Working remotely is about getting the most out of your time, but did you know that analytics tools could save your business thousands in wasted hours?
With BBVA offering its customer analytics to the Spanish market, many freelancers are starting to invest more of their time and money in big data. If you haven’t analysed the data, how do you know if your business strategy is reaching the right people? You could be wasting time trying out techniques which aren’t working. Here’s how using big data will help you to achieve more, in less time.
Data Streamlines the Decision Making Process
If you are working in a Spanish coworking environment, then there may be disagreements in the team about how to move forward on a project. Even if you are a solopreneur, you may have internal conflicts. By using analytics, you can make a decision using the cold, hard facts. For instance, you might see how a Facebook ad affects sales as opposed to an email campaign. You can therefore decide immediately to select the option with the greatest return on investment.
You Won’t Waste Time on the Wrong People
Your company exists for a certain subset of people and not for others. That is totally fine. You are offering a solution which meets the needs of certain groups and provides great value to them. However, if you aren’t using analytics effectively, then much of your budget will be targeting people who would never use your service. Analytics allows you to see who is most likely to click through to your website. It therefore means you can spend time and money where it is statistically likely to have the greatest impact.
Making Continuous Improvements
Your business strategy never ends. Algorithms update, markets fluctuate and what works today may not work tomorrow. While your profits may be high and you may think you’re onto a winning strategy, you can’t know this for certain without using big data. After regularly checking analytics, you may find that small adjustments can lead to significant profit boosts. Making changes continuously and regularly allows you to keep up with the market and stay ahead of the competition.
Big data is used by giants such as Amazon down to local, sole traders. It is a way to keep on top of your business strategy and ensure that your service is reaching the people who need it the most. You won’t waste valuable time or money since the data will tell you how to act most efficiently and productively.