You put a lot of time and effort into the growth of your business. From getting your store off the ground in the first place to developing consistent, successful marketing strategies that support sales, running an online shop is no easy task.
Once you’ve found some early success, things only get more complicated as your monthly visitors and sales grow.
Why? Because every new and returning customer and every sale generates a unique data point. Successful stores have vast amounts of data to collect and analyze. While that’s a valuable resource for growing your business further, it’s only helpful if you have the tools or time to make sense of it all. That’s why it’s so useful to have an automated analytics program supporting your work.
The right analytics platform can offer you quick reports covering the data that actually matters with minimal work. Here’s a breakdown of the five reasons why automated data analysis is such a valuable resource for growing your company, and how to use it effectively.
The most valuable resource any business has is time. The less time your team wastes on unnecessary tasks, the less you need to spend on payroll. When it comes to analytics, an automated platform not only keeps the data collection process simple, it also saves you a significant amount of time.
One of the most time-consuming tasks involved in data analytics is the process of actually analyzing the data. Peel Insights’ revolutionary new platform will perform your preferred analysis on schedule without requiring constant oversight or intervention. Instead of requiring a team member to spend several hours performing the same analysis every week or month, you’ll just receive a report with the insights on schedule, every time.
A business contains many moving parts. Keeping an eye on every aspect of your business at once is a daunting task unless you have some help. That’s where an automated analytics platform can help.
A good analytics platform will keep track of a wide variety of key performance metrics (KPIs) for you. More importantly, it will be able to summarize them in a way that’s easy to understand at a glance. Whether you’re curious about your sales numbers or want to monitor your customer turnover, you can see exact numbers at a glance with the right automated analytics platform.
You won’t need to check in daily unless you want to. If you’re a little more hands-off, you can wait for your analytics platform to deliver you a weekly or monthly report covering every facet of your business. What would have taken a team member hours or days in the past can now be completed automatically. You get a thorough overview of the company while your employees can focus on tasks that need a human touch.
A step beyond understanding your business is setting and monitoring goals, which is how you continue your company’s growth. Analyzing your performance is one of the most effective methods of staying on track with your plans for the future. Without regularly checking in on your goals, how will you know that you’re meeting them? How will you know what you need to improve? You won’t. But an analytics platform with automatic goal-setting and monitoring can help you stay on track without the hassle.
For example, if you want to increase the number of new customers visiting your site each month, you could set a goal: seeing twice as many unique monthly visitors within six months. Your analytics platform could then track how the rate of new visitors compares month to month and keep you updated on how close you are to meeting your goals. Whether you’re falling behind or sprinting ahead of your targets, your automatic analytics reports will keep you updated on how you’re doing.
Before you can set a goal that’s worth the effort it will take to reach it, you need to identify an opportunity for growth. Your analytics program can help with that, too. When you have a wide array of data and an easy analysis method, you have everything you need to spot chances for improvement.
One example of an area of growth might be a product that’s seeing breakaway success with a specific demographic. You can use your analytics platform to identify the cohort that’s responsible for the product’s success. From there, you can choose how to take advantage of the opportunity, whether it’s updating marketing efforts or adjusting your product lines to include similar or related items. The automatic nature of your analytics program can help you find these opportunities without the time sink of doing it manually.
Finally, planning for the future is crucial to the continued success of any business. All good plans rely on accurate data, but collecting and analyzing data by hand can lead to inaccuracies or delays. Working with an automatic analytics program, on the other hand, not only guarantees that your data is correct but also allows you to access it at any time.
Late-night strategy meetings? No problem. Last-minute planning sessions before a product announcement? All your data is at your fingertips. Whether you need the information to support an off-the-cuff statement or you want to do some in-depth research for your five-year plan, it’s worth having an analysis tool that supports you with data every step of the way.
Automatic analysis can give you the insight you need to take your business to the next level. Whether you’re looking to save time or to identify new growth opportunities, Peel can help. Our unparalleled platform collects all your KPIs in one place so you can identify your strengths and potential for growth at a glance.