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Get Business Credit Cards for 0% APR in a Recession

Yes, you can really get business credit cards for 0% APR in a recession! As our economy continues to change, it is still possible to get these cards.

Get Epic 0% APR Business Credit Cards in a Recession

Do you know how to get 0% APR Business Credit Cards in a recession? We break down the many choices out there to show you the best corporate credit cards with 0% APR.

Per the SBA, corporate credit card limits are often 10 – 100 times that of personal cards! This means you can get a lot more cash with business credit. 

And this also means you can have personal credit cards at retail stores, and now have a second card at the same shops for your company. And you will not need collateral, cash flow, or financials to get small business credit.

0% APR Business Credit Cards in a Recession: Benefits

Features vary, so make certain to pick the perk you prefer from this selection of possibilities.

Dependable Credit Cards for Fair to Poor Credit, Not Calling for a Personal Guarantee

Brex Card for Startups

Check out the Brex Card for Startups. It has no yearly charge.

You will not need to supply your Social Security number to use. And you will not need to supply a personal warranty. They will take your EIN. Nevertheless, they do not accept every industry. Additionally, there are some industries they will not work with, and others where they want added paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a business’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on dining establishments. And get double points on recurring software payments. Get 1x points on everything else.

You can have poor credit scores (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/ 

Secure Company Credit Cards for Fair Credit Scores

Capital One® Spark® Classic for Business

Check out the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can get unlimited 1% cash back on every purchase for your company, without any minimum to redeem.

While this card is within reach if you have average credit scores, beware of the APR. But if you can pay on time, and in full, then it’s a bargain.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Business Credit Cards for 0% APR in a Recession Credit Suite

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Business Credit Cards for 0% APR in a Recession – Pay a Zero Introductory Rate!

Blue Business® Plus Credit Card from American Express

Take a look at the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the first 12 months. After that, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on day to day business purchases like office supplies or client suppers for the first $50,000 spent annually. Get 1 point per dollar afterwards.

You will need good to outstanding credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Also have a look at the American Express® Blue Business Cash Card. Keep in mind: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. However its rewards are in cash rather than points.

Business Credit Cards for 0% APR in a Recession Credit Suite

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. After that get 1%.

It has no annual fee. There is a 0% introductory APR for the first year. After that, the APR is a variable 14.74 – 20.74%.

You will need great to outstanding credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

Alternatives to Business Credit Cards for 0% APR in a Recession: Outstanding Business Credit Cards with No Annual Fee

No Annual Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Have a look at the Ink Business Unlimited℠ Credit Card. Beyond no yearly fee, get an introductory 0% APR for the first twelve months. After that, the APR is a variable 14.74 – 20.74%.

You can get unlimited 1.5% Cash Back rewards on every purchase made for your company. And get $500 bonus cash back after spending $3,000 in the first 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need excellent credit to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

Irresistible Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Take a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can get. Also get a one-time $200 cash bonus when you spend $3,000 on purchases in the initial 3 months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

You will need great to exceptional credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Flexible Financing Credit Cards – Take A Look at Your Alternatives!

The Plum Card® from American Express

Have a look at the Plum Card® from American Express. It has an initial annual fee of $0 for the first year. Afterwards, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need good to outstanding credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/ 

Alternatives to Business Credit Cards for 0% APR in a Recession: Irresistible Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

For a great example of 0% APR business credit cards in a recession, have a look at the Capital One® Spark® Cash Select for Business. It has no yearly cost. You can get 1.5% cash back on every purchase. There is no limitation on the cash back you can earn. And get a one-time $200 cash bonus when you spend $3,000 on purchases in the first three months. Rewards never run out.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR after that.

You will need good to excellent credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Business Credit Cards for 0% APR in a Recession Credit Suite

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Alternatives to Business Credit Cards for 0% APR in a Recession: Company Credit Cards for Extravagant Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

Have a look at the Capital One® Spark® Miles for Business. It has an introductory annual cost of $0 for the first year, which then rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is excellent for travel if your expenditures don’t come under standard bonus categories. You can get unlimited double miles on all purchases, with no restrictions. Get 5x miles on rental cars and hotels if you book with Capital One Travel.

