You’re avoiding doing some business data analysis because you don’t want to stare at numbers for hours or because you’re not a “math person”. Let’s redefine what analysis really is.
If the very word “analyze” sends you into a mad frenzy, ready to chuck your phone halfway across the room, you’re in the right place.
Figuring out how to do business data analysis isn’t as complicated or technical as you’ve created it to be in your head, I promise.
Spoiler Alert: analyzing your business data doesn’t require a math degree and doesn’t look like solving complex equations as quickly as you possibly can. Thank goodness!
So let’s dive into what analysis is NOT, what it IS, and how you can start analyzing your business data today.
What Analysis is NOT
Before we jump into what analyzing your business data should look like, we need to first address what analysis is NOT.
Because chances are, the thoughts coming to your head for what analysis *should* look like are all wrong.
Which should come as a complete relief.
So, let’s get into it…what is analysis NOT?
Analysis is NOT
🧑💻 sitting hunched over your computer staring at a spreadsheet or Instagram analytics for hours on end.
🔢 crunching a BUNCH of numbers…all in your head
🟰 running complex equations that you don’t really understand
To put it simply, analysis really doesn’t look like anything you did in math classes in high school.
Which means you don’t need to be a “math person” or even a “nerd” to analyze your own numbers.
Cue massive sigh of relief.
So…if analysis doesn’t look like any of those things…what does it actually mean?
What Analyzing Your Business Data IS
To put it simply, analyzing your business data is looking for patterns and asking why they’re happening.
Noticing dips or spikes in your business data and acting like a detective to try to figure out what caused those patterns so you can take actions that will improve your business instead of hinder it.
Instead of feeling like you need to pull on a thick pair of glasses to do your business data analysis, you really need to put on your detective cap & start looking for clues.
And the best detectives work their cases by asking good questions.
How To Get Started With Business Data Analysis
It truly all comes down to asking the right questions.
Now, here’s the good thing: asking good questions to analyze your business data really isn’t that complicated.
- You’ll start by asking the question: What’s going on? What do I notice?
Here, you just want to get a feel for how your numbers have changed from last month or quarter.
Have they increased? Decreased? Remained the same?
- Then, pull your goal back up. Remind yourself what you’re hoping is happening with these numbers.
Are you hoping for more clients? Fewer hours worked? More link clicks from Instagram?
Next, you’re ready to get on with the real detective work.
- You need to start trying to answer the question: Why?
Why did my numbers increase or decrease? What was I doing last month (or not doing) that may have impacted that number?
Your ultimate goal is to see if you can connect your actions to the change in numbers (or lack of change) you are seeing.
Because if you can pinpoint the behavior or actions that impacted your business data, you can easily answer the question: What should I be doing next?
Once you are able to answer that question, you’ve unlocked business data analysis.
Now, please hear me.
There will be months when your answer to some of these questions will be: I’m not sure. Or I don’t know.
That doesn’t mean you’ve failed. It just means you aren’t sure yet.
The best way to respond to that answer is to try something.
Take your best guess at what you should be doing based on your business data and see what happens the next time you sit down to analyze. If it didn’t change your numbers the way you had hoped, great! You now know that course of action isn’t the answer and can try something else.
Ready to Get Started On Your Own Business Data Analysis?
You’ve broken through some myths on what you thought analyzing business data had to look like.
You’re ready to don your detective hat and get started cracking your own first case.
I couldn’t be more excited for you!
Here are some extra resources to help you get started.
If you don’t have any numbers collected yet, start with my 6 step process to tracking your data.
If you want to start analyzing Instagram data specifically, follow my 30 minute process AND grab a FREE Instagram data tracker to make your life easier.
Imagine not having to create your own spreadsheet for this….sounds amazing, right?
And if all of this talk about business data analysis has you understanding it’s important, but still hesitant to tackle on your own, schedule a Data Drop.
I’ll come in, collect, analyze & interpret your data for you, leaving you with a clear roadmap of what content is driving your audience to take action, and what content is just taking up space so that you can spend your time creating content that converts.