Given how competitive the online world can be, it should be no surprise that you might want to use any advantage at your disposal. There might be a big one that you have been overlooking and it’s all around you online. We’re talking about data. Data gets submitted to and shared with businesses in a lot of ways, whether it’s provided by the customer directly or sifted from how they use your website or engage you on social media. Here, we’re looking at how to actually make use of that data.
This is a contributed post. Please refer to my disclosure for more information.
The social media example
Perhaps the easiest way to demonstrate the power of good data is to look at the power of social media. Analytics tools on social media platforms can help you get a much better understanding of how well your posts are performing, which your audience tends to engage with more, which gets a better clickthrough rate, and even which leads to more conversions. This way, you can find out what kind of posts works to what aims, as well as elements that aren’t working for you, improving with every insight.
Better understand your customers
Your audience’s reactions to social media posts and how they engage with them doesn’t just speak to marketing alone. That data can contribute to a wider picture of the behaviour and preferences. This can help you understand what they’re looking for, their online purchasing habits, and more. Combining your social media analytics with things like eCommerce data, lead capture forms on the website, and heat maps that show how they use your website can help you get a lot of insight. The more you learn about your customers, the more you can ensure your business acts in accordance with precisely what they want.
Stay up-to-date with market trends
Changes in the data can help you notice shifts in customer behaviour and trends, allowing you to quickly adjust to meet them. Customer behaviour can change quickly in the fast-paced world of online business. To ensure that you’re keeping up with them, it’s important to know that data, too, can change over time, becoming more or less relevant depending on a range of factors. As such, data quality management is a crucial part of any data-driven strategy. It ensures that you’re always focusing on the latest and most relevant info available.
Make better decisions more quickly
One study performed on businesses that used data analysis showed that those with more advanced capabilities were able to make decisions faster than those that didn’t by a magnitude of five times. Quicker decision making allows you to better react to changes in the market, everything from a new flux of customers to a price shock, making sure that you’re able to stay competitive. This way, you can refine your operations and change direction much more effectively than those who don’t use data.
The bigger your business gets, the more you should integrate data analysis as a core process. Nothing can help you better develop insights to improve your processes and services.