Get an introductory benefit of 50,000 miles. That’s the same as $500 in travel. But you only get it if you spend $4,500 in the first 3 months from account opening. There is no foreign transaction fee. You will need a great to superb FICO rating to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/ 

Bonus Travel Categories with Sign-Up Offer

Ink Business Preferred℠ Credit Card

For a wonderful sign-up deal and bonus categories, look into the Ink Business Preferred℠ Credit Card. 

Pay an annual cost of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the initial 3 months after account opening. This works out to $1,250 towards travel rewards if you redeem using Chase Ultimate Rewards.

Get three points per dollar of the first $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and also search engines each account anniversary year.

You can get 25% more in travel redemption when you redeem for travel via Chase Ultimate Rewards. So you will need a good to superb FICO score to qualify.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/business-preferred 

No Yearly Fee

Bank of America® Business Advantage Travel Rewards World Mastercard® credit card

For a great example of 0% APR business credit cards in a recession, take a look at this card from Bank of America. It has no annual fee and a 0% introductory APR for purchases during the first 9 billing cycles. Afterwards, its regular APR is 13.74 – 23.74% variable.

You can earn 30,000 bonus points when you make at the very least $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Get unlimited 1.5 points for every $1 you spend on all purchases, everywhere, every time. And this is no matter how much you spend.

Likewise earn 3 points per every dollar spent when you book your travel (car, hotel, airline) through the Bank of America® Travel Center. There is no limit to the number of points you can earn and points do not expire.

So you will need outstanding credit scores to get this one (as in, 700s or better).

Find it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

Check out the Marriott Bonvoy Business™ Card from American Express. It has a yearly fee of $125. There is no introductory APR offer. The regular APR is a variable 17.24 – 26.24%. you will need good to superb credit scores to get this card.

Points

You can get 75,000 Marriott Bonvoy points after using your card to make purchases of $3,000 in the first 3 months. Get 6x the points for eligible purchases at participating Marriott Bonvoy hotels. You can get 4x the points at US restaurants and gasoline stations. And you can get 4x the points on wireless telephone services bought directly from US service providers and on US purchases for shipping.

Get double points on all other eligible purchases.

Rewards

And also, you get a free night each year after your card anniversary. And you can make an additional free night after you spend $60,000 on your card in a calendar year.

You get free of charge Marriott Bonvoy Silver Elite status with your Card. And also, spend $35,000 on qualified purchases in a calendar year and also make an upgrade to Marriott Bonvoy Gold Elite status through completion of the next calendar year.

And also, each calendar year you can get credit for 15 nights towards the next level of Marriott Bonvoy Elite status.

Find it here: https://creditcard.americanexpress.com/d/bonvoy-business/ 

Your Best Business Credit Cards for 0% APR in a Recession and More

Your absolute best 0% APR business credit cards in a recession will hinge upon your credit history and scores. Just you can determine which features you want and need, so make sure to do your research. And, as always, make certain to build business credit in the recommended order for the best, fastest benefits.

This is a strategy that can work for you and your business for years to come – no matter what the economy is doing. Get business credit cards for 0% APR in a recession – and afterwards.

Business Credit Cards for 0% APR in a Recession Credit Suite

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

The post Get Business Credit Cards for 0% APR in a Recession appeared first on Credit Suite.

Get a Recession Business Credit Line – Here’s How

It’s Probably True: You Need a Recession Business Credit Line

As a small business owner, you probably can’t put your hand on enough capital, at least not immediately. And if you are new, then it’s even harder. There will always be more ramp up costs than you think. So if you have ever wondered where to establish business credit, and how to actually get a credit line, it comes from really two areas. Those are business credit cards and loans. Your business needs a recession business credit line: here is how to get one (or more!)

For both types of credit line, it helps to have good business credit. And if you do not have what is considered a good business credit score, or if your company is new and has not yet established its own credit, then creditors will look at your personal credit score.

You want them looking at your business credit score.

But let’s start with recession-era funding.

Recession Period Financing

The number of US financial institutions as well as thrifts has been decreasing slowly for 25 years. This is coming from consolidation in the market in addition to deregulation in the 1990s, reducing barriers to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets concentrated in ever‐larger banks is problematic for local business owners. Big financial institutions are much less likely to make small loans. Economic downturns imply financial institutions end up being a lot more careful with lending. Luckily, business credit does not rely on financial institutions.

