Are you making the most out of your Data-Driven Insights?
If you own an E-commerce, we strongly recommend that you keep reading this. These sites tend to use data-driven insights in order to get the most out of their profits and sales.
This might sound a bit confusing, but don’t worry, Inspiral is here to guide you through this process, step by step.
These days are widespread to hear about the data-driven approach and how many business leaders use this particular strategy to capitalize on possible business opportunities.
But data analysis is not only about jumping ahead of our competitors to make more money. One of the most exciting benefits of the data-driven culture in business is that it allows companies to make fact-based decisions to improve customer experiences in different key company areas.
Transforming how your company makes decisions is no easy task. However, incorporating data and analytics into your decision-making processes is the way to make the most significant impact on your organization.
To embrace the use of data, many companies are developing three core capabilities: proficiency, analytics agility, and community. This level of transformation requires you to take a dedicated approach to creating and refining your analytics program.
So, are you making the most out of your data-driven insights to improve your business performance? Here are some critical things you should look for.
The different data sources.
If you are reading this, it means you, at least, intend to change the way you have been doing things. Today, the amount of information collected is more significant than ever but also more complex. As a result, businesses are having difficulty managing and analyzing their data.
The “big data” era often leaves business owners with too many reference points and too many things to look for. Still, depending on your company or customer needs, some data sources will be more helpful than others.
You do not need a quantum computer to measure the conversion rate of your landing pages and figure out what is working and what isn’t. You do not need a machine learning strategy to know your customer’s real-time behavior on your website.
We are trying to tell you that much of the information you need to make significant changes to your business strategy outcomes is at hand. You just need to shift your point of view and understand how to use it.
For example, social media platforms and websites generate TONS of information daily. You can track it using different platforms like the old classic Google Analytics. But you can also tap into GTMetrix insights to find optimization opportunities for your website.
As you can see, data is everywhere for the taking. Be open about the possibility of extracting data from different sources and using it to achieve both short-term and long-term goals for your brand and business.
What are you using the data for?
Another essential thing to keep an eye on is the use you intend for the data you are collecting. Almost every company in the world collects some form of data that later sits there without being really useful.
Suppose you have decided to collect data for your business goals. In that case, you need to have a clear mindset about what you want for your business at any particular time.
Imagine your company aiming to provide different products or services. In that case, you need to start collecting data from the market, competitors, and how people have reacted to similar products in the past. A product lunch can go terribly good or badly wrong. Going with a blindfold to the market is more like an act of faith than an intelligent decision.
But there is no need for you to do such a thing. Everything starts at home, so make sure to set up your Google Analytics accounts as soon as your website goes live and start collecting data that flows alongside your business goals.
Other examples
We like examples and case studies. The idea is to illustrate how data-driven insights can save your brand from going in the wrong direction.
Instead of launching new products, let us assume your company is looking for opportunities to improve what it already offers. You may think that going to your monthly sales and seeing which product sells the most is more than enough to start a new face of product development.
Indeed, that will give some idea about your next steps, but it may not be all the answer. You need to analyze which products people look for the most on your website, which pages they abandoned the fast, how many people left things at the checkout and look for performance issues in the purchase process, among other factors.
By analyzing the data you are already collecting, you may find opportunities you did not know you had to improve your conversion rate across the different products or services your company offers.
Recent cases
With one of our recent clients, after the brand’s official launch, sales went crazy, but people were still looking for one last piece to complete what already is a great product. We analyzed data from the website, social media, and customer service platforms to come up with that particular thing (they were more than one in this case) people were still looking for in our brand.
Once we deliver that other product that complements the experience offered by the main one, we manage to engage people with our client’s brand even more.
This is just an example of using your business’s data to find a niche gap or simply to complement what you already have to offer. But if you do not have established your business goals and why you do things, you won’t have a use for the data.
At Inspiral, we believe in data and sharing knowledge with owners curious about how things are being done in the digital ecosystem. Data-driven organizations are common each day and everyone can be a part of the movement.
Giving your first steps will always be frightening. Still, the future belongs to those bold enough to face the new challenges of every era.
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