Data's a lot of power if you know what to look for and how to harness it. Scott Crockett of Everest Business Funding says that you can leverage analytics for business success, helping you not only break down sales but also inform your decisions across several areas.
Today's business leaders can utilize data for everything from segmenting customers to predicting the future to making key decisions based on what the numbers tell you. You can gain a competitive advantage by learning the proper tools and techniques that can help you collect, analyze and interpret your data.
Here are some of the best ways that data can be used to improve your business.
Get a Grip on Your Customers
Every business wants to make more sales. To do that effectively, you need to understand your customers. Who are they? Where are they from? What makes them tick?
Data analytics can help you better understand who your customers are now and who they're likely to become in the future. You can analyze online reviews and integrate surveys to see what your customers like and don't like. You can create full customer profiles to analyze what they've purchased and suggest similar products they might be interested in.
By utilizing the proper data collection tools, you can ensure that you're analyzing all the data that's being fed to you from every channel through which your customers interact with you.
Fine Tune Your Marketing
Marketing is a key part of any business, but it can often be a very expensive aspect if you don't do it properly. By leveraging analytics, you will be able to see in real time how your marketing campaigns are performing and whether you need to make any tweaks to gain better results.
Before all this data was available, you'd have to wait until a marketing campaign was closed to see whether you spent your budget wisely. That's no longer the case today.
By leveraging the data available to you in real time, you can see how your target customers respond to the messages you're sending and whether your target customers are even seeing them in the first place. If something's not performing as well as you'd like, you can use the data to fine-tune your marketing message so you get the most out of every dollar you spend.
Root Decisions in Data
Scott Crockett says that business leaders can leverage analytics to improve their organization's agility. They can do this by rooting their decisions in data.
This means that when you set KPIs and OKRs based on progress and outcomes that can be measured in data, you'll be able to make decisions based on that data -- rather than on conjecture or some other subjective means.
To do this, you'll have to trust the data being fed to you. If you're confident that you have the right tools and systems in place to collect the proper data, then you just stick by it and follow the story that the data tells you.
About Scott Crockett
Scott Crockett is the founder and CEO of Everest Business Funding. He is a seasoned professional with 20 years of experience in the finance industry. Mr. Crockett’s track record includes raising more than $250 million in capital and creating thousands of jobs. Scott has founded, built, and managed several finance companies in the consumer and commercial finance sectors.