One of the most challenging aspects of being a business owner is making good decisions. The world is changing every day, and so are our customers. Figuring out the right thing to do in a dynamic environment is tricky. There are lots of people who will offer advice, but how do you know what’s right for your business?
Having access to accurate, objective data simplifies the decision-making process. Your digital data includes customer demographic information as well as a record of their behaviors. Analyzing your data can help answer some of the toughest business questions owners face, including:
- Was advertising on social media really worth it?
- Did working with that consultant improve my business the way I wanted it to?
- Which products are selling best, and why?
- What customers would buy more from me if I reached out to them directly?
- Why have sales slowed down?
- Why do my customers load up their shopping carts and then leave the website without buying?
- What training does my staff need to do a better job?
Data analysis involves identifying the specific pieces of information within the entirety of what is captured by a website and social media analytics that are relevant to your question. Having the right data capture and analysis tools is a vital first step to building your business efficiently.
It also helps to know, with a high degree of specificity, what you’d like to learn from your data. In addition to the questions we’ve discussed, you may have your own points that you’re curious about. Begin compiling a list of these questions. Knowing what you want to know will help you select the data analysis tools and strategies that make sense for you. If you need help with this part of the process, give us a call. We’re here to help!