Data analytics are essential to helping you better understand the statistics that drive different elements of your organizational operations. You can create data collection strategies around everything from marketing and financial growth to customer outreach strategies. expenseRegister can help you to understand your expenses in new ways that will help you to save money and drive growth in your business.
According to Entrepreneur, data analytics helps people take raw data and use it to identify trends and compare and contrast how different strategies perform. Data analytics can also help to predict future trends by using known data to form a picture of what might happen in similar circumstances in the future. Likewise, analytics can help you identify problems or causal effects in such a way that you can take proactive steps to mitigate similar issues in the future. In short, analytics can give you in-depth insight into the mechanics of your business to better inform your decision-making.
Data analytics can be used for everything from customer acquisition and retention to developing effective marketing campaigns, assessing risk management, controlling inventory, and making decisions about what type of product development would be most beneficial to your operations. You need to know what you're trying to measure before analytics makes sense. That may be customer traffic, age groups that you're attracting, most popular products or services, or statistics that highlight how customers engage with you and your company via online venues and platforms.
Numbers tell a story, and when it comes to analyzing data, it needs to be done in such a way that the information you receive can be used for practical approaches. For example, if you’re attempting to reach a new target demographic, analytics can help you pinpoint how to reach them. Launching a new product? You don't have to look far for consumer feedback. Looking for how best to utilize an advertising budget? Data analytics can help you identify everything from the best keywords to use in solicitations and website content to the most impactful platforms to reach your unique customers.
It may be beneficial to have a data analytics professional interact with your company to help you make informed
decisions about not only what kind of data you need to track, but how best to do it and translate the data once you
receive it. There are data analytic software programs you can install, and your website and social media accounts may
provide cursory data analytics as part of a service agreement.
While you can sort through these yourself, a well-qualified
company or individual
can make recommendations for things you can change about your business based on analytics. You can apply this information
to many aspects of your business, from financial growth to marketing to efficiency. Once you've made the changes, analytics
can help you recognize if the alterations were indeed successful.
Social media platforms are fast becoming go-to advertising platforms. Analytics can help you learn how to take advantage of this fact. For example, you may find that you're pulling a majority of your customers from social media rather than your website, in which case paid social media campaigns may be something to invest in. You may also find that one platform out-performs another, in which case you'll want to change one platform strategy while keeping pace with the other. You'll also want to be familiar with best practices around social media management. For example, did you know that when you're sharing a photo, you may have to resize image for Instagram to fit the platform's upload requirements? You can utilize an online tool to upload your image, choose an Instagram image type to resize, then download it for use.
While market research has long been a go-to way to make educated decisions around key operational business functions, it
still resulted in a lot of guesswork. Not only can tracking and deciphering certain types of data help you make
better-informed choices, those choices can both save you money and make you money. You can also use business process
management, or
BPM,
to optimize and automate your processes. This process can also interact with other digital tools to provide a robust
understanding of the interactions between people, data, and systems. The information and data gathered can help improve
efficiency, reduce costs and errors, and reduce cycle times.
These analytics are not only great from a business growth perspective, but their results are also something to tout if
you're looking for investors, or funders to help you expand. It can even be used if you're valuating and selling your
business - potential buyers can get a detailed snapshot of key performance indicators.
Many people hear the word "analytics" and think they're going to have to decipher complex statistics. While the process
itself is certainly detailed, the end result serves as a fairly straightforward roadmap to help you grow your business in
a smart and calculated way.
expenseRegister offers small businesses money management tools that will help you understand and control where your money is going. We make accounting simple and easy to use, without losing any of the accuracy or informatics. Visit our website to learn more about how expenseRegister can help your business grow.
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