As a Small Business, You Need to Understand Your Data

Data is a lot more powerful than many small businesses realize. If used in the right way, it can guide your business strategy and inform numerous aspects of your business from digital security to marketing. The problem many small businesses have with data is learning how to harness its power. Too often, small business owners decide to focus on other aspects of their company while ignoring the data side of things.

You can’t afford not to invest in the data side of your business. Below are five of the main ways data can improve your company and help it grow. 

1.     Stay competitive

Your competitors are using data to enhance their processes and improve their marketing techniques. If you’re not utilizing the data collected through your website, social medias, and physical store, then you’re at a disadvantage.

A competitive analysis is also a valuable tool you can utilize to enhance your business. Through data science, you can evaluate your competition to determine what exactly makes your business and product unique.  

2.     Make good decisions

According to a survey by Deloitte Analytics Advantage, 49 percent of executives say analytics helps them make better decisions, and two-thirds of respondents say that analytics play an important role in directing business strategy. Data has helped business owners make better decisions about customer service, marketing efforts, customer needs, and more. Ultimately, the right data can help you make smarter choices when choosing which direction to steer your business.

3.     Improve customer experience

Thanks to machine learning, you can analyze mass quantities of information such as clicks, searches, and more to determine what it is your customers need. The use of this information helps you anticipate what your customers want and create a more personalized experience. Many businesses use this information to suggest additional services or products and identify potential customers services issues. 

4.     Reinforce digital security

Data governance is the processes, policies, standards, and security of data usage within a business. Data governance ensures the efficient use of information and helps companies avoid the misuse of company data. Privacy regulations are also making data governance more and more critical as it helps define who can take action regarding various data inputs. Without data governance, businesses often face analytic inconsistencies that cannot be resolved because too many people are adjusting data details.     

5.     Understand business performance

The collection and review of data can help you see how your business is performing in various areas. Use data to track the effectiveness of marketing campaigns, advertisements, and even the effectiveness of your sales representatives. By understanding how your business is performing, you can identify weak points in your business strategy and start working to improve the deficient aspects of your company. 

Data management is vital in helping your company grow, and the need for analytics isn’t going away. Stay competitive by investing in data management programs so you can understand everything data can do for your business. 

Stay tuned, Spoten is here to disrupt commerce, and bring convenience and simplicity to your business and data structure. Contact us or download the app to start enhancing your customer shopping experience and automate some complex and timely work.