As a small business, you may think you don’t have enough data to extract and utilize for your business strategies and goals. But, it’s not just the big corporations that can turn past and present data to predict and create better operations and marketing strategies to increase profitability.
Every business creates more data than they realize and every part of it can be used on a metric or another. Data can be extracted from your sales receipts, email reports, social media analytics (Facebook or Instagram), website analytics (your own or of another you use for sales like PayPal or Stripe), streaming data from connected devices, publicly available data, and data lakes.
Customer demographic information
- Create an overview of your customer profile so you can use that information to target more customers of similar demographics.
- Monitor the number of customers you can retain in a given period of time and the average years of customer loyalty. That way you can direct marketing strategies on customers and understand what you need to increase retention.
- Track how many people that come across your platform or product turn into customers and analyze ways to improve the rate.
- Conduct complete customer review analysis and track your customers’ reactions by things like keywords and tone of reviews.
- Identify weaknesses and failures in all aspects like time tracking, ordering, invoicing etc. to increase operational efficiency and make smarter decisions.
- Track how long it took the product to move through different stages and strategize ways to optimize that.
- Control, track, and analyze the quantity and quality of your inventory so that you order exactly what and how much you need.
Employee Performance tracking
- Tack and monitor the performance of your employees to optimize your operations with limited resources and oversight.
- Monitor your spending on suppliers, subscriptions, cost of gaining or losing each customer, return on investments (ROI), etc.
- Optimize pricing strategies and help design the right products and services.
With the rise of 5G, and it’s ability to increase productivity ten-fold with the Internet of Things and incredible connection speed, there will be more data than ever before. Make sure you’re ready for that big wave before it hits you. Use the tools available to get the best of Big Data. Sign up here to learn more about ArboHQ.com, your next bookkeeping and data analytics best friend. All you have to do is link your bank accounts and you’ll get a finished analysis of where your business stands and how far it will go.