Business data makes your life as an entrepreneur easier. If you run a business you probably make decisions regularly that affect your business. How much are you going to invest in inventory, marketing, and what other tweaks you can make to ultimately increase profits.
What is Business Data Analysis?
I’m sure if you are running a web based business you are familiar with Google Analytics. Google Analytics is type of data analysis, it takes on data as a visitor clicks around your website and shows you basic data of most visited pages, traffic sources, etc. However not every piece of data you have is finely tuned into tracking a visitor on your website, and you have to start adding custom events to really get smart with your business.
Custom Event Tracking
The best way to make a decision for your business is to base it on actual, current data. While it is easy to use Google Analytics to get most visitor data, what if you want something more specific? In Google Analytics you can use custom event tracking, or sending data to Google Analytics with a custom piece of code. Tracking that event can now happen through Google Analytics.
If you are unsure of what might need custom event tracking, think about what someone may click on to get to a page. Google Analytics will tell you what page they came from and landed on, but not necessarily “they clicked on button A or button B”, which is where custom event tracking comes in handy. Knowing what people click on can help you better analyze your site for both layout, colors, and messaging.
side note: I know this example is more A/B testing appropriate, but I’m using it as a very basic example of custom events
After the Fact Business Data Analysis
You may pay for advertising, but how would you know if it is working? With an e-commerce store you might add a coupon code which you can track, or maybe send the users to a unique URL on your site that you can track. This is “after the fact” data analysis, you are monitoring how well a decision you already made is doing. This is a great way to see how well your ROI (Return on Investment) is for a given marketing campaign.
What if you wanted to make a better decision to begin with?
Good Data Analysis Means Better Business Decisions
With good data analysis you can start tracking how your customers behave right now, before investing any time or energy into marketing or forcing traffic into your site. You should set up custom event tracking for every step of the process from entering your site to post payment. This is important, it is not enough to just track to the shopping cart, but you want actual purchase completion. If you don’t run an e-commerce store, any type of form which engages a potential customer, or acts as the introduction between you two, is key for good data analysis.
Finding Untapped Profits
Now that you can track not just page flow, but actual interaction you can start analyzing the data and see how what is working well, and what needs improvement now, before investing any money into new traffic. Look at which pages create the most interaction, or which products get added to cart he most. Clearly these pages are going to be where something is working right. Look at the flow of checkout, or contact form submission. Does the same product that gets added to cart the most, also get purchased the most? If so, why not?
Adding New Traffic
Once you have a better picture of what your site looks, and you’ve made improvements to increase sales, you can make a more informed decision on what to maybe spend marketing budget on. Once you have started a campaign, do some insightful “after the fact” data analysis and improve!
Good Data Analysis Leads to more Data Analysis
I will warn you now, once you go down the path of starting to do event tracking to gather business data, you won’t stop. And you shouldn’t stop. You will start with the basics, but quickly see that you can get very granular, and the more granular you get the better. Why? Because better data analysis means better business decisions.
We call this Business Data Intelligence.
EZ Data Business Data Intelligence
Sign up for a FREE ACCOUNT with EZ Data and start tracking those custom events right away. If you are using WordPress we have a WordPress Plugin to make set up of custom events easy. Sign up today and learn how to Get Started with EZ Data.