5 Ways to Make Your Business Analytics Work for You
The whole point of tracking your business analytics is to ensure you aren’t losing money or customers. Keeping a close eye on analytics will show you where you should be spending your money and what is working for your customers. Not only that, but it gives you great insight into the workings of your business itself. Here are a few things that you can focus on to be sure your business analytics are working for you:
Manage Your To-Do List
Tracking your analytics will show you, in detail, what tasks should be added to or removed from your to-do list. Managing this closely will help you save time and money, because you will be able to better prioritize your tasks and time. Running a business means you wear many hats and you have no time to waste. Managing your to-do list effectively is an easy way to make a big difference for yourself and your business!
Set Reasonable Goals
When you set goals for yourself that are unrealistic, or you don’t allot the appropriate amount of time, it becomes really discouraging. When you are setting goals for your business, make sure they are reasonable. When you become discouraged by not achieving goals, it can reflect negatively on the business itself. Instead, be reasonable about the time frame and the goal itself. Some things take longer and are harder to achieve than others, and that’s just fine! Being realistic is better than becoming discouraged. Use your analytics to help you figure out appropriate time frames for your goals, and even what your goals should be.
Know Your Top Customers
Tracking customer data is a great way to figure out which customers are spending the most money at your business, and visiting you the most frequently. You want to know this so you can continue to engage and build relationships with these customers. Keeping them around is much more valuable to your business than attaining new customers. The best way to ensure they don’t choose a competitor over you is by engaging with them and keeping yourself fresh on their minds!
Know Your Competitors
Keep track of where your customers are leaving your business to go. If you hear customers complaining about something with your business and comparing it to a competitor, keep note of that. You want to know who your competitors are, and what they are doing that works for their customers. If you have this information, you can make adjustments to your own business, as necessary, to be sure that you continue to be heavy competition for them!
Track Marketing that Works
Marketing is necessary for any business. If you don’t marketing your business, on multiple outlets, you will likely struggle to compete. Your analytics and marketing data will show you what you have been doing that is working for you and your customers, and what isn’t. You should be closely watching the marketing analytics that you are tracking so you know you’re not spending money that is being wasted. When you find something that is working, you’ll be able to focus more on that to make sure you’re building your business!
For more insights on marketing strategy that actually works for small business, subscribe to the FreshLime Newsletter here. Connect with Jay Bean, Founder of FreshLime and Small Business Marketing Expert on LinkedIn and Twitter. And last of all, if any of these tips have helped you or if you have anything to add please comment below. We’d love to hear from you!