How to Overcome Data Dump and Conquer Analytics
March 9, 2018 | in Brands, Start Up Advice, Marketing, Food for thought, Public Relations | by Madeleine Chambers
It’s easy to fall prey to accumulating tons of data. But how many businesses actually know how to utilize this monster of data they’ve collected? When data needs to be presented, why go through slide after slide of super-small text just to fit all the analytics in? Will any of the information stick in the client’s mind with that much content to sift through? Without having a specific purpose or end-goal in mind, you may as well not talk about data at all. Don’t waste company time on info that is only interesting. Instead, center on what will make a difference. It’s time to make these analytics presentations not only easier for you, but for all involved. Get out of the data dumping habit, and learn how to share your analytics the right way. It’s time to hone in on only the data that is "need to know". Data that will help improve your business rather than just be intriguing to look at. You Need More Than Metrics...You Need KPIs There can be plenty of interesting metrics in your collective social data. Metrics range from page views (and who doesn’t want to see how many times people clicked your blog right?), impressions, followers, and time on page. These are all interesting factors to look over, but how do these numbers connect with business success? Here enters the importance of KPIs. These metrics are specific to your core business outcomes. KPIs that could be imperative for your company include monthly active users, loyalty members, and conversion rates. These adhere more specifically to how your company may want to improve. If these numbers are low, you know where you need to improve. If they’re high, you can see what you’re doing right. Now don’t go overboard and consider too many analytics as a KPI. That misses the point. Pick maybe a few per department. Get as specific as possible. Narrow it down. Don’t dump tons of info into a small funnel. Shoot Towards a Target It takes a lot of hard work to forecast what targets your company should aim for. With this in mind, remember to target KPIs that are worthy of this hard work. The analytics you’ll uncover will be well-worth the time. What does your company consider as an indicator of success? Before you comb through data, make a specific numerical target. Without these, there won’t be a way to chart whether performance is good or bad. With time, your company will be much faster in finding helpful information, forecasting company plans, and directing money solely towards analytics that make a real difference. Now get out there and conquer your mountain of data! Impress those clients and prove that your company knows how to make a campaign successful. After all, you’ll have that right data and analytics to prove it.