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Data-Driven Decision Making: Leveraging Analytics for Business Growth

The availability of data has revolutionized the way businesses operate. Today it's possible to leverage data for a wide range of purposes including, understanding customer needs and preferences, identifying business strengths and weaknesses, and forecasting future trends. The insights gained from analyzing data can help businesses to make data-driven decisions that reduce risk and maximize returns. In this post, we'll discuss how businesses can leverage analytics to drive growth and outpace the competition.

Use the Right Analytics Tools

The right analytics tool is fundamental to effective decision-making. There are various analytics tools available in the market, ranging from basic to advanced, and each has its pros and cons. Businesses should choose the correct tool that appropriately meets their analytical needs. Google Analytics offers a vast range of metrics and dimensions that provide insights into customer demographics, behavior, and interests. Additionally, CRMs offer vast insight into customer interaction data, including transaction histories. It's crucial to consider the merchant account and payment processing partner you have. Ideally, your payment provider will offer a comprehensive analytics platform that’s integrated into their payment processing solution, giving you data-driven insights in real-time, providing an accurate picture of business performance.

Identify Key Metrics

Identifying the data points that make a difference in your business's bottom line is critical. By selecting the right metrics, businesses can monitor their performance against industry benchmarks and forecast long-term patterns. Metrics such as Return on Investment (ROI), Conversion Rates, Customer Lifetime Value, and Retention Rates can help paint a comprehensive picture of business performance. The availability of robust reporting and visualization aids within analytics tools mean businesses can easily track these metrics and make decisions based on performance from one reporting period to the next.

Learn From Customer Behavior

Understanding customer behavior can lead to valuable insights. Analyzing customer data and behavior allows you to gain insights into their preferences and habits. By identifying patterns and trends, businesses can offer their customers more personalized and relevant experiences. Businesses can make use of customer data to increase customer retention, providing products or services that match their behavior and preferences.

Forecast Future Trends

Identifying future trends is an essential aspect of business growth. By analyzing historical data, businesses can predict future trends and develop strategies to adapt to them. Metrics such as sales forecasts, inventory forecasts, and seasonality forecasts can help to identify variations and expected fluctuations. Analytics tools can help to interpret the data and reveal vital patterns that would otherwise remain hidden.

 

Make Strategic Decisions Based on Data

Data insights are valuable only if actions are taken based on them. Data-driven decision-making should not be restricted to one department but a business-wide strategy. By sharing insights across different teams and departments, your organization can use analytics for continual improvement. Action plans should be developed using data insights to inform decisions, driving the business forward.

Leveraging analytics has become an integral part of business growth. Collecting data, identifying key metrics, understanding customer behavior, forecasting trends, and making decisions based on data insights can position businesses for long-term success.

Looking to take your business to the next level? Consider payment processing and merchant account solutions offered by TouchSuite. Our platform is a comprehensive financial services tool designed to give you the power of analytics to drive decision-making. Benefit from real-time data to make informed decisions based on performance insights. Start leveraging analytics for business growth today.

Author

  • Jonathan Bomser

    Writing for Touchsuite, Jonathan Bomser, is a technology and marketing expert with over 30 years of industry experience. He is a businessman, writer, artist and musician. He has vast knowledge of finance, business and technology. Jonathan is currently founding, investing and board advising in several early stage and start up companies. Jonathan has been involved in Technology, Media, Marketing and Advertising for a multitude of Fortune 500 companies for over 30 years.He has served as a strategic, creative and marketing executive and consultant for both parent companies and subsidiaries at AOL, The National Football League, The Walt Disney Company, NBC, MTV, Viacom, Time Warner, USA Today, Alliance Entertainment, WPP, Penguin USA, along with numerous other established companies, start-up ventures and reorganizations.Jonathan was the CEO and Founder of BigLinker.com, which was acquired by Ziff Davis (Nasdaq: ZD) in 2021, CEO and Founder of TownTarget.com from 2013-2015 which was acquired by Touchsuite/American Bancard in 2015 and previously Bomser Payan Interactive Agency from 2008-2012 which was acquired by Big Step Interactive/Digital Marketing Associates. Jonathan was the key developer for the technology used to power many of their successful digital campaigns. Clients included national brands such as Adidas, PNC Bank, Massage Envy, European Wax Center and others.Jonathan has also helped manage the technology initiatives, creative strategies and business development for AIM Pages.com, AOL’s Social Network. Since May 2006, Jonathan has also been consulting for technology, marketing, sales and creative strategies for Veoh.com, BigString.com, Vuguru.com and others. Before consulting for these major companies, Jonathan was a principal in En Pea Productions,Inc. which was a television production company focused on reality television, commercials and music videos. Jonathan is also the former Board Member, CEO and President of WoozyFly.Inc. Trading on under the symbol WZFY.Jonathan's current projects at AccountSend.com, VocalChimp.com and CoolValidator.com

    Touchsuite is located in Boca Raton, FL and is a payment processing and point of sale company that specializes in merchant accounts, point of sale systems, Grubbrr self-ordering kiosks.