It’s no secret that understanding and optimizing your marketing and sales efforts based on your analytics is very important for your small business. Those companies that understand, monitor, and adjust their business practices based on the data from their small business analytics are the companies that grow fastest, adjust for past and future trends, and quickly move to the head of their industry.
In today’s world, there is no lack of information. We’ve got all of the information that we could need, but now it’s on us as small business owners to capitalize on this information. The biggest problem for many small businesses is understanding where to start, what is actually important, what they should be focusing their attention on when it comes to their small business analytics.
With so many tools out there from website traffic analytics like Google Analytics, Alexa, and Quantcast to marketing and advertising analytics tools like those provided by social media pages, Google Adwords, and Moz, it’s easy to see how we can become overwhelmed and frustrated. There is just SO MUCH INFORMATION!
Well, we’re here to help you cut through the clutter and get to what really matters to your business. Here are our six things to look for when monitoring your analytics for your small business.
See, analytics without context can be extremely deceiving. It’s similar to taking a quote out of context. Taking a look at a day’s, week’s, or even month’s worth of analytical data on its own is probably inaccurate. When we really start to see information that we can make adjustments from is after a reasonable amount of time (three, six, even 12 months of data). Analytics can’t be viewed in a vacuum. You’ve got to get enough information for it to be an accurate representation of your customers, visitors, sales, social media engagement, etc.
EXPERT TIP: Trends to specifically focus on include:
- The source of your website traffic or customer traffic – if you start to see that an extraordinary amount of traffic or customers comes from a specific source, adjust your thinking and start focusing on that source more. Your customers are obviously spending their time there.
- Keyword rankings – it’s important to your search engine optimization efforts to monitor the keywords that are important to your business and understand what effect new content has on those rankings. If you’re seeing that you’re easily moving up the rankings for a specific keyword or cluster of keywords by producing content around them, adjust and create more content along those lines.
- Customer LTV – your customer lifetime value is a very important number to understand in your business. This is the value of each customer over the entire time that they work with your business. Monitoring the types of customers that come from which marketing initiatives will help you understand where to spend more of your marketing dollars. We all have customers that we don’t want and customers that we seek out. Not everyone is a good fit for every business. Because of this, we need to understand which marketing efforts are bringing in the customers we want and which are bringing in the less desirable customers.
- Bounce Rate
EXPERT TIP: It’s important to know which changes make which impact so changing everything may not be a good idea, at least not at the same time. We recommend making a single change and monitoring the data, then making another change.
We are all busy with our businesses and a lot of focus is placed on creating a great customer experience, training our teams, creating new products, and marketing, but actively monitoring our analytics is key to attracting new customers and maintaining relationships with those customers. In fact, in a report by Baynote found that 93% of businesses found that analytics evaluation was the most important factor in attracting customers and customer retention.
Understanding, monitoring, and optimizing your efforts based on your analytics is what separates the good small businesses from the great small businesses that become medium sized businesses. There is so much information out there that you can use to grow your business and evolve your processes, but the key is to know what to look for and know how to get that information. We invite you to get started with a custom FOREVER FREE Cyfe dashboard!
No matter which metrics matter most to your business or industry, we can help you measure, monitor, and optimize your efforts through our 200+ integrations and easy to read dashboard layout. Start today and start making decisions based on analytics to grow your small business!