How to Build a Data Strategy
Data gives you access to real-time customer analytics so your business can make smarter, more calculated decisions when it comes to growth.
Remember you have the ability to gather a lot of different kinds of data so you need to decide now what the goals of your data strategy should be. Defining what you want to accomplish with your data mining will help determine which kind of data you need.
An example goal would be something like identifying which channels drive the most conversions and funnel more advertising their way. Data can provide information such as sales numbers, traffic amount, and how long website visitors last on each page.
Part of your strategy is turning that data into actionable efforts in the form of recommendations called data visualizations. It helps break down the nitty-gritty into digestible information. Create a roadmap that your team can follow to meet the goals that you’ve set forth in your data strategy.
Which Data Analytics Can Help Your Business Grow
Small businesses can look at a lot of different types of data to fuel marketings efforts. Some types of data will stem directly from marketing, while others provide insight into customer experience and outside factors. Finally, you’ll want to go over your own business data to set goals and make decisions.
Marketing data includes analytics that presents the numbers for avenues such as advertising results: email marketing reports, for example, brand presence: website analytics, and customer engagement with social media analytics.
Customer data goes over what may affect your revenue growth or product/service receptacle such as sales trends, new trends, current customer data, and prospective customer data. Business data includes inventory tracking, industry surveys, and competitor data. All can provide a roadmap of how to react with your next strategy.
How Data Analytics Improves Your Marketing Strategy
Data can be considered the past, present, and future of your marketing efforts. Similar to Charles Dicken’s famous ghosts, data is what is going to determine the life of your business. The information you gather should provide a roadmap of where you need to focus in marketing.
Remember to set goals and determine ahead of time what you want to do with your data, what kind of data you’d like to gather, and who is going to be responsible for carrying out those goals.
Data helps you target your audience, identify trends in the population, provide competitor analysis, tracks results, and help solidify decision-making. Without data, it’s the blind leading the blind so utilize it as much as you can to grow your business.