If you own or operate a business, being able to deal with information at a high level is going to be crucial to your success going forward. The world is changing. With rapid evolution of digital technology like the internet, data is everywhere. If you’re not using it, your competitors will. So make sure you are tracking the following types of business data:

Customer Purchases

Without knowing how many customers are purchasing your product, you can’t know whether or not to continue to invest in that product. Don’t avoid tracking purchases, as you are leaving money on the table. However, looking at your sales is not the only thing you should be looking at.

The more information you have about customers, the better. So when you are tracking data online, make sure you get all the info you can about customers. This lets you narrow down who your idea market is. Get their location, age, income, gender, occupation, and also how many purchases they have made before.

A technique called data scraping will do this for you to help profile who your best customers are. For instance, you might find that a certain age or location aligns with the most purchases. From this, you can save money on marketing. Instead of paying for ads all across the web targeted at no one in particular, you can be specific. You can leverage your marketing budget by spending less and still reaching your target market. This is also essential if you are up against big companies in your market.

Trends

A rising tide floats all boats. That’s another way of saying that market trends will dictate the success of your business more than any other factor. You may be able to tweak some of your processes, improve your sales system, and innovate on your products, but if there is not a strong and increasing market demand, then you are fighting a losing battle. So make sure you are getting into a market or product opportunity where there is a rising trend of demand.

To track this trending data, use tools like Google Keyword Planner or Google Trends, both of which are free. You see what kinds of keywords are being searched on Google, and how often. For example, you can see the number of searches for the term “Best cameras of 2018” by using Keyword Planner. Then you can pair this with Trends to see how the demand has been over time. If both of them align well with your goals, then you can make an investment in that area knowing that there is a growing market.

Conversions

You can’t afford to do your marketing blind. Just trying different campaigns without tracking the conversion data is shooting in the dark. You will risk wasting money and letting competitors run more effective campaigns because they did their research. Make sure you have some kind of marketing software installed to keep track of which headlines, images, and landing pages are producing the most sales.

Social Engagement

Today, it is crucial that your company has a strong social media presence. Everyone is moving online and using their phones to keep in touch via Facebook, Twitter, Instagram, and more. If you are not present on these platforms then you can’t be a part of their daily conversations. To track your social engagement, there are a few data points you should look out for.

First, see how many followers you have. This shows how authentic and captivating your brand is. Secondly, see how many mentions and shoutouts you are receiving. This gives you an idea of your visibility and ability to generate viral campaigns.

To get the most out of your data, you need the ability to track it in the first place. There are many ways to do this. However, the most important thing to keep in mind is to pick the right kind of data. That way you can grow your business and your sales in the new digital age and avoid falling behind in your market.

 

by: Mikkie Mills