3 Types of Data Your Business Should Be Tracking for Ultimate Success

Posted by Nick Christou on Jun 2, 2020 11:00:00 AM

data for business concept

No two companies are alike, and each business owner has their own unique industry tactics. However, there is one quality that is shared by all the top businesses and their leaders: they track everything! Tracking fundamental business data is one of the essential pillars of running a successful company.

This data not only shows the owners and managers what is working for their company and what isn't, but it also helps them to know where their business inefficiencies are and how they can improve upon them. To make sure you are making the most out of your data tracking, start by focusing on these three critical pieces of information:

1. Customer Information 

Without customers, most businesses would not be sustainable. That is why it is so essential for companies to track everything about their customers, including their customer retention as well as their lead acquisition. When companies begin to focus on their customer data, it can give them the information they need to grow as a business, including how to get customers, how to provide better services, and what are the company's most popular business functions.  To fully optimize on your customer data, consider studying the following data metrics:

  • Repeat Customers/ Analyze Buying Behavior: Maintaining a database of your customers can help your company generate sales by showing you how to improve repeat customer behavior. It can also help you analyze their buying behavior to see which products or tools are working for your company and which are not.  
  • User Experience: Collect data on how customers use your business.  This will help your company figure out what aspects of the business need to be changed and where you should allocate more resources to. 
  • Marketing: To help your marketing and sales effectiveness, make sure to track how customers found out about your company.  This will help you continue to gain future customers by using techniques that work. 
  • Improvements: Find out why customers have decided to leave your business. This data can allow you to implement changes that will make sure the business is more efficient. 

2. Employee Information

For most companies, their employees are the reason why their business is running and working efficiently. It is also the reason why it is so crucial for business owners to track their employee tasks and their project management skills.  This data can help ensure that employees are completing projects that need to be done and not falling behind. Optimizing on this data is also extremely critical in helping the company find out about any inefficiencies that they may be experiencing, as well as moving work around to make their processes more efficient. To make sure you are capturing this vital information, focus on the following employee metrics:

  • Performance Data: This information will help you figure out how your employees are at their job, how much they are selling, and how much they are producing.
  • Productivity Data: This data will tell you how much time your employees are focusing on certain measurable factors. These might include answering their emails, taking calls, or even answering customer questions. Tracking this information will help you not only improve the productivity of your company but also see how you can increase overall effectiveness across the board. 

3. Website Information

Website data is hugely beneficial as it can provide your business with vital information into your customer's demographics. Using your website data correctly can help you figure out where your traffic is coming from and what actions your customers are taking. With this information, your business will be able to come up with more effective marketing strategies and tactics to help you continue to grow your business and its assets. Some important website metrics that a company should be tracking include: 

  • SEO Analytics
  • Website Analytics
  • Split Testing

The key to a business owner's success is knowing as much as they can about their business. Focusing on data that is relevant to their employees, customers, and their technology will not only help a business grow but also allow them to make the best decisions for everyone involved. However, if collecting data seems like a foreign concept, then we need to talk! At Helios, we not only know how to read and understand data, but we are here to teach YOU how to do the same. We will show you how to use your data to grow and make your business that much better. If you would like further details about our services, contact us today for more information.

 

 

Topics: data, business intelligence, analytics, data driven decisions

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