Many online businesses are struggling in the current pandemic as more and more companies are evolving their business processes to cater to this global change. Businesses are devising newer strategies and tactics to connect with their customers online. It is, however, essential to see how well a business is performing against its specific goals and objectives for achieving success.
Online data monitoring
Online data monitoring is as important as defining goals and objectives. When a company defines its goals and objectives, there must be measurable KPIs to monitor if these goals are ultimately met and track their progress. Data monitoring is a continuous process that leads to newer insights every day.
Let us explore the benefits of consistent data monitoring and how it impacts your online business:
- Setting up KPIs for marketing channels
A business needs to first align its goals and objectives with its marketing strategy. Next, to implement and monitor the strategy, the business set up their key performance indicators (KPIs). Every marketing channel used in the marketing strategy needs its own KPI’s. Close observation and monitoring of these KPIs are essential to determine the success or failure of the marketing strategy and campaigns.
- Collecting and analysing quality data
Each day 2.5 quintillion bytes of data are generated online, primarily through social media channels and websites. This enormous amount of data needs to be collected, filtered, analysed and used correctly. For a business, It is essential to consider which data is essential for you and which one is useless. Thus, intelligent data monitoring and reporting software are necessary for all businesses in this time and age – regardless if its POS analytics, marketing campaign performance, etc.
- Measuring results against KPIs
When a data monitoring system collects data, it is essential to measure and analyse the results. These results have to be in sync with your business KPIs. All business KPI’s should be SMART, i.e. specific, measurable, achievable, realistic, and timely. The collected data have to be in sync with these KPIs so that the results can give valuable business insights. These insights are then used to track progress and make business decisions based on these results.
- Increasing employee productivity
Businesses often regard the time taken by employees on regular tasks as valuable, which is not always the case. Employees spend a lot of time and effort on manual reporting and are often exhausted by its mundane routine. There is no actual business return on manual reporting systems. When replaced with automated reporting and monitoring systems, it can boost employee productivity tremendously as it frees their time for decision making and more valuable tasks. Employees can spend less time reporting and more time creating innovative ways to target their customers.
- Gaining customer insights
Almost every business around the world exists solely to cater to its customers. Thus, understanding their customers’ needs and wants leads to better business decisions. Customer insights are often difficult to attain as there are many criteria and dimensions to gather customer data. These insights need to be in alignment with marketing strategy and should be actionable. Customer sentiments change every day, and only an accurate and automated data monitoring and reporting system can cater to such needs and avoid any downfall.
- Building and maintaining brand reputation
A brand reputation is built around the perception of its customers and is highly affected by negative feedback and negative publicity. Thus, marketers strive for customer insight, feedback, endorsements, reviews, and customer sentiments. Even potential and newer customers can be taken back from negative publicity, and thus, it can ruin your Brand. These customer reviews affect purchase decisions to a greater extent. Business needs to be on their toes to have the pulse of their customers at all times. A consistent data monitoring and reporting software is liquid gold for this purpose, saving time and cost for businesses.
- Market analysis
Marketing trends change and evolve every day. These technological and customer behaviour trends are crucial for every business. A business needs to stay updated with market trends through market analysis and benchmarking with industry standards. These market trends are sometimes hidden in online data and thus tapped through data monitoring systems to stay ahead of any drastic change. Business thus utilises business trends to make decisions and prepare for unforeseen future. Consider the 5 ps of marketing when conducting a thorough market analysis.
- Achieving competitive advantage in the industry
Online data monitoring tools can equip a business with substantial information about their own business, customers, competitors and market analysis. The key to gaining a competitive advantage is to have a radar on industry-related activities, be it big or small. Any such activity can be measured by social media analysis, social mentions, keywords, trending topics, customer interests, online discussions, sentiment analysis and much more. All businesses need to be informed regularly about these insights and keep a check on their competitors at the same time.
With online competitor analysis, a Business can:
- strategise to attain more market share
- win customers that had a negative experience with competitors
- learn from competitor’s mistakes and avoid them
- identify industry gaps and opportunities
- monitor competitor actions and strategies and counteract
- analyse your business and competitors to establish industry standards
- attain business intelligence and utilise it for decisions
Where to find a reliable data reporting and monitoring partner?
In this digital age, It is essential to use the most authentic and modern tools to gain a competitive advantage and succeed in this digital landscape.
If you are looking for a data monitoring and reporting tool, you don’t have to look any further.
Whatagraph visual analytics tool can be your best partner in tracking your progress and making result based decisions. You can set up SMART KPI’s for each of your marketing channels, tracking expenses, and monitor results for all your marketing goals and objectives.
Whatagraph is equipped with 30+ integrations for Google Analytics, Google Ads, Facebook, Instagram, Twitter, LinkedIn, Pinterest, Google My Business, Google Search Console, YouTube, Google Sheets, Simplifi, HubSpot, Public API, Shopify, AhRefs, and Klaviyo. Newer integrations of TikTok Ads, Google Analytics, Amazon Ads are coming soon.