What Your Competitors Know About Analytics That You Don’t
In today’s business, having the right kind of insights is crucial for success. But some brands are taking analytics a step further by not only relying on it to make sound decisions when opportunities present themselves but making it the absolute core of every impactful business decision.
So what are other companies looking at, and how can you ensure your company is leveraging every aspect of analytics? Read on to find out.
Perhaps the biggest and most telling difference between top performing companies and their lagging counterparts isn’t just in how many different ways they use analytical data, or what data sources they pull from, but their entire approach to the concept of analytics as a whole.
The best performing teams have their entire executive team embracing the use of analytics as part of the company culture and not just a one-off thing managed by a handful of marketers.
Top businesses understand that having the right tools and technology to analyze the data they’re given is a smart strategy, which is why top performers have indicated increasing their analytics-related marketing spend by 50% over the next two years. It’s worth noting that they are over six times more likely to invest heavily in analytics tools, training and people than their competition.
In addition, top performers are more likely to react in a timely manner based on the insights they receive from their analytics. They follow a predictable pattern of drawing details from all types of data, including emails, transactional info, log files, social media, partner data, and much more.
And many of these high-performing teams aren’t leaving mobile analytics out in the cold either. Although still in its infancy compared to broader analytical applications, mobile analytics adoption is growing just as quickly as mobile adoption itself, and companies who know how to put this data to work are out-maneuvering the competition. Top performing companies are 3.5x more likely to put this information to good use.
Your competitors are using analytics to succeed and you should too. Contact SPIN today to see how we can help you with everything from analytics to business intelligence and database management!
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