Data Analytics in 2019 -- What It is and Why It Matters To Small Businesses
The world has come a long way from relying on local customer feedback and word of mouth as the primary form of getting analysis. Surveys are now carried out even when the customers are not aware of it, and the information can be used while the users are kept anonymous. In a fast-paced world, information is worth more than products and services; information is everything these days. So, why should small businesses not get a bite of the big information pie too? And luckily for small businesses, data analysis is becoming cheaper every day.
One of the major reasons why automation and analytics are needed by small business is because it saves time and provides the information that is relevant to the business. The reason why automation is so important is that a ton of data is produced by users every day, and you don’t want to be the one sorting through terabytes of data to find what information is relevant to your business. Therefore, you let the computers do it for you.
What is analytics for small businesses?
What this refers to are the techniques and practices that allow a small company to measure its performance; the measurement could be on an operational or strategic level. It allows the use of small data sets to analyze the process of the company.
So how then can data analysis benefit you?
Here are some of how you, as a small business owner, can benefit from data analysis:
Lead Tracking: I like to describe your lead as those things (customers) that help put you in the lead. It would be best if you had something to show you where your best customers are coming from, and data analysis can do this for you.
Design market campaigns that work: With data analysis, you now know what works for your company and what doesn’t. You can, therefore, use the information you have to develop effective campaigns that would help reduce the cost you pay to acquire customers, while also increasing your return on investment in terms of potential customers acquired.
Make product and services that matter: it used to take a team of scientist, analyst, surveyors and willing customers for companies and businesses to know exactly what kind of changes the customers want to see in a product or service. With data analysis, all of this information can be taken of a computer screen and put to good use by an SME. I understand that companies still like to get organic feedback from customers, but it is much better and effective when there is data to back it up.
Social Media as an alert system: Now, with social media, you can track customer interactions, your mentions, and the reception of certain changes to your product and services. The information gathered this way can always be used to customize how you respond to customers or converse with them to create a buzz that keeps them interested in what you offer.
There are so much more benefits that you can derive from adopting analytics, and there are lots of tools out there to help you do that. Google analytics is a very good example of an amazing tool to use. Take hold of this opportunity and take your company to the next level.