The Benefits of Using Data Analytics to Evaluate a Brand’s Value
Data is everything in modern e-commerce and digital marketing. Without data analytics to inform and improve everything from SEO strategy to website design, businesses operating in an online space would be ill-equipped to thrive in the modern world.
And luckily, data analytics provides more than just the tools to help you succeed online. Data analytics can be used to pinpoint and evaluate the comprehensive value of a brand to maximize that value and improve on elements of your business model where you may be going astray.
By utilizing data analytics across business practices and customer outreach and understanding, you can come to accurately evaluate your brand’s value. With that information on hand, you are then better prepared to boost that value and build your business.
Here’s what you need to know.
Data Analytics in Business
There is virtually no limit to what data analytics can tell you about your brand. From social media insights to key performance indicators (KPIs), SEO success, email marketing, and cloud data, you can build a suite of information that enables you to build the best possible business.
You might have SEO strategies to achieve an active online presence, but that traffic isn’t adding the value it can without a thorough analysis of the data it generates.
Through data analytics, you can measure the success of your brand through the following items:
- Customer engagement
- Customer retention
- Personalization of recommendations and communications
- Marketing campaign success
- Click-through rate (CTR)
- Conversion rates
- Bounce rates
This list is long and yet these are just a handful of the insights available through strong analysis of brand data. Through these metrics, you can place a clear value on your business practices. You can directly see how much your advertising and policy changes affect your customers and keep an eye on the fluctuating value of an effective business. Your brand’s value won’t be the same at all times, and data analytics can mean the difference in trending up versus down.
Social media can tell you a lot. Through built-in insight tools and analytics apps for sites like Facebook, Instagram, or LinkedIn, you can see how customers are engaging with your brand. But effective brand promotion goes beyond social media. For marketing campaigns, email outreach, snail mail campaigns, and so much more, you cannot lose out on the metrics enabled through high-visibility analytical value.
Data tools can be utilized through a protected cloud service to bring you real-time updates for your brand’s value. This in itself can be an invaluable service, since being able to see the direct effects of different marketing and business strategies could mean all the difference between success and failure.
A tool like DataServ, for example, can bring you fast metrics that analyze financial health through comprehensive data tools and graphs. This adds visibility to your business and SEO strategies so that you can see the value and the way your actions affect that value.
Forty-nine percent of respondents from a Deloitte survey said the use of data analysis has helped them make better decisions. Better decisions mean enhanced value for your brand, but it also takes wherewithal and understanding of cybersecurity to ensure that data does not become a liability.
Through smart, effective data analysis you can boost brand value through a broader understanding of your customers.
Data Analytics for Customer Understanding
The use of customer behavioral data has been shown to increase sales growth by as much as 85%. There is no place in business in which understanding the value of your decisions concerning your customers does not affect brand value. Making that understanding your priority is your key to boosting value.
Every industry stands to gain from big data analytics that better growth and business practices. From Coca-Cola’s digital loyalty program to DeVry University’s partnership with Civitas analytics to encourage engagement and improved access for students, industries of all kinds are utilizing data analytics to create a better experience of their customers.
This translates to the growth that many companies have already seen in driving sales growth. By understanding your customers — their demographics, their geography, their behaviors — you can better craft personalized and organic content for marketing success strategies that will add value to your brand.
Modern marketing is all about personalization, with 80% of consumers saying they are more likely to do business with an organization that personalizes advertisements. Data analytics gets you there.
Boost your Brand Value with Data
No matter what the current value of your brand, data analytics will add to that value. From analyzing and improving upon your business practices to better understanding your customer base, the benefits of data analytics in brand value are themselves invaluable.
Modern businesses thrive on data. The reasons this commodity is so important are clear. Without substantial analysis of data, there can be little understanding and subsequently little improvement of policies and strategies. With data analysis, the value of your brand is always visible and always has the potential to grow.
Author bio: Ainsley Lawrence is a writer who loves to talk about good health, balanced life, and better living through technology. She is frequently lost in a good book.