Using data to stay competitive

Making informed decisions in business is becoming increasingly important in order to stay competitive. Data-driven analytics allows your business to get insights into the market and gain valuable information on competitors. 

This blog will outline the different analytics tools that are currently available to any business looking to evolve via digitalisation. You could use these tools in your business to leverage data and gain a competitive edge.

Lincoln Be Smarter is committed to supporting local businesses in harnessing the power of data to drive success. The key takeaways are clear: data is a priceless asset, and leveraging it is essential for any business striving for growth. Looking ahead, future trends in data analytics are looking towards an increased role of AI in automating insights and predictions. AI-powered analytics will offer your business the ability to make more accurate and timely decisions, further enhancing your competitive advantage. If you want to implement a data analytics tool or learn more about how you could use data driven insights to boost your business, get in touch with us. Click the button below to book an online appointment today!

Data Analytics Tools

Businesses have always used data to inform decisions, but in recent years the amount of information available has dramatically increased. With the rise of data analytics tools there is more data at your fingertips than ever.

Tableau – a tool that allows you to visualise data and reveal patterns for analysis in business intelligence, making the data more understandable.

Microsoft Power BI – a business analytics tool that enables users to connect to various data sources, transform and model data, and create interactive reports and dashboards for data-driven decision-making. 

Google Analytics – a powerful tool for tracking website performance, SEO, and the efficacy of marketing strategies.

Looking at data

Leveraging Analytics for Success: Domino’s Profitable Partnership with DBI

Dominos has seen previous success in the use of analytics data, specifically with the use of Google Analytics. Due to the increased amount of available data, they boosted their monthly revenue by 6% and reduced their year-on-year ad spending by 80%. This strategic use of data analytics improved their sales and streamlined their operations.

Team meeting

Leveraging Data for A/B testing

A/B testing is a method of comparing two versions of a content against each other to determine which one performs better in terms of a specific outcome, to identify the most effective one.

An example of effective A/B testing is Sony’s VAIO banner test. By tweaking their laptop banner ad, they achieved a 6% increase in click-through rates and a 21.3% rise in shopping cart additions. This experiment went against their initial hypothesis, showing the value of data-driven decisions. A/B testing allows businesses to fine-tune marketing strategies based on real user behaviour, leading to improved conversion rates and better customer experiences.

Data Analytics

Gaining the Competitive Edge

Understanding your competitors is crucial. Data-driven analysis enables businesses to uncover strengths and weaknesses in their competitors’ strategies. Insights gained from competitor analysis provide a blueprint for effective decision-making, allowing businesses to position themselves strategically. 

Using tools like those listed above, businesses can access vast amounts of data that provide valuable insights into market trends and competitors’ activities. This data-driven approach offers two primary benefits:

Informed Decision Making 

Data provides evidence about market behaviour and preferences. Instead of relying on assumptions or gut feelings, your business can use concrete information to shape their strategies, ensuring that your decisions are aligned with real-world dynamics.

Advantage for Small Businesses 

While smaller businesses may sometimes feel overshadowed by larger corporations, data levels the playing field. By accessing insights specific to their local market and understanding what competitors are doing, local businesses can refine their strategies to better serve their customers.

Small business analytics

Future Trends

Lincoln Be Smarter is committed to supporting local businesses in harnessing the power of data to drive success. The key takeaways are clear: data is a priceless asset, and leveraging it is essential for any business striving for growth.

Looking ahead, future trends in data analytics are looking towards an increased role of AI in automating insights and predictions. AI-powered analytics will offer your business the ability to make more accurate and timely decisions, further enhancing your competitive advantage.

If you want to implement a data analytics tool or learn more about how you could use data driven insights to boost your business, get in touch with us.