecessary until what is left is what is truly needed. If you have any questions, please contact us at firstname.lastname@example.org.