Businesses often start off with lots of enthusiasm, not a lot of money and a great vision! While it is tempting to jump straight into it (and sometimes this is still a wise route to take) most businesses will benefit if they set up an analytical decision making framework before they begin operations
This involves collecting, tracking, measuring and analysing various data points relating to sales, customers and marketing. Not only should you be collecting this data but you should also know how to aggregate it, understand it and use it to make better decisions
Which part of the sales funnel do you need to invest in to get the best return?
How much sales $s are lost due to customer churn?
Are you targeting your customers effectively based on their engagement and behaviour?
Which customers are more likely to purchase next and which products will appeal to them?
Which marketing channels give you the best return on your investment?
Here are a few tips on how to use data to combat business roadblocks
Slow down, don't stop!
Roadblocks are a sign to slow down, not stop entirely! All businesses will face challenges that may seem insurmountable. A dedicated business analytics expert can help you to identify what exactly is the hurdle
Is it too much staff or not enough staff?
Is it the quality of your product?
Is it the speed of shipping?
Is the bottleneck your own time, skills or availability?
Work to identify the true cause of the roadblocks rather than bulldozing through them and don’t be afraid to ask for help if you need it! Assessing your business performance, gaps and potential is best left to an expert who can mine though your business’s finer details in an objective way
Use fact not emotion
Business decisions should be based on fact not emotion. Revenue, market conditions, customer feedback and marketing are all decision points that will help understand
How your business is performing
What are the future opportunities
What channels should you be using
Whether the business is viable or not
Whether you are targeting the right market in the right way
Whether you and your staff have the right skills to lead your business into the future!
The data a business generates or collects - from staff to sales to customer reviews to marketing campaigns and more - can tell you everything you need to know to make business decisions and overcome roadblocks - if you know how to read it.
Collect data consistently and cleanly
There is nothing worse for a business than incorrect or incomplete data. Without data we are flying blind and risk making decisions that could be costly! Most modern business applications capture hundreds or thousands of data points everyday, this can quickly add up and become overwhelming! How do you choose which reports to look at and what should you do with them? In the face of dozens of reports how do you make critical decisions quickly?
The answer lies in having a clear business analytics strategy and goal. A skilled expert can help you build tailored reports, dashboards and strategies that identify bottlenecks and opportunities. While investing in expertise and tools does have a cost, often this cost is redeemed in increased productivity, better marketing ROI and more retained and acquired sales.
And finally, remember that the biggest successes come to those who look forward, persevere and engage in continuous learning. Businesses can struggle for reasons out of your control, just look at the entire 2020 year! When the roadblocks feel overwhelming, take a step back and look objectively at what your data is telling you.
Investing in business analytics and getting support from an expert can give you the edge you need over your competitors
Find out how Convert Dual can help you get set up for success and overcome roadblocks with data, contact us on hello@convertdial.com