Chloe CameronIn the world of business, data plays a huge role for companies because the metrics show performance, making the need to track business data crucial. Tracking business data allows companies and marketers to make decisions that help improve the business. Despite the importance of data, there are still many entrepreneurial leaders who are not taking advantage of tracking business data. In fact, only 11% of marketers are making use of their business data and implementing them into their business. In order to improve the effectiveness of your marketing campaigns, knowing what drives results is key to understanding the clients and market. So how do you do this efficiently? By tracking business data.
Tracking business data can help print businesses by pointing out what is trending in the print industry. This can include finding out which products are popular as bestsellers, the occupation of buyers, and more. For example, if you’re a print seller and you notice a lot of traffic on your business card page, this can indicate that this particular product is popular amongst your clients. From acquiring this information, you can implement it into a marketing strategy and promote it to get new clients. Tracking business data can help print businesses identify which products are best for which clients and overall have a higher success rate with making more sales.
When it comes to tracking business data, there are a few benefits that come with it:
- Data allows you to view performance
- Make informed decisions
- Pinpoint what works and what doesn’t work
- Understand clients and target market
- Improve overall product development and business process
Tracking data saves time and resources for your business. According to a study from Nucleus Research, 241% ROI can be generated if data is applied to business decisions. Aside from that, 91% of CMOs (Chief Marketing Officers) agree that businesses are more successful by making data-driven decisions, according to the Columbia Business School.
By tracking business data, you gain knowledge from the data you acquire. For example, if you’re working in the print industry, tracking business data can provide helpful information. Business data can give you insight on things such as which products are popular, cost estimation, and more. From tracking business data, you can see how trends are changing and how the user engagement is for your business. The knowledge you gain from tracking business data ultimately plays a huge role in improving product development and influences big marketing decisions.
In order to reach full potential, businesses need to understand what information they’re looking for. Once that information is acquired from tracking data, there are different ways for businesses to go about using the data. Data analytics are beneficial for both present and future needs, as it paves a clearer path for the business journey. The use of data analytics can potentially provide answers to future problems that businesses may face.
Not only owners and managers need data. The use of data can apply to every department of the business, and is relevant in improving these areas of the company as well. Departments in the business that may rely on data include:
- Marketers
- Sales
- HR
- Developers and engineers
The type of data that is most important for you may also depend on your type of business. It may appear overwhelming to track so much data, but generally the more data you track, the more information you’ll gain that can help improve your business.
Below, you’ll find types of data that may be useful to track for your print business.
Types of Data
Online Data
Page Views
While page views aren’t too important, it’s nice to know how many visitors you’re getting on your page. It produces a standard baseline that gives you an idea of the popularity and growth of the page, and whether it’s steady or not. Tracking page views can also show which products are most popular with customers.
Conversion Rates
One of the goals that many businesses have is converting leads into opportunities. To put it simply, measuring conversion rates lets you know if the CTAs (Call to Action) in your marketing campaigns have worked or not. As the initial goal is to gain as many loyal customers as possible, keeping track of business data such as conversion rates tells you whether or not customers are actually doing what you want them to do.
Bounce Rates
A bounce is when a visitor views your page and quickly leaves. This can indicate that there’s no appeal to your page and it may need redesigning. Editing your page can get visitors to stay longer and view content. Consider making it appealing and interactive for them to grab interest.
Time on Site
Following bounce rates, the time spent on the page may be important to measure. When visitors don’t bounce, it shows that they are actually spending time to view content on your page. This indicates that there is some level of engagement present, and you want to keep visitors as engaged as possible.
Post Likes/Shares
With social media having a huge influence on marketing, you can probably predict just how important likes and shares are for online posts. In fact, many audiences make their decision on trying out a service based on the number of likes and shares that brands get on their posts.
The amount of likes/shares you get on posts can not only improve engagement levels, but make your business appear more established and successful. Let’s be real, no one is really confident when it comes to trying out services from small businesses that no one has heard of. Likes and shares on posts can help build up your reputation online as you gain a larger following.
