5 Ways Data Analytics Can Improve Business Outcomes
Data analytics plays a role in every business and in every industry, and a growing number of companies are relying on it to make decisions that will lead to more sales and revenue. But with so much data available, how do you mine and analyze the numbers and figures that will really have an impact on your bottom line? Courtesy of Visalia SEO, here are five things you can do to grow your business using data analytics:
Develop an In-Depth Business Plan
Gathering data pertaining to your business will help you establish a budget as well as sales goals and strategies. It will also allow you to forecast trends and stay ahead of the curve by letting you develop statistical models and predict future growth. Performance data lets you see how your business is doing, how your team members are performing, and whether you’re wasting money, time, or resources on a particular product or marketing strategy. You’ll also be able to streamline your business processes and get rid of poorly-performing offerings or services. ERP software will help you organize your resources so you can operate more efficiently.
Know Your Audience
You can target your market more accurately using data analytics, thus avoiding spending money on promotional campaigns with a low return on investment. Track the buying patterns of your existing customers by analyzing your customer relationship management (CRM) data. You’ll be able to anticipate your clientele’s needs, and you can then use that knowledge to send personalized emails offering new products, promotions, or services. Knowing where your audience likes to spend time online will also help you decide where to invest your advertising money for the highest ROI.
Design a Marketing Campaign
Establish key performance indicators (KPIs) that will help you focus on specific outcomes, and use your data analytics to reach those goals. In order to tailor your messaging to your audience, you need to start with a solid marketing foundation where your ideal customer is clearly defined and where you know your brand positioning and your place in the market. Your advertising campaign should target people with the same profile as your ideal customer, with a strategic message that speaks to your audience’s specific needs or wants.
Gathering data can also help you to create a realistic marketing budget and set key metrics you can use to quantify your success. Metrics are especially important if you are reporting to key stakeholders who want to ensure their money and influence are being used strategically. And since marketing is so closely tied to sales, these numbers and reports will help you to make realistic sales projections, too.
Focus on Social Media Channels
Using social media analytics will help you discover trends, see what your competition is doing, and how people are reacting to certain brands or online conversations. A strong social media presence can lead to greater brand awareness, which in turn will drive customers to your website. Keep track of engagements on your posts to see what channels drive the most revenue for your business, and take advantage of SEO practices to drive traffic to your sites. If you need help with this level of optimization, Visalia SEO offers services related to several popular social media platforms.
Make Recommendations to Decision Makers
Data analytics allows you to quantify success as it gives you a clear, real-time picture of your business sales and revenue, and it can be a great tool for effective communication. Use this information to reach out to partners and investors, and to share new ideas and strategies for growth. Arm yourself with solid numbers, show that you’ve done your homework in terms of risk assessment and analysis, and you’ll be more likely to be heard by the decision-makers in your organization.
Data analytics helps leaders develop new business ideas, design marketing strategies, and reach new customers. Understanding how to collect and use this ever-growing data is an invaluable tool for a company looking to expand, so make sure data analytics is part of your business growth strategy.
Put your data to use in every way possible, including Search Engine Optimization, or SEO. Not quite sure how to do it? Visalia SEO can help! We work with websites and social media platforms to make your online presence professional and effective. Visit us online to learn more.
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