Data Analytics Is Scary
If you’re like many small business owners, you probably think of data analytics as something
only the IT crowd really knows how to utilize. Fortunately, you’re wrong, and you already have
access to the data you need to make better business decisions. By leveraging the hard
numbers, you can create new strategies for growth and thrive in a competitive market.
Want to know more? Keep reading.
Where To Find Data
Social media, customer transactions, your website, and Google are all great places to start.
However, keep in mind that you may have unique circumstances, such as being in a niche
industry, which means you have access to data in more places, such as industry reports.
Data In Marketing
Marketing is a key area where data analytics is beneficial. When you analyze things like your
target audience and their preferences, you can create personalized, targeted, and highly
effective marketing campaigns.
Data analytics can help you optimize your message by identifying which channels your
customers are already in. Marcel Badia can get you started with a full-service marketing kit that
can help you identify your goals so that you can best understand how to use your data.
The Role Of Your Customer Data Platform
If you’re not yet using one of the many customer data platforms (CDP) on the market today, it’s
time to get started. This is where you will cull information on who your customers are, their
needs, budget, and desires. Before you choose a CDP, make sure that you’re familiar with
privacy laws. Your platform should be highly secure and from a company you trust.
Customer Acquisition And Retention
Marketing is the act of getting your information out to your target market, and customer
acquisition is essentially the role of reeling the men. By targeting your potential customers, you
put yourself in a position to convert them into paying actual customers. Data analytics can come
in handy here as you can use the information you find to create a buyer persona that represents
your ideal customer. But who is your ideal customer? Data can tell you, but one thing is for sure,
according to the Attention Media Grabbing blog, it’s not everyone.
Inventory management is a crucial aspect of running any business that maintains a stock of raw
goods or final products. As a business owner, you have to maintain the right inventory levels to
ensure that you have enough products to meet demand. If you don’t, you’ll experience lost sales
and/or excessive inventory costs. Wrike explains that some companies are even required to
know and report their inventory levels.
Operations is a broad term that refers to everything you do in your day-to-day business dealings
that keeps the clock ticking and the cash registers chiming. You can use data to identify
bottlenecks (essentially slowdowns in your production, supply chain, or workforce) in your
processes and figure out where you can best channel your energy to create real improvements.
You can use data here to identify which processes are least cost and time effective. For
example, you may find that two people are doing the same work, which creates a duplication of
effort and is a poor use of your employees’ time and resources.
While these are just a few examples of ways that data can be used in your business, the truth is
that information can help you in all areas. To get started, identify your goals, and then look for a
customer data platform that helps you gain a better understanding of what your customers want.
Once you have this information, you can look for other sources to help you best meet their
needs. Using data analytics, you can reduce duplicated effort, lower costs, and have an overall
more efficient operation that helps you appeal to your ideal customers.
If you’re ready to make every small step count, contact Marcel Badia of Preneurgrowth today to
book your small business consultation.
Image from Pexels.
Written by Elena Stewart.