August 04, 2022: Competitive analysis of data
This month we focus on Business Intelligence and Data Analytics to empower our mentees’ businesses.
There is a lot of data that companies can utilize. For example, marketing data.
Making decisions based on facts instead of opinions always pays off. Data and metrics contribute to more realistic decision-making and results.
Business intelligence focuses on strategies and tools to obtain business information.
Data analytics is the process through which we obtain actionable data.
David took us through an analysis of a client’s expenses with the tool Bizminer. The goal was to determine if the expenses were favorable or unfavorable.
For instance, we assessed the invoices based on the count and the amount for a client. We found that they were selling $1 services more than their high-value services that went up to $15000. This data clued us into the fact that they were spending more time servicing low-value clients than their high-value ones.
Another tool that was explored was SEMRUSH. David showed us how to navigate keyword research reports to make impactful marketing decisions. He even showed attendees how to narrow down your target audience from metrics like search volume and keyword difficulty.
Tools used: Bizminer and SEMRUSH
Tune in next week for more valuable lessons.