4 Simple Ways Data Can Make Your Business Ideas Scalable
Business owners these days have an extremely valuable asset at their fingertips: data. In a world where so much of what we do can be monitored, quantified, and analyzed, the problem is not so much obtaining information, as focusing on the right information to succeed. In fact, collecting, interpreting and applying the correct data has the power to transform your business fortunes and accelerate the growth trajectory you’re on. Data, analytics and the story they can tell you can lead to significant growth in revenue, sales and customer acquisition and retention. So what should you be looking at and why?
Bring Down The Cost Of Acquiring New Business
Getting new customers in through the door - virtual or otherwise - is one of the biggest expenses you’ll face, and certainly, for start-ups, there is often an awkward period where you need to spend to get new leads, and yet you aren’t generating much profit. So if you can use data to minimize this cost, increase the lifetime value of customers, and focus your acquisition efforts on your highest-converting channels, it will give your business a real boost. Use your Google Analytics dashboard to understand what pieces of content are pushing customers onto your site. Try layering in some different offers and calls to actions and pay attention to which ones convert well into sales. Remove the ones that don’t and try variations on the ones that do use A/B testing. Setting up event tracking allows you to see exactly where those high-value leads are coming from.
Focus On Digital Advertising
The beauty of digital advertising is that it provides its own set of metrics that billboards and print ads simply can’t match - plus it has a much lower entry cost. Business owners can see results immediately and account for every penny of their marketing budget. If you are trying to drive business to a physical location it still works well, using a combination of on-page SEO and location-based data. Again, check regularly to see which creatives are working best and identify patterns in what works. This means you can focus your digital advertising spend so you’re seeing a much higher return on investment. Remember that data security needs to be a top priority, so choosing a service like OneLogin minimizes the chances of any costly data breaches or security problems.
Give A Better Customer Experience
Converting customers into brand advocates is something every business should be aiming for. Not only do these holy grail customers have a much higher average transaction value, but it also costs your business a lot less to attract repeat business than new - and you have the added bonus that these advocates are much more likely to tell people they know, providing a source of free word-of-mouth marketing. Working out what your visitors like and how to keep them on your site longer is key - average visit time equals higher conversions.
Confirm Your Business Decisions
No one likes to fly blind, and data gives you the edge in terms of validating the business decisions you make as well. It allows you to check the viability of ideas and check if they are scalable or not. You get to establish if the traffic flow is there for what you’re promoting and scope out the potential it has to make money for your business.