How Data Can Increase Your Profit

We use data all the time to help us make decisions in our personal lives. Your customers do the same, and the way that you use the data available to your business can mean the difference between profits and the poor house.

Where Can We Use Data?

The simple answer to this question: everywhere. Data can be utilized to help you operate more efficiently, grow your customer base, and create new streams of revenue. You can even utilize the power of information to save money. One example can be found in Sergio G Felix’s case studies. A client was paying more than $25 each for Google and Facebook leads. Sergio looked at the data, removed irrelevant keywords, and adjusted the client’s Facebook and Google Ads accounts to shave more than half off the cost of lead generation.

Data In Marketing

Marketing in the digital age means being able to quickly access, interpret, change, and share data quickly. An example here is in creating a consumer-centric online presence. You can utilize data, such as bounce rate and sales conversions, to determine how to make your website more appealing to your customers. One quick tip: use a PDF converter to turn PDFs into JPEGs so that you can share information, images, and ideas with your graphic designer, who can then turn this info into visual content, such as a logo or banner, for your website. The converting process will help you maintain the integrity of each image so that nothing gets lost in translation.

Education Helps

If numbers are not your thing, now might be a great time to go back to school so that you can better wrap your mind around data and analytics. Technology makes it easier than ever to sharpen your skills and gain new knowledge by earning a Master’s degree online. A degree in IT can put you in a better position to use data and technology to propel your business further into the digital age.

How To Use Process Mining

No matter how you choose to use your data, you should become familiar with process mining. Celonis explains that this is simply analyzing and using data to improve business processes. It is essentially an x-ray of your business that can help you make fact-based decisions to save time and money. Process mining is also useful in helping you manage risk, boost sales, and uncover hidden revenue streams. If you’ve never mined your own data before, start by identifying sources (this might be something as simple as your newsletter registration log) and then mapping out a timeline of when and how data will be used. Identify key players in your data mining endeavors, and make sure each understands their role.

Data And Your Website

We’ve already mentioned using data in your digital marketing. It’s also worth noting that your website can collect data that can help you with other areas of your business as well. Your data can tell you how long people stay on your site’s pages, which can clue you into the types of content that are most in demand. Once you see what people are reading/viewing the most, you can use online tools, such as AlsoAsked, to dive deeper into insight and create complementary content (think podcasts, videos, and white papers) that will also grab attention.

Data can boost your business in many ways, and the information that you use – if you use it correctly – can also help you increase your profits. Growing your business is no longer simply a matter of shaking hands with your customers and making a good first impression. You have to know what your customers want so that you can give them everything the competition doesn’t. Digging into data is the way you do this, and the above tips can get you started.

Are you ready to grow your business? Sergio G Felix can help with media consulting and management that can put you in a position to boost your profits.

Image via Pexels

‍