Tips for business analytics include choosing a tracking platform that suits the needs of the company, creating custom tracking segments for the company's key areas, monitoring all relevant data points and creating regular reports on the data. After reviewing data and reports, business owners should also make actionable plans to improve results as necessary.
It is important to choose a business analytics platform that offers the appropriate features and tracking tools for each business, such as website tracking for online companies or customer purchase tracking for physical retailers. This allows the business owner to create numerous segments of the analytics program that track the specific actions that matter most to the company, rather than relying on default data alone. Many programs support a wide range of base data points but require an account manager to create special tracking segments and funnels to view the results on the tracking.
Similarly, business owners should create custom tracking points whenever possible or necessary to ensure that the analytics tools provide the most use. Account managers should make daily, weekly and monthly reports for all relevant sectors, such as customer acquisition or total sales revenue, so that other members of the company may see the top-level statistics for each area. After reviewing the reports, the appropriate managers and departments should make action plans to improve low-performing areas or study high-performing areas to replicate the success and ensure its sustainability.