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Increase Your Odds with Data-Driven Decisions

By: Elite Legacy Education, April 6, 2018

Why would you make business decisions without a solid foundation of data? The numbers will either support your decision to move forward with certain ideas or indicate a need for change. Especially nowadays, there is an abundance of options regarding software and techniques that allow you to have access to idea validating tools. All of this is seen through data that supports a particular action. We live in the day and age of big data science and are moving away from the times when we relied solely on gut instinct. After all, you want to keep up with the times, right? If so, pay close attention.

 

What is analytics?

To start things off, let’s first ask the question––what is analytics? Analytics is the collection and interpretation of information. This is particularly relevant for business decisions, especially when there are so many variables at play. Analytics can be used to support your choices and provide further insights into areas that may not be particularly clear at first. It also gives you a way to test certain ideas against others  and potential response levels.

 

What can the data tell you?

So we know that analytics is the collection and interpretation of data, but what are some of the things it can help us with, you ask? Well, if you haven’t already had a few ideas that immediately pop into your mind, consider the following:

  • Which types of social media posts resonate with your following the most and result in engagement?
  • Which offers are enticing to your site’s visitors based on redemption rates?
  • How effective is a webpage based on the bounce rate and the user’s time on the page?
  • Do you have effective subject lines based on your open rates?

 

As you can see, data can be used to support all sorts of decisions, particularly ones that relate to the digital side of your business. This is one of the main reasons why digital marketing strategies are essential to the lifeline of your business––the ability to track just about every aspect of it. Being able to track everything is one thing, but being able to act on it is another. This is where the true magic happens.

 

How can you act on the data to optimize performance?

If you listen to what the data is trying to tell you then you will be able to optimize your business efforts. Data collection is meaningless without this stage of the analytics process. You can collect all the data in the world, but what you do with it is what sets you and your business apart. Let’s go back to the four examples of the previous section and determine how they could be optimized based on the data collected:

  • You can focus more on the types of social media posts that warrant higher engagement rates.
  • Try tweaking offers to highlight certain sales points over others that seem to earn higher redemption rates (i.e., focusing on cost versus added value).
  • Adjust your webpage or its copy to lower bounce rates and increase time on page.
  • Testing of different subject lines to see which styles get the highest open rates.

 

As you can see, analytics will help to point you in the right direction when it comes to making changes or sticking with a certain plan of action. There’s no reason as to why you shouldn’t be using this tool to increase your odds at success.

 

What’s on the market?

The most popular free software on the market in terms of Web analytics is Google Analytics. There are also paid analytics packages, as well as services that will create custom dashboards for you. Other software options include KISSmetrics, CrazyEgg and more.

Starting today, you can leave as little as possible up to chance and start making educated decisions that are supported by your data. Be sure to learn about all the ways Rich Dad Education can help you reach your goals.

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