The phrase of the day is 'Big Data', everyone talks about how it can boost your business and make you a successful organization.
But how can big data help a small business? Can you still use it to drive decisions and optimize your business?
The answer is: yes you can! In this post I will provide a few tips that can help SMBs to get up and running with data analytics.
Since it's free, and ubiquitous, small businesses are likely to be relying on Google Analytics for online measurement.
Indeed, our Online Measurement and Strategy Report 2013 found that 56% of businesses rely exclusively on Google for data analytics, while others use GA in conjunction with paid analytics services.
Even if you're no data expert, you can still find some valuable insight from the basic reports in GA, which can be very useful for your business.
Also, ready-made custom reports and dashboards can save you a lot of time.
As the UK is celebrating its first Small Business Saturday on 7th December 2013, I've rounded up some useful examples which should be helpful for SMEs.
(By the way, if you don't have Google Analytics, read this post by Google's Daniel Waisberg on setting up and using Google Analytics).
An oft-cited rules of thumb within web analytics states that companies should spend 90% of their budget on staff to analyse data and 10% on the technology to power web analytics.
However a new survey from Econsultancy and Lynchpin indicates that not all businesses are willing to adhere to this suggested level of investment.
A quarter of respondents (26%) in the Online Measurement and Strategy Report 2013 stated that they do not have an employee dedicated to analysing web data.
However the good news is that since 2012 (when 49% of companies said they were to increase their resourcing of dedicated employees) the number of companies that don’t have a dedicated analyst for web data has fallen by 4%.