10 Things You Can Do With Data Analysis That Don't
Involve Math
In this article, we're going to explore some of the things you can do with data analysis that don't involve math.
These days, data analysis is all around us: from the
products and services we use to the way we get around town. But despite how
common it is, there are still many people who are afraid to dive into data
analysis because they think it's too complicated or confusing.
But here's the thing: data analysis isn't complicated at
all! And there are actually lots of fun things you can do with it that don't
involve math at all—in fact, some of these things can even help you learn more
about yourself and your habits!
So let's take a look at 10 things you can do with data
analysis that don't involve math:
1. Find your target
audience
Finding your target audience is the
key to a successful business. If you're not sure who you're targeting, you're
likely to waste your time and money on marketing efforts that don't work.
In order to find your ideal
customer, you need to do some data analysis. Here are ten things you can do
with data analysis that don't involve math:
1) Analyze the demographics of your
current customers; then look at where they live and what they like to do in
their free time
2) Find out what other businesses
are targeting these same customers; then analyze what they offer them and how
they market themselves
3) Find out what kind of content
your target audience shares on social media; then use it as inspiration for
creating content that speaks directly to them (just make sure it's original!)
4) Look at trends in technology,
fashion, or other areas that might appeal to your target audience; then create
products or services based on those trends
5) Look at the trending topics on
social media platforms like Twitter and Facebook; then use this information
when creating new posts for those platforms (don't just regurgitate information
though—make sure it's relevant!)
6 ) Try looking at the content that
your competitors are using and see if there's a way to improve upon it (you can
also use this as inspiration for creating your own content)
7) Create new kinds of content that
speak directly to your target audience; then share it with them through social
media platforms
8) Look at what kind of content gets
shared on social media sites like Facebook, Twitter, Pinterest, LinkedIn, etc.;
then create similar posts or products based on what works
9) Find out what kind of content is
popular in other communities outside of yours; then use this information when
creating new posts
10) Put yourself in the shoes of
your target audience and think about what kinds of content they would like to
see. Once you have an idea for a post, write it down; then share it with others
who may be interested in reading it
2. Improve your
conversion rate
One of the most important things you
can do with data analysis is improve your conversion rate.
If you're not familiar with the
term, conversion rate is the percentage of people who buy something after
they've clicked on a link to go to the product page. It's also called
"conversion."
Conversion rates are one of the most
important parts of any business—they tell you how well your website is doing, and
what you need to do to make it better. They're also an essential part of any
marketing strategy: if you want to get more customers, then you need to know
what kind of customers are converting and which aren't.
So how do you find out? That's where
data analysis comes in! There are lots of ways you can use it to figure out why
some people convert and some don't, and then use that information to tweak your
marketing strategy until it reaches its full potential.
Here are 5 tips to help improve your
conversion rate:
1) Find out what's working so you
can do more of it. If you're running an e-commerce store, for example, look at
what products are selling well and consider offering more of them.
2) Look at what isn't working so you
can stop doing those things. For example, if you have a lot of customers who
buy product A but not product B, maybe they just aren't interested in product
B. You could try raising the price on product A or lowering it on product B to
see if that makes any difference.
3) Try using customer feedback to
find out what will make them happier with your company or product offerings.
There's nothing wrong with asking for customer feedback! It shows that you care
about what they think—and it also gives them an opportunity to tell you about
ways they'd like for your business to improve.
4) Consider the big picture (both
macro and micro). Macro-level data includes things like industry trends and
market conditions. Micro-level data includes things like customer demographics
and purchasing behaviors. If you take a look at both, it can help you develop a
more comprehensive understanding of what motivates your customers and how they
might respond to different marketing strategies.
5) Make sure that you're tracking
the right data. There's no point in tracking the wrong metrics—it will only
lead to confusion and frustration! When you're getting started with customer
feedback, it can be tempting to just start collecting whatever data is
available. But if your customers report that they're having trouble finding
something on your website or if their experience with a particular product
wasn't what they expected, those aren't necessarily valid metrics.
3. Identify trends in
your customer base
Data analysis isn't just for math
geniuses. It's for anyone who wants to understand the world around them. Data
analysts can use data to track everything from consumer habits to employee
behavior, and they're in high demand right now as a result. But if you don't
have a background in math or statistics, it might seem intimidating to make
sense of all that data.
