Trying to run a modern and profitable practice without the help of analytical tools is like trying to sail the Seven Seas without a compass, says Sara Gilbert, founder of Strategist in Montreal.
“Using analytics is paramount for an advisor’s business development,” Gilbert says. “It enables you to see if your time and money are giving you a [proper] return on your investment.”
Analytical tools and applications give you measurable evidence about who is clicking where, and for how long, on your website and other online platforms.
Gilbert suggests three ways to begin using analytical tools in your practice:
1. Count visits
If you are an independent advisor with a website of your own, Gilbert says, programs such as Google Analytics are a must-have. Once you have downloaded and installed Google Analytics, the app will provide you with a detailed breakdown of visitors, such as which pages and links were visited most frequently, plus the amount of time spent on each page.
For example, if your analytics tell you that your video blogs on exempt-market products are getting an astounding number of clicks, then you might consider exploring the topic further — and do away with topics your audience seems to be less interested in.
If you work in a large institution and have an individual web page within your firm’s website, your firm’s own tracking system will probably preclude your using Google Analytics. You can still gain access to this kind of data by contacting your firm’s IT department.
2. Measure use of links
If you are unable to use Google Analytics but want to track traffic on your individual web page — or if you want to track your social-media activities — a separate service, such as Bitly, can give you the information you want.
Bitly is a free program you can access online. It allows you to shorten URLs when you post links on your web page or social-media platforms and it tracks the number of times visitors click on each link.
Knowing how many people are clicking on the links you share on your webpage or on LinkedIn or Twitter, for example, can help you determine the effectiveness of your online activities.
Using analytics, Gilbert says, is a matter of getting the information you need to make the right choices — so you can base those decisions on facts rather than suspicion.
3. You’ve got information
Another way you can make use of online analytical tools is through your email.
Google Analytics — and tools built into many email programs — can provide you with helpful information about your email activities.
For example, it can tell you how many people on your distribution list opened your latest email. If, say, you recently added 20 new subscribers to your e-newsletter, you can find out which recipients opened that item. Now you know whom to follow up with and consider adding to your prospect pipeline.
You don’t have to be a technological wizard to set up an analytics program, Gilbert says. Most of these tools are designed to be installed by everyday users. If you need help, ask a tech-savvy colleague, your IT department or a third-party consultant. Once analytical tools are in place, the upkeep is minimal and can be easily managed by a member of your team.
Next: Using analytical tools offline.