Analytics is a crucial aspect of your brand. It evaluates any and all aspects of your company. Through utilizing analytics and allocating more resources (time and budget) to analysis you can further your growth and overall performance as a company.
One of the most crucial items analytics is used for is to find the ROI (Return on investment) your company is generating. If the number is not where you want it to be, you can determine what changes need to be made by looking at other metrics. Through studying and managing your data and drawing inferences through analytics, as a company you can create a call to action to further your growth and development.
It is significant to note that analytics is also beneficial to all business sizes. Small businesses should not get discouraged by their size. Implementing data and analytic tactics is how any business grows and improves, and by curating data carefully any and all businesses can grow to their utmost potential, no matter the size.
How can analytics help businesses?
Analytics can help businesses identify areas of opportunity, such as potential markets or customer segments, as well as track performance against goals and objectives. It can also be used to inform decisions on marketing strategies, product development, pricing and more.
What types of data are used in analytics?
Data used in analytics can include customer demographics, website traffic, sales figures, social media engagement metrics and more.
What tools are used for analytics?
Tools used for analytics may include data visualization software such as Tableau or Power BI; statistical analysis software such as R or SAS; and business intelligence platforms such as Google Analytics or Adobe Analytics.
Fun Fact:
"Analytics is a key component of marketing, with 75% of marketers reporting that they use analytics to inform their decisions" (Aberdeen Group, 2017).