Technology has helped businesses in endless ways. But one of the most important benefits it offers to companies is the ability to monitor and measure success, and sequentially, plan for the future.
In the past, reporting on important metrics was a rather tricky and time-consuming task that required lots of work and careful calculations. Thanks to modern business technology and advances like AI and machine learning, it is now easier than ever to gather these data points and gauge progress.
However, this rapid advancement has led to a whole new set of problems. Although technology has made it easier to collect data, it has left us with an overwhelming amount of information, making it quite difficult to pinpoint what exactly is relevant.
Of course, the only way to determine success in any business matter is by first setting goals.
- What is most important to your business?
- Do you only care about the bottom line and increasing conversions?
- What are the components needed to make this happen – such as generating more leads and website traffic or cutting internal costs by boosting productivity?
No matter what your ultimate business goals are, the key to strategizing properly is understanding where you currently stand and how to make improvements. This can only be done with precise metric measurements and reporting.
Here are four tools that can help your company measure these important metrics easily and accurately.
1. Traffic analytics for audience identification
The only way that any marketing/promotional strategy will ever be successful is by connecting with a relevant audience. If you have no idea who you are trying to reach or have an inaccurate description of your target customers[1]