Data Analysis 101: Top Tips For Businesses
As a new business this year, it is always important for you to think about the best way to beat the competition and make an impression with your audience. There are a lot of different factors to think about when creating the perfect business and this year you can use data analysis and savvy techniques to predict your audience’s behavior and improve your business. Here are some of the ways you can use data analysis for your own benefit this year.
Use descriptive statistics
When you are trying to use types of data analytics for your business you should always start with the most simple first and then after this you can move onto the deeper analysis. For example if you start with descriptive analysis you can see exactly what is happening in front of you before you delve into the rest. This can allow to gain an insight into the full picture before you start looking at anything else.
Trim your data
When you first receive a run down of data for your business, it can be tempting to sift through everything and look deeply at every single nook and cranny. However it can be just as simple to go through the data and delete and fields you definitely won’t need. For example if you were to export a Facebook analytics spreadsheet you would come across A LOT of data which you simply don’t need. Make sure to separate the wheat from the chaff and only take a deeper look at data which will actually help you and your business.
Make a copy
As a business owner it is crucial that you always have a record to everything you do and make sure that it is accurate and true to the business. When it comes to performing data analysis on your records it is always best to make a copy of the records and do your analysis on this. This will always be a better option than working on your master copy because then if you make a mistake you can go back and look at what you have done wrong.
Make a theory
Before you start any data analysis it is important for you to come up with a theory which you believe will be true,. The reason for this is that you can then use this theory and compare your data to it, thereby either proving you right or wrong. A theory is always important to have because it gives your analysis a sense of direction and helps you to really hone in on your conclusions.
Accept that it might not work
Unfortunately, as any scientist will tell you, even if you have the most amazing theory in the world, things don’t always come to pass. As much as you may hope for a certain result when you conduct your analysis, this isn’t always going to be the case and sometimes you might notice that nothing at all has happened. It is always good to be prepared for this and even to expect this initially because anything other than this will then be a good thing.
Analyse something useful
Data analysis is one of those jobs which can take up a lot of your time and it is this time which can mean you have less time to do other things. This is why when you come to analyse your data you should always spend a decent amount of time making sure that you are analyzing the most useful data you possibly can. If you are able to do this it will make life much easier for you and you will gain an answer for your question without having to sift through hours and hours of data.
There’s no such thing as bad
The most important thing you need to bear in mind when you are analyzing data is that there is no such thing as a bad result. Sure, your results might not show much of an answer, or maybe it will show something you didn’t want, but that doesn’t make it bad. Never feel disheartened by the results you see from data analysis because these will only serve to help you improve your performance and make changes to your work accordingly.
Data analysis is a big part of a successful business so it is worth learning how to conduct this properly and to the best of your ability. Make sure you spend the time each and every working day improving your skills and your business will thrive in no time.