Understanding your Business & Analytics
Businesses used to be measured by their size, number of employees and/or the amount of sales generated in previous years. But today’s businesses are also valued by the amount of data they collect and utilize. Every day, new companies appear that are worth billions, yet they haven’t sold a single thing or own a single asset. How is this possible? They have figured out how to gather data and leverage it for scale and growth, and nothing makes investors salivate more than a well-built recipe for scaling.
Understanding the data and analytics of your business may seem impossible, but it’s easy to distill a handful of data points that will drastically impact your company’s growth. Understanding and implementing the basics will build a strong foundation of sales, scale and overall company growth that will leave the competition confused and afraid.
With so many data points to pay attention to, it is important to focus on the 80/20 rule: focus on the 20 percent of data points that produce 80 percent of the results. Once you have built a solid recipe, you can eventually add hundreds of other data points.
All the data is valuable, but to improve your business’s success, begin to consider these foundational key metrics:
• Reach: How many unique users are you reaching?
• Cost Per Click: What is the cost per click? Compare against competition.
• Frequency: How frequently are users seeing your ads?
• Link Traffic: How many users are visiting your website?
• Leads: How many users requested more information?
• Conversions: Users who purchase.
• Lifetime Value: What is the total value from a customer?
What about the intangible? Brand awareness has existed forever, but it has never been traceable. Utilize the data of what happens when someone sees an ad to discern how relevant your ads are to that user.
Today, many platforms are coming up with ad recall metrics that give us an estimate of how many people recall our brand and how many impressions it takes. Our internal data suggests that it can take up to 20 times for someone to experience ad recall.
Tracking customer behavior has never been easier. We can follow user flow through a website and determine exactly during which points users tend to drop off. If there are drop off points, we can A/B test solutions to determine what design, messaging or placement is most effective.Utilizing call tracking, the Facebook Pixel and many other tools, we can use hard data to improve the success of your website and overall business. Sometimes simply using emojis or not using emojis will make the difference in a buyer’s journey.
Utilizing and growing these numbers will translate to success. All the metrics presented here are designed to increase sales and lead generation. Improving these numbers will also help grow your ground game. Your sales team will be reaching a warm audience instead of a cold one. Let us help you make sense of the data and analytics that will help your business grow. Take your business to the Next Level today.