The importance of business data for the success of your company

Obtaining information from your business data is more important today than ever, as it can help you improve your marketing efforts, reduce costs and increase sales. So we are going to dive into an overview of the key points of data and its importance to developing successful companies.

Both the traffic statistics of a site, its loading speed and the impact of its content on social networks, are data that can be processed to review the performance of your pages on the web. This information is important to determine the efficiency of your business and its sales processes.

Similarly, sharing your business data with your suppliers and distributors can help you reduce bottlenecks in many processes, streamline transactions and give your users a better shopping experience.

Here are some areas from which you can obtain relevant data for your business:

From a website

• Google Analytics: From this platform you can obtain information that helps you measure your website traffic, user time on your pages, bounce rate and traffic sources, among many other variables. 
• Alexa Rank: There you can observe search trends over time, so you can align your offer to what users are looking for.
• Google Search Console: This search engine service helps you measure loading speed, fix structural problems, and determine the main source pages of your site visitors. 
• Online store: From your site, you can obtain order statistics, main products, information on your existing users, among other variables.

Social networks

• User interaction data with your content.
• Traffic to your website from social networks.
• Playback statistics of your videos.
• Conversions of your ads.

Data from your customers

• Average amount of a cash purchase per user.
• Time allocated by user to the purchase process.
• Customer data collection rate.
• Incomplete purchases in the cart.

All of these points are key data sources, which can potentially help your business if you review and study them properly. By analyzing the data, you can gain insights for your next moves to determine which marketing strategy performs the best, highlight hidden opportunities and much more.

In addition, the information you obtain from this data can generate efficiencies where there were bottlenecks before. Depending on the scale of your business, you can also obtain data from your distribution chain and thus offer benefits to your distributors to improve your sales.

Some questions to start

Have you recently evaluated any of these data sources to optimize your business? What information should you pay attention to and are you not? What data should you use that can help you improve your business? I recommend that you do not get overwhelmed by the number of data collection options and, on the contrary, start small with a “feasible” data collection and analysis project and put it to work.