How Data Analytics Can Benefit Your Small Business

In 2019, the big data and business analytics market generated $189 billion in revenue globally.

Businesses and Organisations now have more data than ever at their fingertips, uncovering previously hidden patterns driving consumers. Observing customer behaviors through analytics can lead to brands discovering  exactly what their customers want and how to adhere to this.

The use of analytics encapsulates the systematic analysis of quantitative data on various aspects of audience behavior aimed at growing audiences and increasing engagement. 

This quantitative data then allows brands and businesses to tailor future content and advertisements to fit what they feel suits their audience best.

If we use Netflix as an example, the company use past search and watch data to find out exactly what their subscribers are watching in order to tailor suggestions and recommendations to their subscribers’ preferences. They use data to find out what time the subscriber watched the show, if they paused the show or watched an entire episode in one sitting.

Small businesses can use data is a very similar way by discovering customer information such as their exact location, demographics and whether or not they’re a new or returning visitor.

They can then use this information to deliver custom-made advertisements to best suit their customer’s needs. Similar to Netflix, recommended algorithms allow businesses to suggest relevant products based on the customers previous purchases and digital activity.

Understanding exactly what your customers want and what digital content they are engaging with the most can allow your small business to tailor content to best fit their needs.

Analytics allows businesses to become smarter and more efficient and when used correctly, it can create a clear advantage, boosting both interactions and revenue.

Websites such as Chartbeat and Google Analytics can provide us with this knowledge, presenting to us quantifiable and immediate feedback from our audience.

They provide information such as, the flow of your website, where your visitors are landing, where they are going and where they are leaving. This information will enable you to understand how your customers are using and engaging with your website.

You can discover what device they are viewing it from and if your site speed is slower on certain browsers, allowing you to change and adapt your site to optimize engagement and place advertisements on the pages that generate the most traffic.

Social media analytics can also benefit your brand. Analysing the data on different social media platform allows your business to discover what platforms work well for your company and what needs improving.

For example, you may see Facebook and Instagram having great responses and interactions, yet not much traffic coming from Twitter.

You can use this information to concentrate on evening up the balance, discovering what content works best with what platform in order to get all of your social media feeds working at optimal level.

Understanding your customer behavior is key to optimizing your website and social medias for key conversion metrics. There’s an old business adage that whatever is worth doing is worth measuring and your website’s analytics should be no different.