You’re probably asking a simple question. Why should I invest in data analytics? I’m getting my leads and conversions and I know how much I’m spending on my marketing. It’s a simple answer: “Analytics maturity puts companies in a stronger competitive position.” The combination of historical and near-real-time data, plus the ability to merge and analyze all this information, gives your business a competitive edge.
Think of it this way, You know you’re spending R200 – R300 per conversion and you’re making a profit on all your sales. But could you be spending less? What if you narrowed your audience and made adjustments to your campaigns based on your analytics and only paid R100 – R200 per conversion? Now you’re saving even more and your ads are running above your competitors. It’s a win-win situation.
Sounds Good, What more can Analytics do for my business?
Analytics enables businesses to solve marketing problems quickly and efficiently. Too often, businesses are slow in bringing new information or solutions to the table or fail to understand its meaning or relevance to problems until they’ve already entered the production phase and thousands of Rands have already been invested in the wrong solution. The results can be disappointing. You can use your Analytics to determine whether what you want to do on your marketing campaign is worth the time and money you’re putting into it.
The real-time tracking enables you to see when something is not working for you either. You will be able to see where your traffic is coming from, or not coming from. Whether a new page you have created is selling your story or if something on your website is broken. All of these negatives could be easily detected through analytics and save you the energy of hoping you’ve got your eggs in the right basket.
Analytics enables businesses to build competencies, increase efficiency, and improve performance. In addition, advanced analytics enables businesses to leverage existing data sets and create a competitive advantage. Your Business will need to evolve to be analytics-ready if they want to compete for success in this digital economy.
Are You Ready?
How do I know if my business is ready to move to data analytics? When do I start? Research finds that only 50 percent of the businesses out there are collecting any type of data that could be analyzed, and 30 percent of businesses have no analytics in place at all.
We would suggest getting started as soon as possible. Any data is better than no data. Get to know the people that land on your website or visit your social media so that you can better understand how they interact with your business.
Delving into analytics can be difficult and requires a willingness to dig deep into the numbers. Fortunately, for you, you don’t have to do it alone. Networds is here to guide you through it all with our advanced knowledge and experience in data science and analytics.
Analytics brings with it the ability to more easily see patterns. We’ll be there to look into the data that you need to make important marketing decisions.
Speak to one of our account executives today for help.