It’s important to keep track of which posts are getting likes/shares and how many likes/shares you’re getting. You can compare a post that has significantly more likes/shares to another post that hasn’t received as much attention. From the comparisons, you can point out why the post with more likes/shares is performing better. Ask yourself “Why is this post getting so many likes and shares, and what could that indicate?”
Blog Traffic
For businesses that have blogs, tracking blog traffic can also be deemed useful. Blogs are less focused on the products and services of the business, and are more focused on educating audiences. Tracking business data like blog traffic can show you whether or not your blog is actually reaching audiences and if they’re engaging with the content. As many blogs are there to serve the purpose of being informative for audiences, tracking blog traffic can help you view the performance and improve.
In-Store Data
Customer Traffic (Number of Customers)
For many businesses, most of the emphasis is put on the customer traffic. The number of customers is one of the main things that businesses look out for when running their business. The more customers a business attracts, the more well-known it is and higher chance of making more sales as opposed to a business with a small number of customers.
Average Sale
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Keeping track of the average amount of money that customers spend on their purchases can give you an idea of the success rate for sales. Are customers spending a lot of money during checkout? Is the amount rising or lowering over time? Are prices so expensive that customers don’t want to spend more? By calculating the average sale, you can evaluate the results and implement changes for improvement.
Items Per Purchase
Generally speaking, the more you sell, the more money you make. While purchasing at least one item is already successful in it’s own way, it’s always better when customers purchase more to add revenue. See whether or not customers purchase more than one item during checkout, and create deals such as bundles and sets that you can offer for those who may be interested in buying more than one item.
As you venture into the world of innovation by tracking business data, there will be more metrics to measure. More metrics will become important yet valuable for the growth of your business. Taking advantage of these reports on tracking business data helps you view current trends as well as predict future trends. Overall, tracking and monitoring data can help provide solutions for problems and establish a smoother operation. These reports from tracking business data ensure that your business is going on the right track, and with the right set of data tracking tools, you can learn a lot from the business data you track.
Whether you’re already tracking business data or not for your business, there can never be too much data. The more you know, the better! What are some types of data that you currently track for your business?
I like this information. It also goes to show how educating customers is what I think is the best win win communication tool for advertising. Keeping the customer engaged on a website is key. When educating them on a way to improve their business it then helps the educator get more business from the reader like myself.
So this was a good find on my multiple emails that come through trying to sell, trick or get my attention. The question “Are my files named the right way”? That with my hard to find Stu-Art name in the sentence worked. I’m a graphic designer now specializing in local start ups & brand recognition and name creations. The more I can advise to help them get found the better it is for everyone. If we are good at what we say we do, then the money easily follows. My suggestion for any business is make sure you love what you do or produce. If so that will mean you have a high interest in whatever it is. And if you are interested in something you will pay lots of attention in learning more about it. Once you know enough about it then you may just become the next leader and innovator in its growth in which it will become a better product making it a leader. I don’t believe in talent I believe those who have talent are simply more interested in something than most, making them and expert. I guess a good voice or physical strength is different, but with out an interest its useless. As I finish my website that is taking way to long I’m learning so much about what and how to sell something I had no idea I had an interest in until now. This combined with my past work I think will make for a complete real 5 star service. It will do what it says it will do. Designing a brand – that delivers a message – to a specific demographic – which will result in a call to action. The first part is useless if the last 3 parts don’t happen. Educating the customer of this will not only help and save wasted dollars, it will also increase the value of the brand and its effectiveness. This is what the logo was made to do in the first place. I just figured this out a couple years ago. I also realized as a logo designer most of my customers are start ups and trying to figure out how to get their business going. Most are making un educated out of order decisions that If I learned could offer and save them not only time and money but actually see them get what they wanted in the first place which is customers. At that point my job is complete for phase 1 and the rest is up to them to keep their part functioning and in demand. I learned from this artical so it was a success and to answer the question “are-my-files-named-the-right-way?” I think so, but I learn new things everyday like Stu@rt works better than Stu-art but has to get grow a bit until it can go off on its own. So for now Stu@rt Bailey is a winner and puts the nick name on its own across the world until its copied. By that time I will be so far ahead you may have to contact me for a new name. Thanks Chloe