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The Importance of Business Data to Business Success Today

Business data is now more critical than ever. Data can help you improve your marketing, cut down on costs, and increase sales. Let’s dive into an overview of key data points and the importance of business data to business success today.

The Importance of Business Data to Business Success Today

Ready to dive in and look at data points you may need to dig into deeper to improve your business? Let’s go!

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VIDEO: The Importance of Business Data to Business Success Today

Details: The Importance of Business Data to Business Success Today

Data is more important to your business success than ever before.

From website traffic stats to website speed and social media impact, data can help you review and channel what you do on the web. Data is also critical to your business efficiencies and sales processes. By giving customers or dealers access to data you can help take away bottlenecks, improve speed, and allow people to buy more easily.

Here are areas of data to review for your business:

Website

  • Google Analytics for site traffic, time on site, time on page, bounce rate, traffic sources
  • Alexa ranking and links – watch for trends over time
  • Google Search Console – for website speed, structure issues, leading new pages
  • Lead capture – results, captured lead nurture plan, conversions
  • Ecommerce – orders, top products, existing customer sale nurture

Social Media

  • Engagement numbers
  • Traffic from social to the web
  • Video watch stats
  • Ad conversions

Customer Data

  • Amount purchased
  • Time purchased
  • Email captured for nurture
  • Cart abandoned rates and follow-up
  • Upsell relevant items

Data Access for Customers, Dealers, Distributors

  • Dealer Ordering
  • Marketing Materials
  • Warranty Registration
  • Warranty Claims Submissions
  • Inventory
  • Warranty Claim Status
  • Build a Product stats
  • Build a Product most used, abandon stats
  • Lead management sharing

All of these are key data points that can potentially help your business if reviewed and used. By analyzing data you can get insights for your next moves, what marketing is working, unseen opportunities and more. The key is access to and reviewing the data.

As well, data can build efficiencies where you had bottlenecks before. By giving dealers ability to register warranties and submit warranty claims online, as well as manage the process online, it can reduce friction, and increase OEM parts ordering.

Final Business Data Takeaway

Have you evaluated your data points lately? What data should you be watching that you are not? And what data should you be using that can help you grow your business that you are not? Don’t get overwhelmed by all the options. Start small with a “doable” data project and get it working for your business this month!

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Why the Halftime theme Mike?

I’m an Indiana Hoosier native where basketball is the top sport. Every team heads to the locker room at halftime to evaluate the first half and create an updated plan for the second half. That plan includes adjustments based on reviewing what worked and what didn’t. The “halftime” is a key review point where the game stops, the team pulls away to huddle in the locker room away from the fans, and they come out prepared and ready to succeed in the second half.

That’s what this leadership and business podcast is all about, taking the time to pull away for a bit to evaluate, learn, and set some strategies for your business to succeed in the second half. Join me by subscribing and let me be your “business halftime” to help you find great success going forward!

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