You collect data every day. Instead of viewing it as a by-product of doing business, acknowledge it as a valuable resource. The right data can identify patterns and trends in customer behaviour, ultimately enabling you to optimise and personalise your marketing to reach receptive and ready customers.
If you struggle to get excited by the idea of data, just think—as a small business, you can use data to tailor your marketing, optimise your website, increase customer service, streamline sales processes, and increase revenue.
Data can be a beacon to light your path to success. A “data-driven” business makes decisions based on data, rather than instinct or observation, resulting in a business that customers want. This information can come from sources such as databases, online feedback forms, or social media, and can reveal patterns and facts to guide your decision making.
While big data used to be something only large companies could afford, there is now technology available for small businesses to help you make smarter, efficient, more productive decisions. Compile information from various data streams and discover whether past activities and strategies have been worthwhile. Analyse and allow the data to lead the development of new campaigns, plans, and internal changes.
If you’re wondering where useful insights can come from, consider your social media metrics, Google Analytics, customer enquiries, in-store traffic, and top selling products or services. There are many data sets that can assist in strengthening your operations.
Tracking your customers at different stages of the sales cycle can be worth its weight in gold. From their first impression with an online ad, to your social media profile, website, product checkout, all the way to their user experience post-purchase. Take a close look at what point are some customers drop out of the customer journey. If they follow it all the way through, do they convert into repeat customers? Which products get the most shares online and generate the most revenue through ad clicks? And which products continue to sell in the background without any marketing at all?
Collecting and analysing data could help you see patterns in your market, industry trends, and customer behaviour. If you’d like to learn how to collect the right data to address specific strategic questions or how to analyse data to influence business decisions, consider booking in for Digital Solutions mentoring.
Our mentors can help you find low-cost methods for data collection, valuable online tools for data analysis and reporting, and discuss the importance of properly analysed data for small business.