Why data is the future of your business

Digital tablet showing data chart in meeting room

Data analytics allow users to take raw information and analyse it in such a way that it provides a roadmap to assessing how the metrics of a particular area of a business operates. Recognising how you can use these insights to inform your everyday work and business life can help you improve efficiency and increase productivity. It can also serve as a central component of your planning strategy. Dellar Media can help you in the process by creating an impactful digital marketing campaign.

What Are Data Analytics?

According to CIO, data analytics are essentially number tracking tools that businesses can employ to measure different operational elements of a business. This is typically done by reading metrics via programs and apps or by retaining a data analytics firm. Data analytics can help you, for example, understand how many customers are visiting your website and the keywords and terminology that are bringing them there. They can help you recognize which products or services are selling better than others and allow you to change your marketing strategy to better promote your company. You can also track trends, look for patterns, and measure the effectiveness of different approaches.

Analytics and Marketing

Data analytics can be incredibly helpful in terms of informing your marketing campaigns. A comprehensive marketing plan will address budget, target market, sales goals, and strategies, and outline how you quantify success. You can use analytics to identify your target audience, make informed decisions about how to reach this demographic, examine the price points of your competitors, and make educated choices about how you will differentiate yourself in a crowded marketplace. Analytics can also help you with measuring everything from customer buying trends to inventory. If you find you aren’t hitting pre-established goals, analytics can bring issues to your attention so you can address them quickly and effectively.

How to Strategise With Analytics

Having access to – and understanding – information that details the “numbers” part of your company can help you strategize and grow. For example, analytics can help you understand the financial performance of various product lines, provide you with insights about whether brick and mortar or online sales are more profitable, and show you which marketing vehicles are bringing in customers and which ones are not. Analytics can also help you assess the marketplace and make smart decisions about expanding lines, pulling back, hiring more employees, or utilizing freelancers. If your business is in financial distress, data analytics can help you pinpoint why – are your price points too high? Is the market too crowded? Are you not reaching the right audiences or driving traffic to your site? Recognizing the problem is the first step in solving it.

Customer Acquisition and Retention

In addition to measuring trends in key business function areas, according to Thematics, you can also use data analytics to help find, and more importantly, keep customers. For example, using data gathered during a customer survey will help you better understand what people think about the quality of your products or services, your prices, and the friendliness and helpfulness of your employees. For instance, if data tells you customers don’t return because of long wait lines, you can use that information to hire more staffers; if data tells you your website is difficult to navigate and your shopping cart function is hard to use, you’ll know these are things you’ll need to focus on and repair.

In a highly digitized world, analytics are becoming increasingly important to helping businesses measure all operational business functions. The key is to know what data to collect, how to evaluate it, and how to use the findings to grow your business. 

Dellar Media helps businesses generate leads with powerful social media tools, email and web content strategies. Visit the site to learn more and reach out for a consultation.

Guest Writer, Poppy Williams


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