One of the most impactful things you can do for your business is to take time to analyze (your) data at the end of the year. Data analysis can tell you where your business is now and where it’s headed in concrete, verifiable ways. Here are three data points to review that will help (your company) create a (data analysis strategy for 2022).
General Business Analytics
Reviewing your general business data, including profits, losses, revenue, and marketing spend, should be table stakes for most business owners. (However,) taking a deeper look into your data can reveal so much more. Understanding your growth rate, churn rate, and repeat purchase rate can allow (your business) to focus their efforts where they are most impactful. For example, if one type of product or service has a higher churn rate or lower repeat rate than other comparable products or services, that could indicate a quality or product/market fit issue.
Understanding your website analytics is a good way to understand your customers, marketing, and sales cycle — even if you aren’t an e-commerce business. The website analytics you should be paying the most attention to are the number of visitors, page views, and amount of time spent on each page. These metrics have a strong correlation to the overall health and success of most businesses. (The more someone visits and engages with your website, the more likely they are to be converted into a customer by your company). (One of the best) tools (to use, collect, and analyze) website data is Google Analytics, which can easily be installed (into website building platforms such as WordPress, Wix, and Shopify).
Social Media Analytics
(Are) your social media (platforms) providing a meaningful return for your business? By analyzing the data, you can know for sure! All social media channels have analytics available for business or professional accounts. Metrics to look at should include the number of followers/subscribers, the amount of engagement received, and the kind of engagement. The success of social media initiatives can be proven by looking at this data and comparing how the numbers have changed over time. Businesses that (utilize) paid advertising (campaigns) on social media should also be mindful (regarding paid campaign performance) in comparison with organic efforts.
When you take time to analyze the data of your business, you’re setting yourself up for future success. If you’re not actively measuring your data, the time to start is now! The team at Tolbert Marketing and Events is here to help you with website and social media services, (setting) you on the right track for 2022. Contact us today to get started!