Why is analytics important for your business?

Analytics is here to support and help you to make better decisions by providing relevant data. Without data, we have just a mindless mix of subjective opinions, assumptions or intuition. And you do not want headless guesses and assumptions — you want data-driven decisions and improvements.

Today’s statistics are saying that more than 25% of consumers who complain to a company on social media expect a response within 1 hour. Moreover, emails triggered by specific customer behaviours yield 71% higher open rate and 102% higher click ratesthan non-triggered email message.
(SingleGrain, 2018)

So this data shows that current customers require quick and personalized service… that’s why analytics is so powerful. Data collection and analysis provide greater insight into customer lives, preferences and needs. This enables you to know the specific target group and offer products or services according to their needs.

“If you cannot measure it, you cannot improve it.”

— Peter Drucker

Discover new opportunities

As the economy is constantly changing and keeping up with the trends can be challenging, it is important to devote enough time to monitor the current state, its development and changes. Using detailed analytics and observing key business indicators, you can respond to new trends and incoming changes more quickly.

Know your customers

If you have a website or a mobile app, you should be aware that conversions will simply not happen without learning about your visitors and users. And by tracking and analyzing their behaviour, you will be able to better understand their needsand tailor your product or service for them.

“Without data, you are just another person with an opinion.”

— W. Edwards Deming

Understand your competition

Tracking your business is not enough. Don’t forget about your competitors. By monitoring their activity, you will be able to compare your results and find out where you stand. If you are better than them, it does not mean that you should slow down. It is a sign that you are going in the right direction.

Increase your sales

Analysis is crucial, especially for e-commerce. You can learn a lot about your visitors by tracking and analysing their behaviour in your online store.

• where do they come from — traffic source (Google, social media,…),
• what devices are they using (desktop, mobile, tablet),
• which pages are they browsing,
• why and from where are they leaving,
• how do they shop (shopping behaviour) and so on.

If you have this information, you can optimize your website and turn many visitors into paying customers.