Smart Businesses Must Invest in Data Analytics for Higher Conversions

Data analytics technology can be very helpful for companies trying to optimize their conversion rates.

big data is important for conversion rate optimization for small businesses
Shutterstock Photo License - thodonal88

Small businesses are facing more challenges than ever. The recent economic crisis is not showing any signs of abating any time soon. Fortunately, companies can use big data to optimize their business models.

The average company receives $10.66 for every $1 they invest in data analytics. This is a stunning ROI.

One of the most important ways for brands to improve their profitability with data analytics is through conversion rate optimization. They can use data to get a better understanding of their customers and future trends, which will help them create the best offers and reach the most interested buyers.

Data Analytics is Invaluable for Companies Trying to Improve their Conversions

Big brands always had and will tend to overshadow local businesses. Companies like Amazon and Walmart dominating the e-commerce and land-based business territories is a classic example of it. But, does it have to mean you, as an owner of a local business, don’t have any resort for continuing and thriving your venture?

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Indeed, there’s one. The good news is that data analytics technology can help level the playing field. The ROI of data-driven initiatives is very high, which helps companies improve their profitability.

The most effective way to rejuvenate your local business is by strengthening your lead generation endeavor, Data analytics technology can help in the following ways:

  • You can use data from CRMs, social media and other sources to better understand customer needs. This will help you create more targeted offers to entice new leads.
  • You can procure data from analytics tools to optimize your landing pages to maximize conversions.
  • You can use data analytics dashboards on your digital advertising platforms to focus on the best converting traffic, such as the PPC keywords that drive the most sales.

Paying close attention to the right metrics in Google Analytics can help a lot. Various digital marketing strategies would give you with the option of positioning your brand on a global plane. But, the approach we will discuss in the following section is more focused on your targeted market and is helpful in receiving high-impact leads. You can use data analytics to make the following strategies more effective.

1. Use Data Mining to Find the Best Strategies for Local SEO

Search Engine Optimization is a method of acquiring higher ranks in search results of engines like Google. A higher ranking means more visitors to your website, resulting in more leads. However, local SEO is much different than its global counterpart. In this case, search engines find appropriate results from social profile pages, citations, local content, and links.

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To ensure your local SEO efforts, you need to check whether your web presence’s internal linking is well-structured, mobile-friendliness, rate of social media engagement and other factors.

There are two very important ways to use data analytics to get the most of your local SEO strategy. You can use data mining tools to find the best keywords to target. Tools like SEMRush and Ahrefs also have data analytics tools to help you reverse engineer your competitors’ linkbuilding strategies by analyzing their link profiles.

2. Positioning Localized Lead Magnet 

A lead magnet is a sort of incentive that can acquire the contact information of prospective leads. Now, when it’s considered one of the most effective ways of generating quality leads, it won’t come to your benefit if the lead magnet isn’t localized. It means you won’t be able to convert leads residing in the UK if your business is based somewhere like Dallas-Fort Worth. Hence, when creating a generic lead magnet, it is important to stay focused on the very local market you are interested in.

An outsourcing agency like Pearl Lemon Leads is capable of feeding your business with convertible leads with their well-devised lead-generating campaigns. Therefore, local businesses tend to outsource their lead generation Dallas-Fort Worth to such agencies.

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If you want to create your own lead magnets, data analytics can help. Many people want to download spreadsheets or reports that have useful data, such as keywords for their own marketing campaigns. You can use data analytics tools to create these reports.

3. Use AI to Promote a Local Giveaway Program or Contests

Running a contest in your area and offering prizes to winners is considered one of the most effective utensils for lead generation for businesses. It might seem fairly similar to lead magnets, as both of these measures give valid reasons to people for sharing their contact information. However, they become competitive to win a prize they want to have in this case. Always ensure to give prizes related to the products or services your business offers in this case.

You can use AI technology to help promote your giveaway. You will be able to streamline promotional messages on social media through tools like Hootsuite.

4. Use Data Analytics to Optimize Your Landing Pages

Keeping a form on your business website’s landing page is very important for lead generation. Therefore, you should make necessary changes to keep a form asking for visitors’ contact information on your website.

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Regardless, as you know, nothing is available for free. Therefore, accumulating leads from your website form will also require you to offer something to visitors in exchange. For it, you can give away webinars, eBooks, whitepapers, and more.

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You should also use data analytics tools to test your forms and other landing page elements. You can see which drive the best conversions.

Olha Zhydik is a Content Marketing Manager at ELEKS, a global custom software development company. Olha has been working in the IT industry for over 10 years, including 6 years in marketing. Thanks to her diverse experience, her writing offers a fresh perspective on how technology can help businesses not only innovatively solve problems but also gain a competitive edge. You can connect with Olha on Linkedin or Facebook.