Data is becoming increasingly valuable for companies and organizations that know how to acquire it, and use it properly. Without data, making smart business decisions, serving customers well, and achieving a strong workforce can be harder. Consider some ways that your company can start using data to its advantage today.
Stay on Top Of Industry Trends
One of the simplest, yet overlooked ways that many companies fall behind is by ignoring industry trends in favor of following an outdated business strategy. By not paying attention to industry trends and the consumers it impacts, you cannot make trends vanish, but you do reduce your chances of capitalizing off of them. By staying on top of the latest industry information, you can make better marketing strategies, and develop products and services that are more compatible and in higher demand with consumers.
Examine Social Media Analytics
The social media zone is one of the best places to collect analytical data on your target population while and observing them in action, and interacting with them online. Business News Daily suggests that after a company defines its social media objectives, paying close attention to varying aspects in the metrics can help to determine what works efficiently, and what areas need improvement. Understanding what consumers are looking at on your page, where they are clicking, and how far your posts reach, (among other measurements)reveals useful trends. Using the proper social media analytical software allow you to examine social measurements on each platform that your company uses. By studying the data, you can make improvements to your social media page, design posts with consumers in mind, and upgrade your marketing strategy accordingly.
Ask Your Employees
Many times, employees have great ideas to share with the company, but they may feel unwelcome when it comes to contributing their suggestions. This can result in the loss of particularly valuable, insider data that can improve company processes, and may even lead to the transmission of fantastic ideas and innovations. The perspective that a current employee has on the ground level of a company may be more accurate than that of a manager, and even the CEO. Often, workers are among the first to spot bottlenecks, difficulties with equipment and software, and serious issues that can grow more common among customers and clients.
In addition to asking employees who currently are working at your company, you can collect additional data by interviewing workers who are leaving. Asking employees a series of employee exit interview questions can provide unexpected insight into what your company needs to improve most on. You may be surprised to find that former employees can offer genuine feedback for improving operations, or superb suggestions for satisfying current and future employees.
Research Your Competitors
One of the easiest ways to collect more valuable data for your company is to gather data from competitors in an ethical way. By studying what is working and what is not for the competition, you can develop a sound business strategy for your company. Unfortunately, many businesses do not gather competitive intelligence, or fail to take the time to use it. The Harvard Business Review suggests that examining data from competitors can lead to unique insights that can help your company make beneficial business decisions that lead to maximum growth.
Use A/B Testing
With the amount of people who are accessing the internet every day for researching and shopping purposes, a company’s website must be fully functional and effective to increase conversions. The simplest way to raise your website’s conversion rates is to engage in a/b testing with your current traffic flow. By analyzing the click through rates and activity of people who visit the website, your company can determine what designs, copy, and types of media produce the most successful results.
What is interesting is that you can collect data on every aspect of your website. Forbes suggests that one of the best ways to use a/b testing is to create better value propositions that consumers appreciate. With A/B testing, you can discover what homepage designs, pieces of copy, headlines, price ranges, and color schemes raise or lower conversion rates on the website. By studying the data closely, you can make significant improvements that lead to excellent results.
Without the proper application of data, it is easy for modern businesses to fall behind the curve. The collection and application of data is only going to increase in the coming years, and it is wiser for companies to learn how to use it now than later. Give your company the advantage by collecting data and using it well to make meaningful improvements that satisfy consumers and workers.