Asking the Right Questions in Analytics

by Charlie | Apr 10, 2021

Alex and I have both spent many years using data analytics to answer some of the most pressing questions businesses ask. How can I improve my business processes to save time and money? What changes can I make to my website to improve my conversion rate? The list goes on and on!
 
While we continue to build out AnalyticsBox and create new automated insights for our users, we frame all of the work we do from the perspective of “what questions do businesses need answered?” We don’t believe in using data for the sake of using data- it is all about our users making the best possible choices for their most important decisions.
 
There are endless use cases, but what are some of the crucial questions that carry across industry and company size? Let’s look at a few key problems that we at AnalyticsBox are looking to solve for our users once and for all either currently or in the near future!
 

1. What is the most effective way your business can spend on marketing to get the highest potential ROI?

In the new era of digital marketing, companies rely on getting a bang for their buck when it comes to their marketing spend. Every dollar needs to generate more than its own value in order for SMBs to stay afloat in an increasingly competitive marketplace. Stop me if you have heard any of these before:
  • “paid search is the best way to get more website traffic”,
  • “social media is essential in today’s age”,
  • “you need to invest more time and money into SEO”.

But what is right for YOUR business? Who are YOUR customers and how do you reach out to them most effectively?

Your business is unlike anyone else’s- you need to know the right mix that optimizes YOUR potential.

 

2. How do you keep your customers coming back for more? How can you reduce your customer churn?

According to the National Law Review, it can cost 5 times more to acquire new customers than it does to keep current ones. Return business is an obligatory source of revenue if any business wants a chance at surviving. In order to take advantage of the low-hanging fruit of retained customers, you need to understand your customers’ common behaviors, traits, and preferences.
 
 

3. Where in my sales or business funnel am I coming up short?

Whether it is your product/service business flow or your sales pipeline, you have processes that keeps your business running. You need to understand your weak points in the funnel so you can focus your attention on ways you can be the most impactful in improving growth.
 
You are wasting a lot of your time trying to fix a sales pipeline late in the funnel if your largest problems
are upstream. Knowing where your problems lie and how to most effectively fix or improve them will save you a lot of time and grief.
 
 
 
These are just three examples, but there are so many more! We’d love to hear from you as well- what problems does your business need answered? What insights would you find useful from us? Give a comment or drop us an email and let us know what questions your business needs answered so we can better serve you in the future!