5 Benefits Of Data Analytics for SEMs

by Kevin Smith Author

In this ever-changing age of technology and information, businesses need to understand the market and the consumer's behavior to improve their business. Data-analysis provides an enormous amount of data about the user's behavior, which can help businesses come up with better strategies. However, many small businesses are not familiar with data analytics, and they still use the old method of spreadsheet and database to keep a tab on the customers and the market. Many SEMs may not be aware of the many benefits that come with data analysis, but if they adopt this method, it can benefit them greatly.

To transform your organization into a data-centric one, you must first understand what data Analytics for Small Business means. When it comes to modern-day business, data is considered to be the most important asset, as businesses build their strategies around it. It is the center of the organization's operation, and they built the entire IT and business architecture around it. In this data-centric business approach, the organization will develop projects, designs, make business decisions, and the work culture, based on the data collected. In this approach, the organization will no longer work on an application-centric strategy, meaning that the strategies will not be based on specific applications. Businesses can collect real-time information, analyze them, and then pass on the data to the decision-makers to make better decisions.

The following are some of the areas that can be monitored for data analysis:

● Website Traffic

● Social Media Interactions

● Conversion

● Number of Cart Abandonment

● Performance of the marketing strategies

● Storing, sourcing, and selling inventory

● Customer Service

The 5 Benefits of Becoming Data-Centric for Small Businesses:

Help You Make Better Financial Decisions: When your organization adopts this data-centric approach, it will help you make better financial decisions. You will get an analysis of your spending, so you will have a better view and an understanding of the recurring costs, where you can limit the spending, and savings.

The Entire Team Will Have Access To The Data: Your entire organization will have access to the data, so you will be able to see how well your marketing strategies are performing and how they are benefiting your business.

To Make More Actionable And Informed Decision: Yes, with the data analysis, you will have information on everything about your business, but the important part is transforming the information collected to make informed and actionable decisions. With the data collected, you can improve your marketing efforts.

The Team Can Share The Data And Work Together: A non-data-centric organization usually has a division and the different team works independently and the information is not shared due to the limitation in the system. But with this approach, the entire team in the organization can have access to the data.

Help Understand How Your Marketing Strategy Is Working: With the data collected, you can see how your business is performing, and how the marketing strategies are working. Once you get an idea of how the strategies are performing, you can then make a better-informed decision on how to improve your marketing performance.

If your organization has decided to become data-centric, you need to make some decisions. First off, you need to have a business goal. If your business goal is to improve customer-relationship, bring in more potential customers, or increase revenue, you need to consider how the data collected will help you achieve these goals. And you will have to come up with different strategies, find out which one is working and which one isn't.

Secondly, you need to set a baseline metric for your team, so that everyone in your organization can follow one source of data to make decisions and come up with strategies. Doing this will help your team to enforce the data-centric approach effectively and there will be no multiple sources of data that will create confusion.

There are many benefits of adopting Analytics for Small Business, but at the same time, you should also make some decisions before jumping in.