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How Data Drives Your Business

How Data Drives Your Business

 

Understanding how to implement and utilize business analytics is a crucial step toward creating a business strategy based on raw data analysis. Knowing best practices around data analytics can help you better plan key operational functions for your business.

In this article, we’ll take a deep dive into data analytics and explore how you can apply it in your marketing strategy.

What Is Data Analytics?

What Is Data Analytics?

Conceivably, you could collect data related to every business function in your organization. For example, customer service surveys can provide you with data that can help you improve service levels; whereas web traffic data analytics can help you better understand key search terms that will drive traffic to your site.

Tracking marketing data can help you understand which approaches attract customers and which don’t. In short, data analytics is any set of numerical information that you collect about your business; in addition, it’s a valuable tool for strategizing new methods to increase sales, retain customers, and continually improve your business functions.

Data Analytics and Marketing

Data Analytics and Marketing

Ideally, data analytics should be part of your startup business strategy and marketing campaigns. According to Entrepreneur, by researching your target market you can better identify your competitors and their price points, test which marketing vehicles perform most effectively, and make rational decisions around how best to spend your marketing dollars.

Data analytics can also be extremely beneficial with regards to product development. Regularly surveying your customers and tracking trends around needs in your industry can help you be more deliberate and targeted when devising new product strategies.

Data Analytics and Risk Management

Data Analytics and Risk Management

When it comes to assessing risk for your organization, it’s often a matter of numbers. According to AuditBoard, data analytics can help you run different scenarios around competitors, inflation, and economic conditions, as well as help predict trends.

Recognizing what’s on the horizon for your industry can help you better prepare and potentially even do some advanced strategizing around areas that may be problematic in the future. In this sense, you’re using predictive analytics, or concurrently, using this research to help you identify past slowdowns or roadblocks that you can change in the future.

Data Analytics and Budget Preparation

Data Analytics and Budget Preparation

In addition to helping inform your operational business strategy and marketing approach, data analytics can also be utilized to help you from a budgeting perspective. Tracking the right figures can give you greater insights into cash flow.

Having an invoice process in place will also help ensure that you get paid quickly and on time. A tool like an invoice generator lets you use premade templates to create custom invoices that can be downloaded in your preferred format.

Using a system that has a dashboard snapshot can also give you the latest details on your finances in real time.

Understanding Data Analytics

Understanding Data Analytics

Some business owners are hesitant when it comes to data analytics because it seems like a complex process. In fact, a number of data tracking features are already built into many things such as your website, social media accounts, and customer relationship management (CRM) tools like Salesforce.

The key is in determining about what you want to measure and putting the right tools in place. Alternatively, you could enlist the services of an analytics company to do the work on your behalf. These companies can help you identify, assess, and understand the data in such a way that you can use findings to make key improvements to how your business operates.

Final Thoughts on How Data Drives Your Business

Final Thoughts

Data analytics tells a story with numbers, and savvy business owners can use that story to better direct how they run their businesses, reach their customers, develop new products, and outpace the competition.

If you’re looking to grow your online presence and generate more traffic (both physical and virtual) for your business, High Click Media can help. We provide comprehensive digital marketing solutions, including custom website design and development, branding, reputation management, search engine optimization, pay-per-click advertising, social media marketing, and more! Call us today at 252.814.2150 or drop us a line here to find out all about how we can help #elevateyourbrand!

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This article was written by guest blogger Poppy Williams of Techbizguide.com.

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