Do you start your day by looking at your Google Analytics? If your answer is NO, then can we encourage you to start making this the first thing you do as you sip your coffee at your desk?
As you probably realize the world is morphing online at an incredible rate, and where your product or service sits in the online market should be a topic on your radar.
Google Analytics is an area you might not want to go to – but once you get the bug for checking those figures every – then trust us when we say you will want to them go north! It’s because as business owners and managers we all want to grow and see our businesses do well. The online revolution just gave us new markets, new channels and new ways to deliver our products and services. Analytics help us hitch our wagon to the start of online and grow our business.
In-depth Reporting and Analytics
Of course, at its heart data analytics is a system of inspecting, cleaning, transforming and applying data to make decisions. Every business now understands the importance of capturing data, applying analytics, and obtaining substantial values from it. Businesses have deliberately relied on big data analytics to uncover business insights and trends in 2020-21. Integrating analytics into an organizational toolkit can be elementary or complex, relatively economical or laying the groundwork for a multimillion-dollar company. Today most organizations treat analytics as a strategic asset, and analytics is central to many functional roles and skills.
Companies all across industries can benefit from deeper data analytics. Be it manufacturing, retail or a financial organization, data analytics can be used to assess workloads to ensure the machinery is operating at maximum capacity, to evaluate customer satisfaction or to measure market risk and what not!
As a business, you should look into data analysis to get an accurate report on how their company performing. You can use this data to understand the statistics of your customers, improve your customer service, predict your customers’ behaviour in the future, and help you make business decisions.
Data analytics can be applied to any size of data sets, but as time progresses, businesses collect big data or a high volume of information which makes analytics more accurate as techniques can be applied to predict the future.
Data analytics for business in 2021 |
- Targeting | By making the best use of data analytics, you can determine which form of marketing affects your customers the most, leading them to buy your product.
- It helps you to see the real picture of which channels are working best for you in the marketplace and at what level can you push these channels to achieve more traffic.
- You can forecast the costs you are going in getting more “eyeballs on your product” and the impact it is going to make on your prospects and customers
- Customers | There is no better process than data analysis to check the performance of your products or business
- Once you see trends in your products you can decide the areas to focus on and build segmentation into your process
- The trends in the market are also informative on consumer spending and tastes. When you have enough information on these metrics, you can organize your business to produce or distribute certain goods or services to fulfil your potential customer’s needs
- This, in turn, will help you in setting prices and determining the marketing you are going to adopt as well as the niche you are going to target
- Innovation | Data analysis also gives you a picture of future trends and customer behaviour that allows you to make futuristic innovations on your product so you can stay ahead of your competition
- Operational costs | Data analysis helps you determine which sector are you investing the capital in and which sector actually needs the same
Creating your market, uncovering trends, predicting outcomes, increasing the speed of decision making or estimating customer satisfaction are all achieved through the management of data.
Analytic Solutions for Your Business
How to Create the Analytics for Your Business?
At Shergroup we advocate a process to curate all the available data in your organisation into a daily/weekly/bi-weekly/monthly/quarterly/annual process that can be followed by your organisation which covers 4 main areas |
Determine the data your organisation needs to function efficiently and to grow
- Collect the data (computers, Rolodexes, paper files, online sources, personnel, environmental sources, etc)
- Organize the data so it can be analyzed data in a centralized and secure location
- Clean the data for gaps or repetition. And when done, it can be used for analysis
- Repeat all the above until all your data is held in systems that make sense for your business and can be analyzed
- If this all seems too much, then just start with the data you do know about – anything on a spreadsheet is likely to be a data source.
- Then look at your accounting systems for details of costs, and sales and who are your customers. Download that information into a spreadsheet. Spreadsheets are the common denominator when it comes to data at its simplest level.
- Assess the data you have – what does it cover and where are the gaps. Match that against what is bugging you in your business – what do you want to know that you can’t see from all the data you have.
- Ask your team to help you fill in the gaps or get advice from outside your organisation if you can’t figure out the data you want to see. Data on finance may come from your accounting system. Data on sales and who are your current customers can come from your Customer Relationship Management system.
And if that data source is still a Rolodex on your desk – don’t worry – take the cards off and scan them to TEAM Shergroup and we will give you an outsourced service to create them into a nice, organized spreadsheet for future use.
As a business owner, this is a job you can get your teeth into – be in control of your own data with help from your TEAM. It’s a stone you do want to turn over. Even if the numbers are low – you have to start somewhere. As you invest a little time every day in looking at your numbers and working out solutions to help them grow – then just like looking after a garden – everything will shoot up.
Our Analytics TEAM are here to support any business set up their marketing analytics so they can understand where they are and what their competitors are doing.