The Current Importance of Business Metrics and Analytics

For businesses, employing metrics and analytics is arguably more important than ever. Statistical data jumps to the forefront as, in the midst of a pandemic, limited in-person interactions lead to limited potential for qualitative findings. Yet, metrics and analytics have always been crucial, as they provide concrete information regarding where an organization can improve its messaging. If used in the right way, data strengthens a company’s overall performance.

Target an audience. Market segmentation data turns an anonymous audience member into one that lives in an urban neighborhood, roots for the New York Jets, and values brand loyalty. Characterizing and segmenting an audience helps to shape content and gear it towards a desired group. As America’s largest generation and a quarter of the population, Millennials are an especially valuable group when it comes to segmentation. Savvy with online content and social media, eager to save money, and in-touch with social issues, Millennials represent the future and can determine a company’s success. Once a business has a grasp on the people to which they’re marketing, decisions regarding messages, influencers, and brand identity come more easily.

 Constantly monitor and track insights. On social media, tracking an account’s engagement, reach, and followers can shed light on a business’s online progress. Testing content, timing, and consistency—and taking note of the feedback that ensues—will illustrate what resonates with an audience. Take advantage of the insights and analytics programs that each platform has to offer.

 Respond during a crisis. When things go awry, keeping a steady stream of news and media mentions can result in a more thoughtful, effective response. As a brand’s reputation changes, so should its approach to managing that reputation. An analytics software, like Meltwater, acts as a devoted assistant, ensuring that a company and its stakeholders have the resources to recover from a crisis.