Data is useful in all areas of your business. If you are not currently using analytical tools in your marketing, cash management, and product development strategies, you are likely missing out on revenue, savings, and more. Today, we tiptoe into the world of data analytics for small businesses looking for new ways to grow.
Marketing & Analytics Data
There is a wealth of information available online, and you can get many valuable bits of insight directly from your social media analytic tools. For example, you can use Facebook to see a 28-day summary of growth, engagements, and people, according to the G2 Lean Hub. You can also utilize data collected from emails, surveys, and even printed suggestion boxes to look for new ways to keep your customers happy and engaged. During your research, for example, you may find that you have an older demographic, which might lead you toward old-fashioned marketing methods, which Blox has discussed before. This might include mailers, outdoor advertisements, or phone calls.
Cash Management & Payment Data
Do you know how much you spend each month? When was the last time you looked at your P&L sheet? If you don’t know how to answer either of these questions, it’s time to sit down with this type of data. There are many different tools you can utilize to keep your books straight. An integrated accounting software is one, and it will give you this type of insight so that you can make broad financial decisions. You can even use information culled from your electronic cash register to make daily decisions that may improve your operations. For example, you can print a report to see how much cash versus credit you’re running through your system, which can help you decide if you need to change your pricing structure to account for credit card fees. A POS system can also track inventory, sales, and employee performance.
Using Data for Product Development
Even if you do not think of yourself as a product development firm, you develop your products every day. Instead of relying on casual or anecdotal evidence that your products are working, dive into the hard facts. Product Coalition contributor and SaaS specialist Tanay Agrawal explains that a data-driven product development culture starts with identifying your brand’s assumptions. You can also retrieve data and utilize certain software to format information so that it is most useful to your business. Once you collect data, you can share it with your team to create a better experience for your customers.
Other Ways Data Can Help
Marketing, cash management, and product development are just three of the many ways data can help you drive your business forward. A few other things you might consider include using data to track leads, grow your social media following, and boost your company’s efficiency. When you’re ready to grow, you can even utilize analytics pulled from Google and other sources to gain the scoop on what’s trending and how your competition matches up.
There is a virtually unlimited number of ways that data can help your business. In addition to the above, you can pull insights from the marketplace, emails, and even website statistics to gain a clearer understanding of how to build your business on solid ground. It’s not hard to get started, and even something as seemingly simple as having the right accounting software or sending a survey to your customers can help you get off on the right foot.
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