Data isn’t just something that major corporations can use to their advantage. It’s available to the everyday small business owner, too, thanks to the availability of analytics. These tools have helped the Philadelphia based team at Felt+Fat to better understand how their business is doing every day, along with what they need to do to grow.
You can use analytics to spark growth in your own company, as well! Here are some of the things that the Felt+Fat team has learned along the way:
What Are Analytics?
Analytics are tools that collect relevant data related to your company, website, or social media pages. These tools then present the data in a way that is useful to you.
Google Analytics is the most popular analytics tool as it informs businesses about their performance as it relates to Google search. Additionally, analytics are available for every major social media platform.
Analytics tools take complex data and present it in ways that business users can understand. More importantly, business owners can use that information to make changes that lead to growth. Here are some ways to make that happen.
Refine Your Targeting
The most effective marketing efforts are based on targeting the right audience. Whether you rely on organic search or pay-per-click advertising to get customers to your site, you get the best results when reaching out to the people most likely to be interested in your products.
With tools like Google Analytics, you can learn even more about the people coming to your website. You can understand where they are coming from, the devices they are using, the search queries they use, and how they are interacting with your site. There are even tools that can give you insights into your competitors’ audiences!
Make Decisions Based on Data
There’s nothing that compares to your experience and vision as a business owner. However, the best decisions usually combine those intuitive factors with irrefutable data. Analytics tools provide the ability to make better decisions that lead to business growth.
If you are faced with mission-critical decisions in the areas of hiring, acquisitions, pricing, or marketing strategies, it’s important that your choices are based on actionable data. If you can support your decisions with data, you will have more success getting investors and other stakeholders on board.
Boost Revenue and Lower Costs
Analytics tools provide you with data that you can act on immediately. Thanks to advanced reporting features, you can get the information you need in a format that’s easy to understand.
This empowers you to make better decisions quickly. It reduces the time and resources you need to spend on marketing efforts. Most importantly, you can often increase traffic and conversions by using analytics, thanks to your ability to create and execute better marketing campaigns.
Increase Your Social Media ROI
Are you investing time and effort in the right social media platforms? How is your content performing on those platforms? What can you do to get better engagement?
You can get the answers to all of these questions by making use of social media analytics.
If you have a business account, most social media platforms offer comprehensive analytics so that you can analyze engagement and other factors.
There are also paid tools that you can use to provide insight into your social media presence. You can use these tools to determine where you are achieving the most significant engagement and which kinds of content are most effective for your brand.
Nathaniel Mell grew Felt+Fat from a small studio in Philadelphia into a major producer of tableware for high-end restaurants. The company is best known for its handmade ceramic dishes; however, they also produce home goods, including planters and vases.