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  • Derek Goodman

Data Analytics Is Your Business’s Key to Success

Data Analytics

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The growth of data analytics in business is no surprise to anyone. SuperOffice explains that people use data analytics to make informed decisions about everything from how they shop for groceries to what video games they play and which people they date. Read on to learn more.

Your Secret Weapon

Factoreal points out that marketing has always been about getting the right message in front of the right people at the right time. Data analytics allows you to identify your ideal customers, understand their interests, and know when they're ready to buy from you. This helps you reach them with more relevant content that resonates with them and converts.

Using platforms such as RedTrack and a comprehensive marketing plan from options like Monday, you can build a budget and target your market, sales goals, and strategies. Data analytics help you determine how much money to spend on each lead for the best results. Then you can figure out the best ways to reach each person, such as through social media or other digital platforms, and how often to send emails or connect with them. You can also track whether your efforts are working by analyzing metrics, such as click-through rates and conversion rates.

Cash Flow Data

Are you a business owner who wants to improve your cash flow management? You need insight into where and how you're spending your business's capital, but with so many expenses and purchases, it can seem impossible to track them all. You just don't have time for a deep dive into your finances every day.

But with software such as Oracle Netsuite, you can get insights on months of transaction data at any time, from anywhere. Just sync your accounts, and the tool categorizes all your transactions for you. You also get real-time transaction notifications, so you know exactly when a new transaction hits your account — whether it's a deposit or an outgoing purchase — and where that money is going. With these insights, making informed decisions about your cash flow becomes easy — which is essential for your success.

Social Media Analytics 

Social media is a great place to start when it comes to getting more customers through your door — but you can go beyond just posting and hoping for the best by using data analytics to better inform how to promote your business on social media.

One popular social media platform is Instagram. When sharing an image on Instagram, you may have to resize your photo because either it's too big or the platform's upload requirements don't allow a large photo to be posted. Fortunately, there are tools you can use that help make this process much easier, such as a free picture resizer. Simply upload your image, and choose an Instagram image type to resize your photo. Once it's been resized, download it for use.

Make Data Analytics Work for You

As a business owner, look at analytics as a way to improve your financial forecast and enhance planning, marketing, and optimizing. If you do this, data analytics is no longer just a buzzword. Instead, it's part of every business strategy going forward.