Transforming Data into Actionable Strategies – The unfortunate mistake many new online entrepreneurs make in running their business is in basing their decisions on what others are doing or solely off of their gut instinct.
Instead of flying by the seat of your pants, you want to use solid facts and insight to guide you in the right direction. Data analytics can not only uncover valuable information for you, but it can increase your ability to take action in your business.
No longer will you be hesitating or wasting time trying to make sure you are choosing the right path, but you’ll be able to tap into this data to gain a competitive edge and take advantage of opportunities without delay.
This is especially helpful when you are able to pull data from different channels, such as analytics for your website, your social media profiles, and even your email marketing platform.
You’ll be able to hit the ground running and make decisions with ease, putting plans into place swiftly because you have data to back up your intended goals.
You can use the metrics provided to you to reveal what your customer wants from you, and what will have the biggest impact on your target audience to get the conversions you need.
You’ll be able to eliminate all of the second guessing that you normally get mired in whenever you are making plans for a new project in your business. Data analytics gives you the confidence you need to take action and push forward to beat the competition in the marketplace.
How Predictive Analytics Can Impact Your Business Momentum
Analytics is more than just cold, hard facts. It’s a tool to help you design your future based on patterns and emerging trends in buyer behavior and interests. For a human, gathering and sorting through a massive amount of data can be overwhelming.
You probably don’t have the time nor access to all of this information – and even if you did, it would take so long to go through and come to a final determination that by the time you did, new data sets would be required.
Through the use of tools like artificial intelligence, you’ll be able to have it spend minutes (or even seconds) doing this work for you – and delivering results that you can use to take action on immediately.
You’ll be able to find out what topics and products are forecasted to be most in demand so you can plan ahead. It can also predict more about who your exact target audience is projected to be, because this can evolve over time, too.
Not only does this help you acquire new customers, but it allows you to retain customers, too. You’ll be meeting their changing needs almost as if you’re reading their minds.
Predictive analysis can also help you with pricing determinations based on all sorts of data – including what’s converting for you (and your competitors) currently, what’s happening with the economy and more.
Using Cross-Channel Data Analytics to Guide Your Decisions
Instead of having to tackle your business with a piecemeal approach, using cross-channel data analytics, you’ll have a birds-eye view of what’s happening in your niche across the board.
Having data from various platforms on social media, combined with your email analytics and website analytics gives you a whole-hearted picture of what’s taking place and what’s predicted to happen as well.
When you’re working with a cross-channel analytics approach, you’ll be able to see if the same customers who are opening your emails are visiting your website, and if so, how the majority of them are behaving and engaging with your content once there.
With Internet marketing, you have resources at your disposal that include time, money and effort. When you’re working with a cross-channel strategy, you have a better grasp of how you should be allocating those resources to work in your favor.
You’ll instantly know if you should be spending more time on YouTube or Facebook – or if you need to invest in an email copywriting course and master that so that you convert better with your subscribers.
Your prospective customers will possibly be interacting with your brand on different channels, not just one. They might see an ad you’re running on Facebook, go to your blog and sign up to your list there, etc.
If you’re using data analytics to see engagement and issues across different channels it helps you optimize your content marketing funnel. So not only does it help you figure out how to keep doing what buyers are hungry for – but it can also help you take repair measures to fix things if your sales begin to slump.
You might be able to spot a leak or problem area that you can rapidly repair, without having to wait a long time to try to decipher what’s wrong. Data analytics will present that information quickly.
With cross-channel analytics, you’ll also see certain behaviors with your target audience so you can cater to them. You may see certain times of the day more active on specific platforms than others – or a better response to specific media formats than others.
This kind of data allows you to tailor your messaging to your potential customers in a better way based on the metrics that you are seeing. You might have an older audience on Facebook that responds to things in a different way or at a different time than a younger audience on TikTok.
Let Analytics Help You Map Out the Customer Journey More Effectively
One way that the analytics information can help you take action faster is in mapping out your customer journey so that you are firing on all cylinders when you are presenting the next phase of their process to them.
The customer journey is one that goes from the initial introduction to your brand through the process of satisfying their needs with your products or services and on to the retention phase where you hope to turn them into repeat buyers.
Analytics is the guide that is going to help you through this process and give your customers a more user centric funnel that truly meets their needs. The information that you receive from your analytics is going to show you exactly where your customers are more prone to interact with your brand.
You might find that a specific type or timing with a social media post has a great response – or that certain content that you have optimized for search engines that is ranking well is proving to be a doorway for your customers to connect with your brand.
Analytics can also show you gaps in the marketplace where the competitors are not necessarily stepping up and serving the audience, giving you an immediate opportunity to take action and fill that void.
Not only will you see where you can bring on more customers, but you might see where people are falling off of your funnel, either unsubscribing from your list or no longer engaging with you in your comments or on social media.
You might even find that it’s a cart abandonment situation, and you can look at the analytics to tell you where that bottleneck is so that you can improve your final conversions.
You may discover that a simple tweak of your content marketing strategy or possibly a segmentation strategy that targets subgroups of your overall niche demographic is all it takes to see more sales.
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