The Importance of Data For Your Start-Up
From the time you wake up, to the time you go to sleep, your brain is focused on operating - and growing - your business. Ahhh the life of an entrepreneur… The biggest challenge is making your business plan a reality and making it big!
While you are working towards success, you’ll find additional challenges in all aspects of your business. Whether that's staffing, your wonky POS system, or building your brand. But one aspect of business operations that is often overlooked by start-ups and entrepreneurs is data analysis. I know - it sounds scary but hear me out. We understand that in order to expand your business, you need to be able to measure the growth. In order to measure your growth, you need to be able to have the right data to learn from. That’s why we believe in data analysis.
There are many ways to use data in order to understand the behaviour of your audience and how they are best reached. For the sake of this blog, let's focus on two major marketing components. Your social media presence and your website.
In essence, data analytics allows you and your business to work smarter, not harder. Data analytics is the process of looking at the feedback your business drives, to discover patterns and trends within your industry’s market. For example, by monitoring your business’ social media likes, comments, and shares, we are able to determine which type of posts is most popular, which content receives the highest like, or even compare data across time to find out how your products fare in the market.
That said, the top 3 benefits StartMarketing has found for their clients are:
1. There is a wealth of information on consumer analytics ready to be studied on your businesses webpages. It’s a glimpse into the purchasing behaviour of your consumers, and allows you to identify the most profitable products, and average price points in order to better prepare for future products.
2. Analyzing the consumer information available to you gives you a leg up on your competitors. Going back to the age old saying ‘work smarter, not harder’... consider your data analysis to enable you to work smarter, not harder!
3. And most importantly, feel more confident in while running your business. Being able to utilize numbers and trends to back up your small-business related decisions will give you the confidence and reassurance you need to plan for the future, while making the most of today.
Our analytics process, for your social media, helps us determine what type of post is most successful, what topics of content are most popular, and monitor how your brand is developing over time.
By analyzing the number of visitors coming to your website, where they are coming from and what they are clicking on, helps us determine the direction that your start-up needs to focus on making sure that your business is reaching the largest audience through the highest performing channels.
For many business owners, data analysis is the last thing you want to add to your end-of-month to-do list. Let us help you with the numbers behind the success in your marketing so that you can focus on making it huge!
- By Rebecca Stephen