3 Ways Small Businesses Struggle With Data
Small businesses are usually strapped for resources, money and time. However, having good data can be both a lifeline and a competitive advantage. Here are the top three struggles that small businesses are faced with when it comes to data.
Struggle #1: No time to analyze the available data
When you are busy serving customers at the restaurant you rarely have the time to stop and look at what menu items are popular and what are not. After all, you have ten tables that are in need of coffee refills. But if you do find an hour or two to analyze which selections are popular and which are not, you can make important changes. Analyzing orders over time can uncover new trends andall you to adapt what you’re doing so you can attract new customers and keep your existing patrons happy. An alternative to trying to carve out time to analyze your own data is to hire a professional freelance analyst who will be able to help uncover new insights for your business.
Struggle #2: No budget to spend on technology
More and more new technologies are flagging the marketplace. They can assist with anything: from the monitoring of social media to summarizing of all your digital marketing in one place. This can present challenges, not just from an integration perspective but also from a budget perspective. However, you may not need the latest technology to keep track and analyze your data. Google Sheets might do the trick. There are also other great tools that are free or close to free of charge. These tools might not have all the bells and whistles, but they work well enough with a small amount of data. A bit of research can go a long way to identify perfect tools for your business.
Struggle #3: Hard time collecting data
You have probably heard that data is the business’s biggest asset. But how do you start collecting data and what data is actually useful? The answer is that data can be collected in various ways. You can observe your customers and prospects online using tools such as Google Analytics, Social Media and so on. Offline, the data may be accumulated by monitoring the types of customers and prospects that come to your store. You can also gather data by asking your prospect or customers for their names, Emails and other information that is relevant to your business. Valuable data can be collected in an online form, at a cash register or by conducting a customer survey.
You can transform struggles into opportunities with a bit of effort, a small budget and creative thinking. The first step toward turning your business into a data driven business is to start collecting data in any shape or form. The second step is to analyze the acquired data. Data analysis, in return, will provide the insights that can help drive your business forward.
About the Author
Anna Kayfitz is C.E.O. and founder of StrategicDB
Corporation, an analytics and data cleansing company. StrategicDB Corp
. helps businesses get more from their data. By analyzing sales and marketing data, you can derive tremendous value for your business. StrategicDB offers data cleansing services because no analysis is possible if you cannot trust your data. Some of our services include: segmentation modelling, dashboard building, market basket analysis, lifetime value analysis and much much more.