Don't worry! We've got you covered
with 10 tips on how you can identify trends in your customer base without even
knowing what a mean is.
1) Create an Excel spreadsheet with
all the information you can find on your customers: age, gender, location,
income level, etc. Then make sure it's organized by month so that you can see
how those factors may change over time (for example, if your clientele tends to
skew toward one gender or another).
2) Look at the average order size
over time and see if there are any major fluctuations from month to month—this
could indicate an increase or decrease in spending power among your customers
(and therefore an opportunity for more sales!).
3) If your business sells products
online or through other means besides brick-and-mortar stores then look into
whether there are any spikes in orders on certain days or times of day—this
could indicate that there are particular promotions or offers that are more
likely to be successful than others.
4) If your business sells products
or services that are dependent on the weather, look into whether there is any
correlation between sales and the temperature outside.
5) If you have employees, look at
how many hours they work over time (and what kind of tasks they perform)—this
could indicate if there are ever periods during which it is more difficult to
get work done (e.g., a holiday weekend when employees tend to take off).
6) If you have a physical store,
look at how many customers visit on certain days of the week (and what times
they do so).
7) If you sell products online, look
at how many visitors visit your website during different periods of time and
how many sales are made during these periods.
8) If you have an email list or
social media following, consider what types of posts tend to get more responses
from your audience.
9) If you have a sales team, look at
the different types of calls that they make and how many leads they generate.
10) Finally, if you have an existing
website or app, use analytics to see what types of content gets more
shares/likes/comments than others.
4. Create a content
marketing strategy that works for you
Content marketing is the key to
success in the modern business world. If you're not already doing it, or if you
want to improve what you're currently doing, data analysis can help you plan
and execute a strategy that will drive growth.
For example, say your company has
been producing blog posts every week for the past year and a half. You've been
tracking how many people read each post, but now it's time to start thinking
about what kind of content you should produce in the future. The first thing
you'll want to do is look at your data and try "normalize" it—that
is, take all the data from each post and put it into one big table so that it's
easier for humans (you) to understand.
Then, take that normalized data and
use it to create a graph showing how many readers each post got over time. This
will show you whether there are any patterns in terms of when people tend to
read content on your site—for example: maybe posts published on Mondays get
more reads than ones published on Fridays; or maybe posts published at 10 AM
get more reads than those published at 1 PM; or maybe readership peaks at 2 PM
and then drops off after 5 PM. These are all things you can use to inform the
timing of your future posts.
5. Create a better
product or service
If you've ever tried to create a
product or service, then you know that the process is not always
straightforward.
Sometimes, it can be difficult to
know whether or not what you're creating will be successful. But, if you have
data on your side, this can make things much easier for you. Data analysis
allows you to gather information about how people are using your product or
service, so that you can make improvements based on real-world data.
You may already be familiar with
some of the ways in which data analysis can help you create better products and
services, but here are some other ideas:
1. Make more money by knowing what
your customers want.
2. Improve customer service by
understanding their needs.
3. Reduce costs by identifying
wasteful spending, or by finding ways to reduce expenses and increase revenues
simultaneously.
4. Increase profits by making sure
you're offering a product that people will buy once they know what it is and
how much it costs!
6. Improve your
business processes
Data analysis can help you improve
your business processes in a variety of ways. It's a valuable tool that many
companies are currently using to make their work more efficient, as well as to
improve the quality of the products they produce.
Data analysis is a lot like math—but
it's not! While it does involve making calculations and using formulas, it also
involves interpreting data and using the information you've collected to make
decisions.
Data analysis can help you improve
your business processes in a variety of ways. When used correctly, it can help
your company become more efficient and profitable by helping you develop new
products or services, or by improving existing ones. For example:
-
You're planning on launching a new product line, but want to know if there's an
audience for it before committing resources to making it happen. Data analysis
can help you determine whether or not there is enough demand for your product
before investing time and money into developing it.
-
You're looking at changing how you operate internally—for example, changing
from paper invoices to digital ones—and want to know how much time this will
save employees each week so that they can focus on other tasks instead of
spending hours filing paperwork every day after work hours have already ended.
-
You're trying to improve your product's user experience, but don't know what
users are looking for or how they would like it improved. Data analysis can
help you understand what features are popular and which ones aren't being used
at all so that you can focus on those that will make the biggest impact on your
customers' lives.