Let’s go over credit lines.

Your Business Needs a Recession Business Credit Line – But What Are Credit Lines?

A credit line, or line of credit (LOC), is an agreement between a borrower and a bank or private investor that establishes a maximum loan balance which a borrower can access.

A borrower can access funds from their line of credit anytime, so long as they don’t go over the maximum set in the arrangement, and as long as they meet any other conditions of the financial institution or investor like making prompt payments.

Advantages

Your business needs a credit line because credit lines deliver many distinct advantages to borrowers including versatility. Borrowers can apply their line of credit and only pay interest on what they use, in contrast to loans where they pay interest on the sum total borrowed. Credit lines can be reused, so as you acquire a balance and pay that balance off, you can use that accessible credit again, and again.

Details

Credit lines are revolving accounts similar to credit cards, and contrast other forms of funding like installment loans. In many cases, lines of credit are unsecured, much the same as credit cards are. There are some credit lines which are secured, and thus easier to get approval for

Credit lines are the most frequently sought after loan type in the business world even though they are popular, true credit lines are unusual, and hard to find. Many are also very difficult to qualify for requiring good credit, good time in business, and good financials. But there are various other credit cards and lines which few know about that are attainable for startup companies, poor credit, or even if you have absolutely no financials.

Your Business Needs a Recession Business Credit Line from The SBA

The majority of credit line varieties that most entrepreneurs imagine come from standard banks and conventional banks use SBA loans as their principal loan product for small business owners. This is because SBA guarantees as much as 90% of the loan in the event of a default. These credit lines are the hardest to get approval for because you must qualify with SBA and the bank.

SBA Loans

There are two fundamental sorts of SBA loans you can normally obtain. One type is CAPLines. There are in fact 4 types of CAPLines that can work for your small business.

You can also get a smaller loan amount more quickly using the SBA Express program. The majority of these programs offer BOTH loans and revolving lines of credit.

From the SBA … “CAPLines is the umbrella program under which SBA helps business owners meet short-term and cyclical working capital needs”. Loan amounts are offered up to $5 million. Loan qualification criteria are the same as with other SBA programs.

Seasonal Line

This one advances against foreseen inventory and accounts receivables. It was designed to assist seasonal businesses. Loan or revolving are on offer.

Contract Line

This one finances the direct labor and material costs of performing assignable contracts. Loan or revolving types are available.

Builders Line

This one was made for general contractors or builders constructing or renovating industrial or residential buildings. This line is for fund direct labor-and material costs, where the building project functions as the collateral. Loan or revolving types are on offer.

Working Capital

Borrowers must use the loan proceeds for short term working capital/operating needs. If the proceeds are used to acquire fixed assets, lender must refinance the portion of the line used to acquire the fixed asset into an appropriate term facility no later than 90 days after lender discovers the line was used to finance a fixed asset.

Your Business Needs a Recession Business Credit Line from SBA Express

You can get approval for as much as $350,000. Interest rates vary, with SBA allowing banks to charge as much as 6.5% over their base rate. Loans in excess of $25,000 will need collateral.

Approval Details

To get approval you’ll need great personal and company credit. Plus the SBA says you should not have any blemishes on your report. An acceptable bank score demands you have at least $10,000 in your account over the most recent 90 days.

You’ll also need a resume showing you have business sector experience and a well put together business plan. You will need three years of company and personal tax returns, and your business returns should show a profit. And, you’ll need a recent balance sheet and income statement, thereby showing you have the cash to pay back the loan.

Collateral

To get approval you’ll need account receivables, but just if you have them. As for the collateral to offset the risk, often all company assets will function as collateral, and some personal assets which also include your home. It’s not unheard of to need collateral equivalent to 50% or more of the loan amount. You also need articles of incorporation, business licenses, and contracts with all third parties, and your lease.

Your Business Needs a Recession Business Credit Line from Private Investors and Alternative Lenders

Private investors and alternative lenders also offer credit lines. These are easier to qualify for than conventional SBA loans. They also necessitate much less documentation for approval. These alternative SBA credit lines ordinarily require good personal credit for approval.

