In today’s world, data is a very potent force. Data analytics is the act of extracting actionable information, trends and patterns from (big) data. There used to be a time when people were ignorant about of keeping record of small business details, but today small business details are rarely ignored and are taken seriously.
Data analytics is sometimes wrongly referred to “business intelligence”. Business intelligence is simply the ways which organizations make use of data for the improvement of management operations. While data analytics is based on improving the ways you make sense out of those data before taking decisions based on them. Enhancing your ability to analyses these data works at manifold phases- ranging from the collection processes to organizing and communication techniques such as visualization and modelling.
Previously data analytic required a large number of skilled analysts to be used, but these days there are large numbers of online data analysis tools for running high speed data analytics on-the-fly.
With the cheap rates of computer memory and storage devices, storing large of amount of these tiny details is easier and should be used by every business.
Here are 4 reasons why your small business needs advanced data analytics.
- Identifying customers specialties and new markets
Data analytics helps you know the correct number of customer that buys from you. This kind of analytic is of value to all businesses- ranging from small to large.
Data analytics eliminate guess work which can be detrimental to the growth of any business. It gives room for certainty and reduces unnecessary losses in business through keeping track of small business details.
Being accurate with the smallest business detail can contribute a lot to the expansion of that business and breaking new grounds in other markets with profitable opportunities.
- Makes your experience more personalised
Every customer you would ever meet will naturally like having an experience that best suit him or her. It will be difficult to try creating one thing that can suit everyone since you have various kinds of customer you will be working with.
It is erroneous to think that you can possibly get a model that with fit everyone. But it is possible to deliver an experience that you crafted from large number of data collected, this will make it look like you did it for them individually.
When you study your analytics constantly, you will start to see patterns in what your clients are looking for. Respond to them according to what they’re saying.
Use appropriate systems to segregate them in groups so you know which group you respond to differently and which one you respond without much incentive.
But the only way to know and understand these patterns is if you have the right analytics of your company’s growth. Growth isn’t guess work. Growth is deliberate. You can only grow by a conscious effort.
Study your growth channels and pattern the behavior of your clients gotten from the analytic, and personalized your approach for each of them by grouping.
- Potent and efficient marketing
The all-encompassing experience you really want to create is marketing. That’s the more reason you have to be careful in directing it to fit with the specific demographic you want.
Supposing that this is accurately done, when many customers send their requests they will feel like a friend is tendering to their requests. This also helps to create an interpersonal connection and only quantification can get you to this level of rapport.
Analytic data collected from your customer helps you to know their thoughts which also give room to more effective communication.
- Becoming more enlightened about incorrect assumptions
Ignorance they say is no excuse. That’s the more reason you should not base your findings on assumptions. Most small businesses, unlike big businesses, are ignorant about the happenings around them.
Problems are inevitable when you are ignorant about the collection and collation of data on how your business operates on daily basis. This is why I use analytics tools to keep track of my company’s growth.
Know your numbers — that is one of the profound lessons I learned from my mentor. To succeed in business, you need to make right assumptions that are backed with facts gotten from the growth metrics of your business.
When you have these numbers in front of you, then you’d know just how fast your company is growing, and whether you and your team are meeting up with the growth goal for that month.Business & Finance Articles on Business 2 Community