Knowledge is one of the most powerful things in the world. With it, you could topple empires, destroy a business and overthrow a dynasty. The power of knowing is so strong that even someone who is weak with no strength could overcome the biggest challenges if they had the brains to make up for it. To translate this into the world of business, knowing how your business is doing and what areas it fails at is the key to growing your company.
What are analytics tools?
To make it simple, analytics tools are built to analyze large sets of data. This data can then be turned into statistics and other useful bits of information that are essential for turning a profit with your company. You could use something like an AdWords management tool to check how many visitors are coming to your website, how many recommend the site to a friend, how many leave without a trace, and how many ultimately buy something from your store. These analytics tools are fantastic for judging how successful a marketing campaign is.
Cloud-based just means that the applications can be viewed in a web browser instead of being downloads. This opens up many new possibilities in the world of business. For instance, you could manage an online advertising campaign from the comfort of a smartphone, and you can also track it using a laptop, desktop or any other device with internet access. The added convenience is fantastic and it makes it a lot easier to monitor.
Monitoring customer retention
One of the biggest mistakes that most businesses suffer from is ad relevancy. For instance, they’ll happily place an advertisement about a kitchen appliance on a website about computers. In terms of subject matter, they are vastly different and make no sense to be related to each other, thus the lowered chance of customer retention or even making a sale. In comparison. If you advertise your software company on a website about computers, then you’re likely going to get more viewers. The idea of monitoring customer retention is so you can make an informed decision whether to remove an advertisement or keep it, thus helping you save money in the long run.
Smart decisions with the data
There are many different ways to parse the data for proper use. For starters, you can use a Google Sheets document to input all of the data that you receive from your analytics log files. This information can then by split into various different categories. For instance, you could see how many people suggest your website to their friends, or you can see how many people leave your website once they see the shipping charges. This type of information is critical to your business and it needs to be taken seriously if you want to improve and grow your business,
As you can see, using analytics tools is a fantastic way to improve your business. Remember that knowledge is power, and the person that holds the most knowledge will ultimately become a successful business owner.