Unlike with SBA, many of them don’t require good bank or business credit approval. Most of these sorts of programs call for two years’ of tax returns. Tax returns have to show a profit. Rates can vary from 7% or greater and loan amounts range from $25,000 into the millions.

Loan amounts are normally based on the revenues and/or profits on tax returns. In some cases lenders may ask for other financials such as a profit and loss statement, balance sheets, and income statements.

Your Business Needs a Recession Business Credit Line from Merchant Cash Advances

Merchant cash advances have rapidly become the most popular way to get financing, in large part because of the simple qualification process. Businesses with $10,000 in revenue can get approval, with the business owner having scores as low as 500.

Some sources have now even begun to offer credit lines that accompany their loans. You must have at least $10,000 in revenue for approval. You should be in business for at least one year, however three years is better. Lenders usually want to see a credit score of 650 or better for approval.

Details

Loan amounts are usually about $20,000. Lenders routinely do pull your business credit, so you ought to have some credit already and sometimes lenders will want to see tax returns.

Rates differ, due to the risk for this program, and there aren’t a lot of funding sources who offer it.

Your Business Needs a Recession Business Credit Line from Securities as Collateral for Financing

You can get financing despite personal credit if you have some form of stocks or bonds. You can also get approval if you have somebody intending to use their stocks or bonds as collateral for financing.

Personal credit quality doesn’t matter as there are no consumer credit criteria for approval. You can get approval for as much as 90% of the value of your stocks or bonds. Rates are commonly lower than 2%, making this one of the lowest rate credit lines you’ll ever see. You can still earn interest as you typically do on your stocks and bonds.

Recession Business Credit Line Credit Suite

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Credit Cards and Lines are Very Similar

Credit cards typically offer 0% intro rates for up to two years. This is also very useful for startups especially. And credit lines let you take out more cash at a more affordable rate than do cards. These are the main two differences that will have an effect on you between credit cards and credit line.

Investopedia even says that “lines of credit are potentially useful hybrids of credit cards.”

Both cards and lines are revolving credit. Credit lines are more difficult to qualify for as card approvals are typically very fast, many times automated, while at the same time line require an in-depth underwriting review. Lines usually offer lower rates, according to Bankrate card rates average 13% while lines average 4%.

Your Business Needs a Recession Business Credit Line from Unsecured Business Credit Cards

The majority of these cards report to the consumer credit reporting agencies. They all demand a personal guarantee from you. You can get approval typically for one card max as they stop approving you when you have two or more inquiries on your report.

Most credit card providers furnish business credit cards including Capital One, Chase, and American Express. These have rates similar to consumer rates and limits are also similar.

Some of them report to the consumer reporting agencies, some report to the business bureaus. Approval requirements resemble consumer credit card accounts.

Inquiries

Often, when you apply for a credit card you put an inquiry on your consumer report. When other lenders see these, they will not approve you for more credit since they have no idea how much other new credit you have lately obtained.

So they’ll only approve you if you have no more than two inquiries on your report within the most recent six months. Any more will get you refused.

Your Business Needs a Recession Business Credit Line from Our Credit Line Hybrid

With this form of business financing, you work with a lender who concentrates on securing business credit cards. This is a very unusual, very little know of program that few lending sources offer. They can usually get you three to five times the approvals that you can get on your own.

This is because they are familiar with the sources to apply for, the order to apply, and can time their applications so the card issuers won’t reject you for the other card inquiries. Individual approvals oftentimes range from $2,000 – 50,000.

The end result of their services is that you oftentimes get up to five cards that mimic the credit limits of your highest limit accounts now. Multiple cards create competition, and this means they will raise your limits, frequently within 6 months or fewer of first approval.

Approvals

Approvals can go up to $150,000 per entity like a corporation. With a hybrid credit line they actually get you three to five business credit cards which report just to the business credit reporting agencies. This is significant, something most lenders don’t offer or advertise. Not only will you get funds, but you build your business credit as well so in three to four months, you can then use your new corporate credit to get even more money.

Rates

The lender can also get you low introductory rates, often 0% for 6-18 months. You’ll then pay normal rates after that, typically 5-21% APR with 20-25% APR for cash advances. And they’ll also get you the very best cards for points. So this means you get the very best rewards.

