Data Analysis: Options for Better Decision Making

Data analytics is a term that gets thrown around with increasing frequency in the business world, and considering the potential value derived from it, there’s good reason for the hype. According to one study, organizations that strongly agreed with the use of data analytics were twice as likely to be top performers within their field.

Getting acquainted with data analytics grants you the power to predict customer needs and behaviors, optimize productivity, and effectively improve decision making when it matters most. This brand of analysis is a product of technological innovation and provides answers to problems that have plagued business runners for decades. However, while this technology opens doors for those that are willing to adopt it, it also means missing out for the companies that don’t.  

Successful Implementation of Data Analytics

With a market value consistently over the 500 billion dollar mark, it takes no explaining that Facebook is one of the most powerful companies in business today, and that’s in part due to its prolific use of data analytics. Facebook effectively maps the behaviors and past posts of users to create an ever-more enticing experience. Other large social media companies have followed suit, including Instagram and Snapchat.

Ways You Can Use Analytics

Most companies aren’t Facebook, but the disparity in capital and resources doesn’t mean data analytics is off the table. There are various ways in which even the smallest of businesses can use this information technology to their benefit.

You can use data analytics to spot characteristics of customers that make up your largest consumer base or that make you the most money. For example, if you start a website and find that most of the visitors are younger men, you can then begin to cater to this demographic further by including and highlighting additional products or services they may be interested in.

Using Analytics to Monitor All Business Machine Data

Using social media data is far from the only way in which data analytics can elevate your company. One way many companies are improving their workflow efficiency is by implementing real-time operational analytics software, which unifies machine data from all parts of the business. This allows you to view strengths and weaknesses in action with unprecedented precision.

Video Marketing Analytics

Since videos represent some of the most engaging content online, they are also ideal for collecting analytical data. With the power to create clear and visually interesting video content now widely available and at low cost, videos can be easily paired with analytical approaches that extend beyond mere “view counts” as a metric.

Seeing Who Watches Your Videos

With ability to see who watches and engages with your video, you can develop a more sophisticated strategy to entice them further. You can manipulate your content to turn visitor with fair-weather interest into customers, improving conversion rates.

Using the cues you get from your top- and mid-funnel content, you can further tailor your video to lead these interested consumers to bottom-funnel content, by which point you can be sure they’re considering a purchase more seriously.

Duration of Viewing

While higher view counts are generally better than low ones, it still doesn’t tell you how long the viewer watched for. However, data now allows you to see exactly how long the video was able to pique their interest as well as where and when they stopped watching.

The ability to pinpoint exactly when viewers become disengaged allows you to refine your practice to extend that period of engagement. If the viewer stops watching just seconds into the video, it’s a sign the title might be misleading. Revising and abiding by these cues makes sure the content you are putting out is the best it can be.

It’s easy for video creators to lose touch with how digestible any given video is and therefore make it longer than it should be. A lot of the time, short, concise videos are the way to go. Other times, a viewer’s interest may wane if a segment gets too confusing or is unapproachable. Studies show another hurdle in optimizing viewership is buffering time, so this should be taken into consideration when deciding where to host your content.

Let these indicators guide you to more perfect video content creation.