7. Get more referrals
from your customers
When you're selling a product or
service, the best way to grow your business is by getting more referrals from
your customers. But what's the best way to get those referrals?
The answer is simple: data analysis.
Data analysis can help you identify which customers are most likely to refer
your business and why they do so. And once you know that, it's easy to put
together a system that encourages them to do so. Here are some ways you can use
data analysis for this purpose:
1. Identify your top referrers (and
why they refer)
2. Compile a list of potential
referrers based on their behavior and demographics
3. Create a referral campaign
specifically designed for these individuals based on their needs and
preferences
4. Track the success of this
campaign over time so that you can refine it if necessary
5. Create a referral program that
rewards customers for referring your business
If you're in the business of getting
more referrals from your customers, you probably already know that it's a great
way to grow your business. But it can be hard to get started if you don't know
where to begin.
Here are some tips for getting more
referrals from your customers with data analysis:
1. Review your customer retention
rates and the reasons why people leave your company. Looking at how customers
leave is an important aspect of understanding what they want and need from your
product or service.
2. Analyze their use of your product
or service and figure out what they like (or dislike) about it, then adjust
accordingly so that they keep using it! This will help ensure that they stay
happy with their experience with you as well as provide useful feedback for
future development efforts.
3. Look at how much time each
customer spends on site or interacting with your brand over time—this can give
insight into what types of content resonates best with them, which can help inform
future content development efforts (e.g., blog posts).
4. Look at what users do after they
leave your site or product and see if there are any patterns that can be
leveraged to improve the customer experience (e.g., are they using other
products or services similar to yours?).
5. Get feedback on your product’s
usability by sending out surveys, conducting interviews, etc.
8. Find out what
drives the success of other companies in your industry
When you're trying to figure out how
to grow your business, it's important to have a clear understanding of the
market you're in. That means knowing what your competitors are doing and what
their strengths and weaknesses are.
Data analysis is one way to get this
information. It can help you understand how other companies in your industry
are performing—their growth, their profits, and more—and then use that data to
inform your own strategies for success.
For example: if you know that an
average competitor has 10% higher revenue than you do but also 10% higher costs,
you might decide that increasing sales is not going to be profitable for you.
Or if the average competitor has lower margins than yours, but has been able to
grow rapidly without losing money, then maybe it's worth considering expanding
into different markets or introducing new products.
9. Find out which
marketing channels are working well for you, and which ones aren't (and why)
Data analysis is one of the most
important steps in the marketing process. With it, you can figure out which
marketing channels are working well for you and which ones aren't.
To do this, you'll have to use some
kind of software that analyzes your sales data. You can use software like
Google Analytics or Salesforce to gather the information about which channels
work best for your business.
Once you've got that data, you need
to analyze it in order to draw conclusions about what works and what doesn't.
Look at how much revenue each channel generated and compare that with its cost.
Did one channel cost more than another but generate more revenue? That would be
an indicator of success! Did a channel generate just enough revenue for someone
else to handle it? That would be an indicator of failure!
Once you've got all those numbers,
look at them over time—maybe even over several years—and see if they're
changing consistently. If they are, then there's probably something going on in
the market that's causing your sales through those particular avenues to go up
or down. If they aren't changing consistently over time, then maybe there aren't
any real trends at all: maybe it's just random!
10. Make better
decisions about how to spend money on marketing
The best way to spend money on
marketing is to spend it wisely. And the best way to do that is by building a
data-driven marketing strategy.
With simple data analysis, you can
make better decisions about how to spend money on different types of marketing.
You can find out what your customers like, what they don't like, and what they
respond to. You can also learn what kind of messaging works best with each
customer segment, and which channel—whether it's email or social media or
something else—is most effective for reaching each segment. Then, you can use
that information when planning your next campaign.
This type of analysis will also help
you figure out how much money is needed for each campaign so that you won't run
into budget problems down the line. That way, when the time comes for deciding
whether or not to invest in an ad buy or hire another person for your team,
you'll already have all the information necessary to make an informed decision!
Takeaway:
Data analysis is a powerful tool
that can be applied to a huge range of problems and industries. It's not just
for math geeks! You don't need a PhD to do it, and you don't need to know how
to code. All you need is an interest in learning about your customers and using
that knowledge to make better decisions. If that sounds good to you, give it a
try!