Just like with just about anything, there are HUGE benefits in dealing with a source who specializes in this area. The results will be much better than if you try to go at it alone.

Recession Business Credit Line Credit Suite

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Qualifications

You must have excellent personal credit right now, preferably 685 or better scores, the same as with all business credit cards. You shouldn’t have any negative credit on your report to get approval. And you must also have open revolving credit on your consumer reports now and you’ll need to have five inquiries or fewer in the most recent six months reported.

Fees

All lenders within this space charge a 9-15% success based fee and you only pay the cost off of what you secure. Bear in mind, you get a ton of extra advantages and about three to five times more cash in this program than you could get on your own, which is why there’s a fee, the same as all other lending programs.

You can get approval making use of a guarantor and you can even use a number of guarantors to get even more money. There are likewise other cards you can get utilizing this very same program but these cards only report to the consumer reporting agencies, not the business reporting agencies. They are consumer credit cards versus business credit cards.

Benefits

They furnish similar benefits which include 0% intro annual percentage rates and five times the amount of approval of a single card but they’re a lot easier to get approval for.

You can get approval with a 650 score and seven inquiries (or fewer) in the most recent six months and you can have a bankruptcy on your credit and other negative items. These are a lot easier to get approval for than unsecured corporate credit cards.

With all previous cards above, you have to have good consumer credit to get approval but what happens if your personal credit is not good, and you do not have a guarantor?

This is the time when building corporate credit makes a great deal of sense even when you have good personal credit, setting up your company credit helps you get even more money, and without having a personal guarantee.

Recession Business Credit Line Credit Suite

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Your Business Needs a Recession Business Credit Line But You Can’t Get One? Then Start Building Better Business Credit

As with personal credit, it seems as if the companies which don’t need credit are the ones which are more likely to get it. But that is banks and creditors doing better and more responsible business for themselves – if your company is at risk of defaulting, they either want to give you more expensive terms, or not extend any credit at all.

Here are a few tips on building and improving better business credit.

Separate Your Company Credit From Your Personal Credit

One way is to change your business entity. That is, to either incorporate or become a limited liability company (LLC). Get a separate identification number from the IRS, too, in order to really demonstrate there is a difference.

Get a D-U-N-S Number from Dun & Bradstreet

A D-U-N-S number is necessary in order for D&B to start tracking your business’s credit. Dun & Bradstreet requires that you register on their site before they will give you a D-U-N-S number. Registration is simple and, once you have said yes to the Terms and Conditions, then the next screen is a dashboard. This is where you either ask for a D-U-N-S number or you can look up to see if your business is already in the listings. If your company is already in the listings, then click on your business name to make any needed changes.

Business Credit with a Personal Guarantee

Another means of establishing business credit is by going to your bank and establishing business credit lines or cards with personal guarantees. This means you are personally responsible in case the business defaults or any loans or bills go into collections. Hence if your company is in a high risk business or a seasonal one, you might find your car on the line.

Make sure when you get these kinds of business credit cards, they have the personal guarantee removal feature built right in. Keep your credit utilization at one third of your credit ceiling or less (that is, don’t use more than about one third of your total available credit). Make certain to pay on time every time.

Apply for Third Party Guaranteed Lending

You can use an SBA loan for funding. Repaying this kind of a loan will help you build your business credit score. Or you can apply for a business credit card from a specific store. Often, these store credit cards do not need a personal guarantee. Make sure to choose a store where your business makes a lot of purchases. And don’t forget about those timely payments!

Business Credit Cards and Loans

If your business credit score is good (or if it has improved), then go to your local bank and ask for a credit line. And if you use a particular bank for payroll, you can try that one. If not (or maybe you’re a one-person shop and you don’t really have payroll at all), then you can also take your request to the bank where you do all your personal banking.

Because they already know you, and if they have seen you pay your credit cards on time and keep a good balance in your accounts, they may be more interested in giving your small business a line of credit even without guarantees or a serious credit check. No matter which kind of lending institution you try, go in with good credit as that will make your terms more favorable and it can generally mean the difference between any credit line and none.

Your Business Needs a Recession Business Credit Line – Takeaways

Your business can get credit cards and financing, if you know where to look. Learn more here and get started toward establishing business credit. Keep your small business afloat with a credit line.

