22 Jun Analytics for Business Leaders
It’s no secret that data is all around us. Data is being created, collected, curated, consumed, and converted by businesses, big and small, in ever increasing quantities. Everything from clicks, time spent, to browsing habits, sentiment, and so much more can all be measured and analyzed. Now this all may sound like a particularly “geeky” activity suited to the techy guys in the basement, or a task reserved for those with “a beautiful mind”. The truth is, however, that business leaders need to stand up and take notice of the power of data and analytics for themselves and their organization.
Let’s talk about these three points a little as it relates to the digital space.
Making Better Decisions
Making better decisions is reliant on receiving a number of inputs (information) to produce an output (decision). Many people like to ”go with their gut” and make an instinctive decision. This can only take you so far and can sometimes lead to a less desirable outcome. This is where data and analytics can step in and provide you the information you need to make a better decision. For example: you have a new product or service about to launch. You want to market it to an audience and convert some sales. You can either market it to the people you believe would be interested, or you can make a better decision with the help of data and market it to exactly the demographic that are looking for your product or service.
This is about being quick on your feet, and throwing down like Muhammad Ali! “Float like a butterfly, sting like a bee”.
Continuing with the example above. In the first case you’ve marketed to the audience you believe to be right and you measure success with the classic question:“How did you hear about us/our product?”. This is a great question but it talks about history. It really only gives you so much info and there isn’t much you can do about it now. Adding data and analytics to this puts you in control so you can throw the knockout punch if you are not getting the results you want. In other words, analytics provides you the feedback on your marketing message so you can adjust and change on the fly to get the best result! And you know where your business is coming from!
Positively Impact the Bottom Line
This is pretty self explanatory and is the reason businesses stay in business. If you are not turning a profit or growing towards it, you are not in business.
In our example above, you know your audience, you’ve marketed specifically to that audience, you’ve made the adjustments on the fly, and you know where your business is coming from. You are adding profit to your bottom line and your business is growing.
Do some simple math for yourself.
Average value of a client in your business x Number of new clients x 12 months = New Revenue in Your Business over 12 months.
What does that look like for you?
Data and analytics can help you and your business achieve more!
We have an incredible analytics report that can help you do the things we’ve talked about in this report, and more! If you would like to know more, contact us today.