You’re probably thinking: “What in the world is data analytics and how does it apply to my itty bitty business? I’m no Mark Zuck!” Well let me tell you, data analytics is a billion-dollar industry. Billion with a capital ‘B’. That means business owners from all over the world see the value of having technology or services that help them break down raw information into sensible conclusions.
Huge or small, data is at the heart of every successful business known to humanity. Data helps businesses see and understand who their customers really are, so they can market and create products that make sense for them. Running a business without data is like leaving the house with blindfolds on.
Though, being a data-driven organization is more than just having fancy technology. Before you jump the gun on spending lots of money on software, it’s important to consider how setting the conditions to interpret data in your business is developed.
Building an internal culture that values data is the first step to conquering it all. That means by starting small and analyzing the data that is already available to you, you can test your decisions in real-time.
Examples of data most businesses have access to already can include:
~ Website Analytics – How many people visited your site within the last week? Where did they come from? Which page was most frequented?
~ Social Media Analytics – What is your engagement rate? Where do most followers come from?
~ Basic intake information – What areas do your customers come from? What is the most common occupation your clients hold?
Starting with fundamental questions like these is a cost-effective way to introduce data into your work culture. Once you’ve utilized all your resources, it will be time to move on to more substantial, tougher questions with the help of data analytics software.
Data can seem like one big block of information that’s hard to manage, but once you begin to understand the smaller details, you can paint a brighter picture. It’s up to you to use data to understand the common threads among your client or customers so you can better serve them and yourself for years to come.