The post Get a Recession Business Credit Line – Here’s How appeared first on Credit Suite.

Analytics Consulting

Your analytics should tell you everything. 

Tools like Google Analytics are incredibly valuable for businesses. Once you’re setup, you’ll have everything you need to analyze your performance data properly. Instead, many companies have realized that their analytics tools have introduced a lot of unexpected problems. 

They’re not getting the kind of value they need. 

That’s the good news. Most companies think their data is clean; that they’re making good decisions with the data they have. Most of these companies are wrong; they just don’t know it yet. This is why companies need analytics consulting. They don’t know what they don’t know. 

Today, I’ll show you how to find the right analytics consultant for your business.  

4 Ways an Analytics Consultant Can Help Grow Your Business

Many companies make the wrong assumptions. Using a tool like Google Analytics, clients think all they have to do is drop the tracking code into their web pages, log into their account, and begin analyzing their data. It sounds easy, but it often isn’t. 

There’s more to it than that. 

This is why you need an analytics consultant. With the right consultant, you’ll have the education you need to grow your business. You’ll be able to pull insights out of your data using a variety of methods. Each of these strategies is important because they have a cumulative effect on your business. 

Here are four ways analytics consulting can help you grow your business. 

1. Exclude spam traffic via bots, scrapers, and spiders

How much of your traffic comes from real visitors? How much of it comes from bots, scrapers, and spiders? According to Imperva, almost half of all internet traffic is non-human. In 2014, Google introduced an obscure setting that enables you to filter out bots and spiders listed in IAB’s Interactional Spiders and Bots list. This low-key setting is buried in Google Analytics, but it’s incredibly important; many small businesses still aren’t aware of this setting. 

You’ll also need help to filter out referral spam.

Referral spam is basically fake website hits; these bots, scrapers, and spiders land in your site. Site owners send their spam to your site. They hope you’ll see these referrals in your Google Analytics account, clickthrough, and visit their site. 

This junk traffic poisons your data. 

It gives you false readings based on inaccurate data. Your site may be more or less profitable, depending on your visits-to-spam ratio on your site. This isn’t something many businesses watch for in their analytics reports. 

A good analytics consultant will consistently filter the variations of spam traffic (e.g., direct spam traffic, referral spam traffic, etc.) out of your reports, so you get a clear picture of your marketing performance. 

2. Help you analyze your data properly

A lot of companies don’t know how to analyze their data properly. According to Forrester, between 60 and 73 percent of a company’s analytics data goes unused. Companies collect lots of data on customer activity, but they aren’t using it, why?

There are lots of reasons. 

  • Companies don’t know what they have 
  • Companies aren’t aware of the value of their data
  • They don’t know how to evaluate or analyze their data
  • Their data isn’t available to those who can use it 
  • There’s too much data to go through and not enough time to use it

Think about it. 

Right now, your company has valuable data about your customers. This is data you can use to attract more customers, lower expenses, grow faster, jump ahead of competitors, etc. 

If you’re unaware of the data, you can’t use it. 

A good analytics consultant will help you analyze your data properly, showing you what you have and how you can use it to grow your business. 

3. Identify the list of problems you’re trying to fix

Your data isn’t as valuable without context. 

If you know the problem you’re trying to solve, you have a pretty good idea of the answers you’re looking for in your data. 

That’s the problem though. 

A lot of companies treat their analytics tools as a technology issue. They focus their attention on the obvious issues like hardware or software. They rarely treat their analytics as a question and answer tool. That’s exactly what it is, though. 

Target had the right idea when they started their analysis with a problem/question. 

Remember the story?

“If we wanted to figure out if a customer is pregnant, even if she didn’t want us to know, can you do that?” It’s a creepy story that shows the power of questions and problems. A great analytics consultant will help you discover the issues you’re trying to solve and the questions that need answers. 

4. Focus your attention on the metrics that explain why

Analytics tells you what happened — what visitors did when they arrived on your site, the ads they responded to, what they read most often, etc. It doesn’t tell you why visitors do the things they do. Understanding what is important, but it’s more important to understand why something happens. 

Focusing on the right metrics is the answer. 

