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How Data Management is Crucial for Small Businesses

There are glowing digital icons floating and a man in a suit clicks on one over the words data analytics.Small businesses have challenges that large companies need not face. This danger they face makes it more understandable why so many small businesses fail.

Many business owners know that data analytics can make a huge difference for their company. However, small businesses may have an additional challenge in dealing with the overwhelming amount of data. It can be tough to know where to start with data analytics as a small business data manager. 

Keep reading to learn our top tips on data analytics for small businesses.

1. Look Out for Big Data Trends

Patterns matter. Data trends can display user and consumer behavior over time. Look for these patterns to go up or down, each can share insights with your team. From these patterns, your company can make choices based on predictions for the future. Proactively fixing problems or adapting to change will help pivot your business from a stagnant one to a progressive leader. 

2. Go Beyond Website Traffic

Analyzing the website traffic, or the people who visit your website, is a good indicator of your success. You can measure website traffic by visits, which basically act as unqualified leads. Make sure not to stop at just who visits your website. Also, consider the following:

  • How long a user’s visit lasts.
  • Conversion percentage - the number of visitors compared to those who fill out a form or make a call.

These two triggers will show you more than just the number of visitors you have.

3. Consider the Cost of Acquiring a Customer

How much does your company spend to get a customer on average?

Knowing this figure is important to your bottom line. Take all the money you put into marketing and outreach,  then divide that number by the number of new customers you get. Make sure to focus your efforts on the areas of customers that tend to provide better conversion rates.

4. Explore Content Engagement through Data Analysis

Content and content marketing are great approaches to gaining leads for your small business. Offering tips and insights for your industry will help you build trust in your audience. They will be more likely to partner with you when they trust you. Look for the click-through rates (CTR) and your social shares as indicators of success.

Harness the Potential of Your Business through Data Analytics

Now it is up to you to make changes. Use these data indicators to realize the potential of your business. Need a trusted team to handle your data analytics? Consider Progressive Data Service as your go-to team for data management and analytics. Give our team a call today.

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