If you are in the business of selling, whether you are just starting as an entrepreneur or have years of experience up your sleeve, you can help your business grow by harnessing the vast potential of business intelligence or data analytics.
Naysayers might say that businesses can still survive even without data analytics but through the skillful use of analytics, you can gain valuable insights on what your customers want and need and how you can address them. Armed with this information, you can tailor your marketing strategies according to your potential customers’ needs and preferences, increase engagement and rake in more profits.
Research findings show that big data market is expected to increase in 2018 and entrepreneurs are more than willing to invest in big data, even use third-party applications that process and analyze data and provide for enhanced reporting.
Our team has utilized different applications before, but right now, our preference is Tableau because it is a breeze to use. And you don’t need to be a rocket scientist in order to use it. If you have used Excel before, then you will find it easy to use Tableau. Visualizations are easy to develop and can be quickly shared with others using many of Tableaus’s online products.
Another service that online entrepreneurs must utilize is Google Analytics. It can be a bit intimidating to use at first but if done right, it can help businesses grow by leaps and bounds. It is free and if you have a website for your business, you should definitely use it if you haven’t set it up on your website just yet.
A tool like Google Analytics is very helpful even if you are still trying to capture your market and grow your customer base. It will help you determine where your audience or readers are from. Knowing where your audience is located is especially helpful if you are selling products online because it will help you evaluate and improve the shipping options that you offer. Having an idea where your readers are located also makes it easier for you to organize meet-ups and other networking events.
Another advantage of tools like Google Analytics is that it will tell you what search terms your audience used that brought them to your website and which of your pages are the most popular. It gives you an idea what to blog or write about. For example, if you have an online store selling skin care and wellness products for women and the keyword “anti aging cream” is sending you the most traffic, then you should definitely adjust your editorial calendar such that you will be publishing more blogs on the topic. And if a page attracts a lot of visits, you should definitely write a follow-up post on the same topic.
Data analytics applications will also tell you what type of gadgets your audience used to access your website. Take note, people are more likely to use mobile devices and tablets when browsing the internet so if a majority of your visitors use mobile devices, you should definitely have a mobile-friendly site. A redesign might be a tad costly but it will be worth the investment.
How about you? What business intelligence tools and applications have you tried? How did these tools help your business? Let us know in the comments section below.