Why We Can’t Do Business in a Vacuum.
Do you think you can measure the success of your website or business by simply looking at your own data? Is it Google Analytics that you are checking and trying to satisfy? If so, you are making a big mistake. You are doing business in a vacuum, ignoring the market and other factors that affect your success. And feeding analytics models ultimate aim: to sell more PPC ads.
Here are some reasons why you need to look beyond your own data and use a variety of tools and methods to evaluate your website or business.
Your own data doesn’t tell you how you compare to your competitors. You might be happy with your website traffic, conversion rate, or sales, but how do you know if you are doing better or worse than your competitors? How do you know if there are any gaps or opportunities in the market that you can exploit? How do you know if your target audience is changing or evolving? To answer these questions, you need to use market research tools that can provide you with insights into the industry trends, customer behaviour, competitor analysis, and market segmentation.
Your own data doesn’t tell you how satisfied your customers are. You might have a lot of visitors, leads, or customers, but are they actually satisfied with your website or business? Are they loyal and repeat customers? Are they willing to recommend your website or business to others? Are they happy with your customer service, product quality, or delivery speed? These are some of the aspects of customer satisfaction that your own data doesn’t measure. To measure customer satisfaction, you need to use feedback tools that can collect and analyse customer reviews, ratings, testimonials, surveys, and social media mentions .
Your own data doesn’t tell you how external factors influence your website or business. There might be external factors that are affecting your performance and success. For example, there might be seasonal fluctuations, economic downturns and so on. No amount of combing through google analytics will tell you this. To account for external factors, you need to use environmental scanning tools that can monitor and evaluate the opportunities and threats in the external environment .
You shouldn’t do business in a vacuum. You need to use a combination of tools and methods that can provide you with a holistic and comprehensive view of your performance and success. By doing so, you can learn the gaps in the market and truly understand the market.
If you’re reading this and thinking hmm, Google analytics or Facebook isn’t working, get in touch with us today, to expand your analytics. We look at the whole market not just your slice, after all, that’s the only way to get a bigger slice.
