Data is critical for growth, and creating a data report allows you to take a deeper look into how you can continue developing your company. Taking stock of how your franchise has spent its time, money, and marketing efforts is a crucial component of tracking your business’s progress. Use your findings as a tool to increase customer satisfaction, reach, and relation to your audience, make strategic decisions, and understand how your company can grow.
By understanding your customers through data, you can better assess opportunities for reach and conversions. It is also worth creating a competitor analysis to gain additional insight into your audience. This will help your franchise stay ahead of the game by increasing your marketing efforts and targeting your audience effectively.
Some advantages of data analysis for businesses include:
- Progress tracking
- Identifying opportunities for growth
- Identifying and solving issues
- Predicting consumer behavior
- Increasing reach and sales
Develop Goals and Benchmarks for Your Business
Your franchise’s success should be clearly defined and considered in all of your analytics. If you have executed a new marketing method, franchise analytics can help you understand what is working and what isn’t working. Though a lot of time and effort goes into creating data reports, they are essential ways of spending your time learning and sharing information about your business efforts. An effective report can lead to a more wisely spent budget for the upcoming year.
The process of creating a data report must consider several variables. MoM (month-over-month) reporting is the smallest metric to reflect on your company’s growth over each month. When deciding what metrics to focus on with your MoM report, consider data that is relevant over monthly time scales, including the marketing tactics executed over the monthly time period. Creating an effective analysis of your franchise’s sales, website traffic, and social media channels can pave a clear path for the future strategies your franchise employs.
YoY (year-over-year) reporting is a metric to measure your business growth and how certain variables have fluctuated throughout the past few years. This method of reporting analytics is most beneficial for understanding economic spending and where and when your investments offer a higher ROI.
Gain vital insights with franchise analytics and data reporting so you can start the new year with informed goals and a stronger marketing approach. Contact Enspire for Enterprise today to learn about how our business intelligence platform can help you expand your franchise goals.