Data Analytics: Learning From Others’ Missteps

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Once a company is established, the greatest challenge is knowing what to do next. By consulting market research from a wide range of sources and interpreting their implications, you can make educated decisions without having to rely on trial and error. Techjury notes that nearly every new business is relying on data analytics to steer at least some decisions. Read on for more information from Parrot Digital.

Analytics Help Your Whole Team

CIO magazine explains that data analytics describes a field of research in which massive amounts of information are compiled and interpreted to identify trends and general “rules” in a given field. These reports can give insight on everything from how in-demand a product is at certain times of the year to what common mistakes have seemed to cause the downfall of unprepared companies. By utilizing these insights rather than making your own mistakes, you can benefit from and build on the experience of others.

These studies can be used to improve the way you do business internally. Conducting company-wide surveys requesting ideas for improvement can show what action items are most likely to improve morale as well as productivity.

As your staff continues their education, you might consider going back to school yourself. Pursuing and obtaining an online degree in a field such as information technology will develop skills that you’ll be able to market easily and use to improve your business’ technological aspects. It will also give you a deeper understanding of the implications of data analytics.

They Improve Your Website

Data analytics can also enhance your business’s website. Whether it’s analyzing the effectiveness of keywords to improve your SEO strategy or optimizing most-visited pages, working with the data gathered as users surf your site can help you maximize your internet presence.

As you work with an expert website designer or developer like Parrot Digital you’ll be gathering any necessary images or documents to share with them, whether it’s first getting the site up and running or when it’s time for an upgrade. When communicating with a graphic designer or web designer about design ideas, you may want to convert a PDF to a JPG file to easily share or print web images. Fortunately, you can try a PDF to JPG online converter to turn images into JPGs which will maintain the image’s quality.

They Attract Clients and Funding

Data analytics aren’t just for internal improvements. Compiling a list of customers’ most common complaints and requests will give you a sense of what change you can make to retain or gain patrons. Understanding when items have specific seasons during which they’re in demand is crucial to keeping a shop well-stocked, and that information can be gleaned from compiled data.

Potential investors consult their own market research when weighing the risks of their prospects. You can use this to your advantage by highlighting the aspects of your company that set you apart from your competition in a positive manner. You can also use data analytics to identify trends in what sorts of companies tend to get funding from specific types of sources.

They Make Your Advertising More Effective

You can also use analytics to improve how you market to customers. Specifically, you’ll want to find what methods will produce the most immediate and lasting brand recognition in your client base. A memorable and attention-grabbing banner is an easily designed way to make your company’s existence known online, whether on social media or banner advertising. A variety of tools are available online to customize a banner for free or cheap.

More generally, consulting market research will provide all sorts of insight into your customer base, from what demographics are most likely to utilize your services to the best ways to reach certain groups. Curating your research to be more specific can unearth trends regarding minute details such as store layouts and hours of operation that seem to bring in the best customer volume.

Planning your company’s next moves can be nerve-wracking, especially if it involves taking risks you’re unfamiliar with. Analytics gives you the benefit of hindsight using the experience of others rather than your own.

When you’re in need of premium website and digital marketing solutions using the latest technologies and strategies, Parrot Digital is your go-to partner. Schedule a consultation today! 512-222-8359

This article is written by Carla Lopez. Carla retired a couple years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz (boomerbiz.org) for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love. You can reach Carla at carla.lopez@boomerbiz.org.

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