You know how important it is to leverage analytics for businesses, but are you really using your corporate data to its full potential? We share 6-ways to get more from your company data in the blog post below.
Check In Daily
Don’t wait for monthly or weekly reports, instead, check in with your company’s data daily. Keeping a watchful eye on your key performance indicators ensures that you won’t miss an opportunity to capitalize on insights gained by tracking those metrics. For example, increased interest in a specific page on your site may mean it’s the perfect time to re-share that information on social networks or run ads directing potential customers to that page.
It’s not enough to simply measure and track company metrics, you need to know how those numbers relate to your corporate goals. Establishing analytics reports that will monitor how close your business is to attaining a certain level of operation is necessary to understand your company’s strengths, weaknesses, and how it’s progressing.
Whatever metrics you’re focusing on, take the time to understand how those numbers translate to customer intention. Keep asking why – and if you don’t have a clear answer, test your hypotheses. Leveraging your analytics to gain actionable insights about your target market can be an invaluable source of information for your business. Plus, it’ll get you thinking about what those numbers and insights mean for other performance indicators, ensuring your company is on track to meet its goals.
Taking note of trends found in your company data can help your business to plan better. You’ll want to look for things like seasonality of purchases, or a spike of engagement on your social networks at a certain time. Planning your communications around these times can help you reach more of your target market, and even earn a better return on investment when it comes to your marketing campaigns.
Segment Your Audience
While you should definitely understand your audience as a whole, it’s also important to examine which segments of your consumers perform the best. By splitting your audience into groups, you could find that different sets of users have different spending habits, contact preferences, or pre-purchase research habits. Leverage those findings to ensure that you’re effectively communicating with your customers, and maximize revenue.
Look at the Big Picture
Companies have the ability to measure almost everything. However, that makes it easy to get bogged down in numbers or develop a laser-focus on a certain area that doesn’t necessarily have a big impact on your overall business. No matter what you’re measuring, remember to take a step back to determine how that data relates to your primary key performance indicators and your corporate goals.
Accurate measurement and interpretation of analytics data is important to evaluate overall business health and keep your company on the path to success. Whether you’re just starting out with data management, or are looking for ways to get more from your analytics data, we can help. Contact us to learn more.