The right analytics consultant will help you answer the “what” — basically looking in the rearview mirror. But they’ll also help you look ahead; They’ll dig deeper, showing you the why behind visitor and customer behaviors. 

Your analytics consultant should provide you with the education and support you need to squeeze more value out of your data.

How to Get Started With an Analytics Consultant

Avinash Kaushik has a three-step framework he uses to help analytics consultants support their clients. He calls it Data Capture. Data Reporting. Data Analysis. The nice part about this framework is the fact that it’s easy for both clients and consultants. 

Consultants can use each of these buckets to analyze your goals, objectives, and the results they want to accomplish with each. 

You’re basically goal setting with this framework.

Here’s a closer look at each of these three buckets and the goals for each of these. 

  1. Data Capture: Work in this bucket is focused on audits or updating data capture methods (e.g., updating, editing, or customizing tags). This step is especially important because it determines the quality of what comes afterward. If you’ve done a good job with your data capture methods, you’ll have accurate data and reporting you can use for your analysis. 
  2. Data Reporting: Your consultant sets up the reports you need on the intervals required. Your consultants help you identify the reports you’ll need, and they provide you with the reports you need regularly. 
  3. Data Analysis: This is what Avinash calls an open-ended assignment, but it’s one you’ve provided to your consultant. You’re asking them to answer specific questions for you — your consultant should be able to show you what to measure, what your data is saying, what to do based on your data, and why you should do it. 

Here’s what this means for you. 

You’ll want to find an analytics consultant or agency that can handle all three steps in this framework. This also means you’ll need a clear idea of problems you’re dealing with ahead of time. 

Measuring the ROI of Analytics Consulting Services

Many companies don’t understand analytics.

If you don’t understand analytics, that’s okay; you just need to know whether you’re generating a return on your analytics investment. According to Nucleus Research, analytics returns $13.01 for every $1 invested

Your consultant should be able to calculate your return on analytics investment

This obviously much easier if your consultant is focused on the data analysis bucket. Suppose they’ve made several data-driven improvements to your site over three to six months. Their recommendations have lead to an increase in revenue, profit, or a return on investment for you. They should be able to verify your return on investment using the worksheet I’ve linked above. 

The good news is the fact that analytics, as a discipline, is data-driven.

Checklist For Finding the Right Analytics Consultant

Choosing the right analytics consultant requires a very different set of skills. If you’re working with an independent analytics consultant, you’ll need to approach this in one of two ways. 

  1. Choose a consultant with all of the skills needed to perform across all three buckets (data capture, reporting, analysis). 
  2. Choose an agency with analysts and implementation specialists needed to generate the results you need. 

Here’s a list of the skills needed for each of the three roles in your buckets. Avinash breaks these skills down in detail in his web analytics consulting framework post

Here’s a quick summary. 

  • For the data capture bucket, your consultant should have the skills of an implementation specialist. They’re experienced with tag managers; they understand data dimensioning and working knowledge of tracking variables. 
  • With the data reporting bucket, your consultant should be familiar with report creation in your analytics platform; they should also have a master list of the custom reports you’ll need for various options. It’s also ideal if your consultant has a working knowledge of his own set of customizations. 
  • For the data analysis bucket, your consultant should be a web analyst. Your consultant should be comfortable with advanced statistics and analytical techniques. They should be experienced in descriptive, diagnostic, predictive, and prescriptive analytics. 

If you’re working with an independent consultant, they should be an industry veteran with the skills I’ve listed above. If you’re working with an agency, they should have employees with the skills for each bucket. If you have implementation specialists, you can handle data capture and possibly reporting. 

Just make sure they’re a fit for that role. 

Conclusion

Many companies aren’t familiar with analytics consulting. They’re not entirely sure how analytics impacts their organization. That’s okay, as long as the ROI is there. 

Using a tool like Google Analytics, many companies assume that all they need to do is customize the tracking code, drop it onto their web pages, log into their account, and begin analyzing their data. It should be that easy, but it isn’t. 

There’s more to it than that. 

With most companies, their analytics data goes unused, they collect lots of data on customer activity, but they don’t know how to squeeze value out of their data. Analytics consulting can help you evaluate your performance data properly. Choose the right team,  and your data will tell you what you need to know. 

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