How to develop your analytics strategy
The ability to use data-driven insights to build customer relationships is among the biggest pay-offs of the digital age. But although most businesses understand the value of data, they can struggle to develop an analytics strategy that works. Happily, drawing on the power of analytics to grow your company isn’t as challenging as you might think. Here are three tips for designing a killer analytics strategy.
- Get your priorities straight
When you’re flooded with data, it’s difficult to know what findings to take seriously and which to discard. Defining your business objectives from the outset is the first step towards better prioritising and decision-making. To get started:
- Define your business goals
- Identify the customer information that’s most important
- Invest in the analytics tools that comply with your aims.
Keep in mind that companies that are looking to quickly accelerate their online sales will employ a different analytics approach from those seeking deep community engagement.
- Embrace metrics with meaning
Accessing a range of metrics might be exciting, but crunching endless data doesn’t reap the best results. To tailor a winning analytics strategy, go beyond basic stats. Metrics that offer insights into customer loyalty, retention rates, and future trends will help you refine your services and steer your business on the right path. In the analytics world, remember that context is king.
- Make evolution your religion
A great analytics strategy is one that always evolves. Capturing data is pointless unless you use it as a source of real-time intelligence for your business. Make sure you revisit your analytics strategy weekly, monthly, and quarterly and adjust your metrics as your priorities shift. A robust analytics strategy isn’t a catch-all solution – it’s an ongoing investment.