Businesses, big and small, look to data analytics to support their business plans and create goals. But sometimes, this data can take a significant amount of time to collect AND analyze. Big data is the foundation of long-term business goals. According to the 2019 NewVantage Big Data and AI Executive Survey:
- 92% of Fortune 500 companies stated they were increasing spending on big data
- 62% claimed to have measurable results
- 31% said they were data driven
- 28% claimed to be creating a data culture
So basically, business owners know and value data, but have yet to implement a plan for data-driven business.
So, what’s a business owner to do when they need data NOW to support short-term goals and day-to-day business activities?
This is where real time analytics becomes part of the equation.
- Real time data reduces the lag time between request and fulfillment of the need.
If you’ve installed Google Analytics code on your website, you can log into the Google Analytics account at any time and see user engagement on your site. You can also see where your visitors are coming from (social platform, blog post, ad, etc.,) If you are using social media to grow your business, you can see engagement and reach statistics. You can use this data to craft a longer-term social media plan or ad campaign.
- Real time data provides a look at users’ behaviors when they engage with your website.
You can see where users are exiting your page and opt-in conversion rates. Analyze the features relating to where your users are exiting your site—if you notice a high exit rate on a specific page, review the content. Does it captivate the users’ attention? Does it provide value to your users’? Does it address their pain point and how you are most qualified to help them work through that? Real time data is a valuable meter for the health of your website.
- Real time data allows you to gauge if you are attracting your ideal clients.
Real time data captures the demographics of your audience. From gender, age range and location to interests. If you are finding that the audience isn’t who you intended or their engagement is less than desirable, take a deeper look. Is your content really aimed at your ideal client? Are you using keywords that fit this group? Are you using language that speaks to this group? Know your ideal client, the words they use, and even how they like information presented.