In this increasingly digital world, using analytics to market and grow your business is becoming more and more necessary. When you think of data analytics, you might think this only applies to really large corporations. However, it is equally important for small businesses to focus on the data. Collecting and interpreting data can help you find your audience, what’s working and not working, and where you should focus more time, energy, and money. All these things ultimately can help your business grow, which is a big reason why you should care about analytics!
Data analytics and analysis have changed a lot in recent years due to better technology and social media. It’s pretty amazing how much data you can get for free now from platforms like Facebook and Google. This information is invaluable for your business. It helps you to learn more about your customers, your competitors, and the broader market in which you operate.
Why You Should Care About Analytics
Here are some important reasons why you should care about analytics for your small business:
- Use historical data to determine how your business is doing. You can look at past sales, customer retention, inventory, or other applicable areas to create a benchmark to compare. If you haven’t created a baseline for how your business is doing, this is a great first step.
- Set goals. Use your analytics to set goals and measure your progress. This might be a certain number of sales, new customers, website views, Instagram followers, etc.
- Make informed decisions. Analytics can help small business owners make decisions about where to spend marketing dollars. Of course, gut intuition is important, but looking at the data might take you in a direction you didn’t think of at first.
If you haven’t already, make sure you have a business page activated for all of your social media channels. This way you get access to all of the helpful insights. On your business website, implement Google Analytics so that it can start tracking everything. Google Analytics can seem overwhelming if you’ve never used it before, but it gives so much great insight.
There are lots of tools and software programs out there to help you collect and analyze data. If you are just starting out or not ready to invest in any tools yet, start by using an Excel spreadsheet or Google Sheet to record data. A good old-fashioned pen and paper is also an option!
Over the next month, we are going to dive into all things analytics from Facebook, YouTube, Pinterest, Instagram, and the big one – Google Analytics! These posts will break down the various platform analytics for you. This will help you to learn more about how to navigate analytics, decipher and interpret them, and learn what they mean for your business.
Stay tuned for lots more helpful information, and schedule a call with us if you want to discuss your business’ marketing strategy. If you have specific questions about analytics that you’d like to see answered, please let us know and we’ll be sure to cover them in an upcoming post during Analytics April!