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Data analytics is often referenced as a tool for entrepreneurs, but you’re not alone if you view it as more of a buzzword than a business tactic.
This may be because the phrase itself is somewhat ambiguous, but in fact, it refers to a very specific strategy.
Using data analytics simply entails turning information into an explanation. If you extract data from your website traffic, for example, it may tell you that half of your visitors come from California.
Data analytics allows you to read into this number and extrapolate meaning. Learn how you can use this strategy to achieve growth for your business in the following guides presented by Adventago.
Finding the Most Valuable Data
In order to use data analytics effectively, you need to start by looking for the data that’s the most relevant to your goals.
This will depend on what kind of business you run and what your goals are. Generally, though, you should look for data that relates to your customers — where they come from, what they buy, and who they are.
There are many sources that you can gather this data from. One of the most accessible is directly from your sales numbers.
If you manage an eCommerce site, for example, you can analyze where site traffic comes from, how many of your visitors are converted to customers, and where you have the highest — and lowest — conversion rates.
You can also gain unique insights by simply asking customers for their data. You can incentivize customers to complete a survey by offering a discount code or freebies in exchange.
Consider questions about their demographics, interests, motivations, and budget — but be sure to keep it brief so that they follow through and complete it.
Setting Clear Goals for Business Growth
With the right data in your hands, you can use data analytics to set new goals — and achieve them.
Do you want to achieve better customer retention? Manage inventory more efficiently? Improve risk management strategies? These are just a few of the objectives you can use data analytics to tackle.
One of the most important areas that you can apply data analytics, though, is in your marketing efforts.
Data will tell you what your customers want, and with data analytics, you can leverage that information to market more effectively.
You might find that your customers respond to ads that feature bright and flashy imagery, for example, which may prompt you to include them in your blog or an ad campaign. According to research, blogs with images are shared 30% more frequently.
You can add photos to marketing content, but it might be difficult to send hi-res JPGs via email. A conversion tool solves this by converting images from JPG to PDF.
The result is a file that’s easier to email without any quality loss. Compressing your JPGs, on the other hand, will compromise their quality substantially.
Data Can Be the Key to Exponential Growth
Marketing your services or products to your clientele is almost impossible if you don’t know what they’re looking for. Luckily, data analytics is the key that can unlock growth and help you achieve your business goals.
If your data reveals that your customers are attracted to specific imagery, you might partner with a graphic designer to integrate this into your ad campaigns. Rather than email gigantic JPG files or compress them and lose quality, you should use a JPG-to-PDF converter.
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