In order for you to operate a strong business in the digital age, you need to understand the importance of data. The information you’re able to pull from your website and social media channels can tell you a lot about consumers, their search habits, how to improve your targeted campaigns, and more. Of course, it isn’t a simple journey. Analyzing data and using it to your company’s advantage can be a long and complicated process. It is likely you will make a few mistakes along the way. Unfortunately, some of these errors can be costly.
Taking a chance to familiarize yourself with a few basic points of the process can help you develop a practical strategy. Consider these suggestions and learn how to reduce mistakes while using analytics to your advantage.
Create Context and Objectives
Every company’s analytics journey is going to look different. To get the most out of analytics, you need to have parameters for the process. Why are you analyzing data? What do you hope to be able to achieve with the information you extract? Having definitive answers to these questions will give shape to the endeavor. For example, how you apply data toward future social media posts will require a different analysis than how you use the same data to improve email retention. Before you do anything with analytics, give your process context.
A key to creating a robust set of parameters for your process is defining your ultimate goals. Instead of being generic and stating you’d like to see more people visit your website, you can be specific and proclaim your main objective is to increase the organic flow of traffic to your site. This makes it easier to measure and apply the data you pull from your analysis toward a tangible goal with defined boundaries. Many business owners fail to do this and are surprised when their results are all over the place. Avoid the mistake by creating your goals early.
Understand Your Data Points
Data is an umbrella term often used in the business world to refer to any and all information related to a company its operations. Because it is often discussed in such a vague and general way, plenty of people struggle to understand the finer intricacies of the process. Data comes from multiple sources, which are sometimes called data points. While the goal of boosting sales in the coming quarter is simple and realistic, there are many different data points that will figure into the analytics side of things.
Compiling various points of data for processing is known as data aggregation. Data that has been aggregated can be easier to work with, as it cuts back on the amount of time spent sifting through information that has nothing to do with your objectives. If you’re new to analytics or you find that you’re not getting the results you’d hoped, it can be in your interest to use a program designed to help you make sense of your different data points. Once it makes more sense to you, it will be easier to use the data to your advantage.
Factor in Bounce Rates
Bounce rates on websites can be bad for business owners. A high bounce rate means a person visits only one page on your website before leaving within a set amount of time. To search engines like Google, this suggests your website could be fraudulent or misleading. One of the best ways to use analytics to your advantage is by looking at the data and learning how to adjust your bounce rates properly. This can provide you with insight on how to get the average consumer to click through a few links on your landing pages.
Whether you’re looking to improve marketing strategies, customer satisfaction, or brand awareness, analytics can prove wildly advantageous for the future of your business. Learn more about how to use data in different ways and develop a strategy that allows you to make the most of this valuable digital resource.
Publish Date: April 18, 2020 8:04 PM