In a recent article, Bernard Marr, analytical data specialist, stated: “While the average small business has less self-generated content than big companies, this does not mean that vast quantities of data are off-limits.“ Big data is best suited in many ways to small businesses since they are more flexible and able to react more quickly to knowledge and insight based on data.”
According to a report from Forbes on research by Deloitte, “49% of those who questioned stated data allow them to think more critically, 16% believe that it better supports major strategic goals (meaning better target market segment strategy) and 10% typically help to build customer and partner connections.“ However, you have to learn how to extract the most value from your data to fully use data and analytics.
So, what exactly does that mean? These are different ways in which data may help companies of all sorts, especially SMBs.
Discovery
Deep dive client interviews should be used to complement company strategy, use data, and your instincts when deciding what to develop next. Clients (or candidates) you speak with may be chosen because of input they’ve given or because they’re inside of a sector you’d want to learn something about. These conversations will provide you with a predetermined set of the most significant unmet requirements, as well as information on the market size.
Create and construct
When you have a clear grasp of the issue you are attempting to address, begin by demonstrating some ideas to the target consumer of your new product. Static pictures, landing sites, textual explanations, or marketing material may all be used—this aids in narrowing the feature set and marketing strategy. Keep testing prototypes for usefulness, ease of understanding as your knowledge and quality of your solution improve when you’re about to launch a new product, conduct betas, and test the live code with consumers.
Launch and assessment
Track use and consumer feedback once a product has been released. Always follow up with consumers who give feedback, but in the beginning, you may want to spend more time in 1:1 follow-up conversations with customers to gain more knowledge. You might also think about doing some user evaluation on the actual business with individuals who haven’t used it. All of this contributes to gradual gains or flows into the exploration stages of a product solution that you may develop.
Higher performance
Stated, data enables you to assess performance. Sports organizations are a fantastic example of a company that collects performance data to improve its teams. Today, no professional club has a staff of analytic tools and researchers to assist support and enhance performance on the field. They are constantly updating statistics on who is doing what efficiently and how that may help the organization succeed.
Have you ever questioned how your team, department, business, advertising initiatives, customer support, logistics, or other departments are doing? Data collection and analysis can demonstrate to you how this is all working and more.
How would you know whether your money is being well spent if you don’t know how well your workers or marketing perform? Or if it generates more revenue than it consumes?
Assume you have an exceptionally highly salesperson to whom you send the majority of prospects. However, a closer look at the data reveals that she closes transactions at a lesser rate than one of your other sales representatives, who gets fewer leads but closes them at a more significant proportion. (In fact, here’s an easy way to monitor sales rep effectiveness.) Some performance data may influence how you part out prospects, which can lead to higher income. Data on performance gives the clarity required for improved outcomes.
Understanding your consumers and market requires the use of data. Are your marketing efforts successful? How can you imagine how much money you make or spend if you don’t have data? However, if you don’t have the proper tools to assist you in comprehending the data, it’s simple to become lost in it. A BI solution tailored to SMBs is the most excellent method to access and understand customer data, allowing you to utilize it for increased sales.
Today, using data to manage your company is standard practice. You will become a company of the past if you do not use data to discover insights that can lead your firm into the future. Fortunately, information processing and presentation advancements have made it simpler than ever to develop your company using data. And there are tools to help you accomplish it.