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How to use your analytics data to grow your business

January 25, 2023

Use data analytics to improve the outlook of your business

Data analytics simply refers to the process of assessing data. It takes raw data and analyses it, turning it into information you can use. Based on the insights you can derive from this data, you can then draw conclusions and alter your practices, products, and services as needed to grow your business. As a business owner, you can use data analytics in various aspects of your company, from marketing to audience retention. Here are some tips and resources to get you started.

 

Use the data to understand your target audience

By using data analytics, you can determine who your target customers or clients are and gather valuable information about their demographics. Then you can use this information to focus your efforts on your target demographic, rather than wasting time and effort on individuals who may never buy your products or services.

For instance, let’s say you analyse your data and your target audience is in their 40s and female. Focus your efforts on making your product or services appear useful to that group.

 

Use the data to form your marketing campaign

Once you better understand your target market, use this data to create your marketing campaign with them in mind. The information you get from data analytics will help you better understand why someone is using your product or service. Analytics can also tell you which pages your audience is visiting on the site, helping you to understand the information they want, and the pages you should probably prioritise in the business’s marketing.

Through data analytics you can also get an idea of seasonal patterns, helping you understand when products or services perform best throughout the year. This insight can allow you to know when to prioritise promoting certain products of services in your marketing campaigns, helping you to achieve a stronger performance and grow the business.

 

Use the data for risk management

As a business owner, you know that opening a business comes with risks, including financial ones related to a decrease in sales or service utilisation. However, you can decrease your risks when you understand data analytics, as it can inform your risk management strategy. Risk management is the process of determining and evaluating your risks and then implementing a strategy to control them to optimise profit.

Through data analytics you can use information about your target audience to identify what’s a potential turn-off for customers or clients, such as user experience issues. By identifying the obstacles customers encounter in their user journey (which might lead to them abandoning the journey) you can resolve the issues and to prevent your business from experiencing repetitive losses with clients or customers. Using data analytics to resolve issues with user experience could also lead to your business seeing growth in the long-term.

Additionally, you can use data to forecast how your business will perform over time. If you predict a reduction in profits will happen in the future, you can reassess your marketing plan and potentially prevent it from happening.

 

Use the data to expand and grow products or service offerings

Data analytics can also be useful when you’re expanding your business and offering new products or services. When you understand your target clients or customers and their demographics, you can decide on products and services that will fit their needs and desires. When you convert leads into customers, you’ll pave the way for future growth. 

Once you introduce a product or service, you can also monitor its effect on your company’s profits. If the product or service isn’t making a positive impact on your bottom line, you can choose to alter it or discontinue it from your offerings.

 

Monitor the data

All in all data analytics can tell you a lot about your business, providing you with invaluable information to assist you in crafting your marketing campaign.

To make the most of your data analytics, we recommend monitoring it and checking in regularly for any newly emerging patterns. By staying in touch with your data you’ll be more easily able to adjust aspects of your business’s digital strategy appropriately to incorporate any new consumer trends and convert leads into customers.

FINN Partners help the world’s top brands realise their potential by executing memorable digital experiences. If you have any questions, or want to speak to us about the digital services we offer, let us know!