Data collection and analysis is one of the most crucial things a small business can do to grow and improve.
Although collecting, processing and analyzing data can be expensive and time-consuming, especially for a business that is just starting out and has limited funds, the more data you can access, the better.
In this blog, you will find three key reasons why your business should be prioritizing data collection and analysis in order to grow.
1. Data Collection Leads To More Accurate Marketing
When you start a business, you might not be able to predict who will take to it and what your target audience will become.
Using this website, for example, to further understand your target audience and why they choose your products and services, you can see things more clearly.
Although you run your business and know it inside and out, the perspective of your customers is incredibly insightful and meaningful.
This is because the longer you spend in the belly of the beast, the more tricky it can become to see your company from the eyes of an outsider.
By expanding your data collection through sales analysis, web content, ads and social media, you can better understand how your customers see your business and therefore tailor your marketing to your audience’s needs.
2. Data Equals Knowledge
In personal relationships, the more you know about a person, the more you can be a better friend, partner or colleague to them.
Understanding someone’s background, age, gender and interests lets you treat them better overall, right?
In business, the same rules apply. Using data collection technologies you can find out more and more information about your customers, allowing your company to be a better ally to them.
How can you fit their needs better than your competitors? Which ads are they more likely to click on? What time of day do they usually online shop? All this information is out there and ready for you to take it.
3. Social Media Gives You Data For Free
You might be thinking, ‘This is very nice, but I can’t afford this level of data processing.’ But even if your business is too small to have a large budget for data processing, you can use free tools like social media to gain insights on your customers.
Tools like Instagram give you accurate data on your engagement, helping you to better understand the type of content your customers enjoy and what leads to clicks, and in turn, profits.
Crucial data such as the time of day you should post for the most engagement, the type of post which gains more reactions, and the type of social media user who follows and engages with your content, are all free to explore using social media’s business analytics tools. It’s all yours for the taking if you look in the right places!
In conclusion, your business’ priorities should lie in accessing and processing as much customer data as possible.
In order to compete in your industry, this data will help you expand, hone your marketing and give your audience what they want.
- DISCLOSURE – This post has been written by an outside source
