How to Get the Most out of Your Small Business Data

Big data is a term we hear all the time now but don’t think it only applies to big business! As a small business entrepreneur, you need to know how to collect and use data to improve your business performance and your ability to survive into the future. Guest writer Sam Makad has provided the following summary of how small business can benefit from big data.

Technological advancements have made it possible for businesses to collect a variety of useful data that can help them grow. However, merely collecting the data does not imply that the business is actually going to grow. There are steps that need to be taken in order to make proper use of this data.

Some companies have enough financial support to conduct in-house business data analytics, whereas others opt for collaborating with other companies that specialize in business data analytics. Outsourcing this process is a cheaper option for smaller companies, but no matter if you are outsourcing or conducting this process on your own, it is important to know how to get the most out of the data you collected.

The following are a couple of things that you should keep in mind.

Using data for personalization

According to the Infosys study, 31% of customers want their shopping experience to be a bit more personalized. Achieving this goal is not completely possible until you have plenty of customer data to make this happen.

  • Personalized promotions – Product promotion is a process which involves a lot of funding. However, if you pick the right audience, it becomes an effective way of increasing your sales numbers. Customer behavior data is perfect for making better predictions about what the customers might be interested in. Creating specific promotions for particular customers is beneficial for both the business and the customer. The business experiences higher ROI numbers, whereas customers feel that the brand is actually thinking of their needs.
  • Up-selling – The acquired customer data is perfect for the up-selling process. You have all the important information to make a great package price for two or more items that you know your customer wants.
  • Location based offers – There are many businesses that achieve a higher number of sales in their hometown. With business data analytics, it is possible to determine which products are more popular in different regions. This can significantly make the process of organizing store layouts easier and help achieve higher sales numbers, while also saving money and time.

Using data for personalization is a perfect way of increasing the efficiency of a marketing campaign as well as driving higher profits for your business.

Analyze customer feedback

customer analytics

New software solutions such as live chat are a perfect way to communicate with customers and improve their satisfaction. However, collecting a variety of data is a perfect way to improve your services as well as the quality of your products.

One of the advantages that business data provides is customer-related information. To improve customer satisfaction, a customer support agent can use this data to establish a more personal connection with the client, letting him or her know how valued they are. For example, a conversation could go something like this:

“Greetings, Jack. I wish to thank you for being our customer for 6 years now. How can I assist you with (product name or service) and is it related to the issue you had when you contacted us 2 months ago?”

This type of approach is very fruitful. It’s a great way to create a lot of number of returning customers. Simply extract all the important data about every customer and provide it to your customer support team. The results are going to be astonishing.

Creating a more effective marketing campaign

effective marketing campaigns

Using business data to improve your marketing efforts is the best way to reduce costs, while profits go up. Following the prospect-to-customer path is achieved easily nowadays, as there is plenty of measurable data available in the marketing funnel. A classic marketing funnel consists of several parts, and closely inspecting each of them can drive significantly higher conversion rates.

  • Awareness – Raising awareness is a process that is now best achieved through your social media presence and your blog. This is the part when a prospect becomes familiar with your business and what it is about. After this, they move on to the consideration part, meaning that they are thinking about purchasing your services or goods.
  • You can monitor customer behavior on your website pages, and see how many of them came through various social media channels. By performing minor tweaks, it is possible to reach a lot more people.
  • Consideration – Monitoring this process consists of focusing on how many people end up on the purchasing page, that is, how many people go directly to the landing page to make a purchase. Improving the consideration phase can be achieved by using certain remarketing techniques.
  • Conversion – This step in the marketing funnel is followed by simply looking at how many people come to your landing page and which percent ended up converting. Conducting some landing page tweaks can significantly affect conversion rates, which is why businesses often change them and follow immediate results.
  • Loyalty – The marketing funnel does not end when the customer makes a purchase. It is later monitored whether a he or she will return. If not, it is a clear indication that the product, service, or support should be improved to increase customer loyalty.
  • Brand ambassadors – Creating brand ambassadors is the most important thing because it is a free form of effective marketing. Acquiring this data is conducted through a variety of feedback related surveys, questionnaires and product reviews. Ensuring that the customer becomes a brand ambassador is achieved through selling what you’re offering and delivering on all of the above mentioned funnel steps.

These are some of the best ways to get the most out of your business data. By using a variety of statistics, you can easily tweak how you conduct your business to improve customer satisfaction and your entire marketing strategy.

Author Bio:

Sam Makad is a business consultant. He helps small & medium enterprises to grow their businesses and Overall ROI. He is associated with ResearchOptimus.

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