As a high-growth, small-mid-size business owner, you may be overlooking a powerful and profitable asset in your business. Data.
Every business activity creates data: your marketing, your customers, your products, and your services. Very few companies have the time, knowledge, or skill to extract and analyse their data. And the ones that do are able to take advantage of opportunities that others can't.
Here's a list of the eight most common sources of data that can deliver immediate results for your business.
Harness these 8 sources of valuable business data
1. Customer data
80% of your revenue comes from 20% of your customers. Do you know which of your customers are the highest value? Would it be useful for you to see similarities between that data, to help with targeting high-value new business?
2. Marketing data
We know that marketing is one of the most significant business expenses. Are you spending more hoping for better results, or are you making every penny count? Can you readily measure the effect of each marketing effort, whether that's in £ value or some other valuable business metric? If the answer is no, there are substantial potential cost savings up for grabs.
3. Leads & opportunities
Everybody needs a healthy and consistent sales pipeline. Are you effectively monitoring yours?
4. Transaction history
Historic purchases give us a wealth of knowledge about our customer's buying habits. Do you know how much an average customer is worth to you over their lifetime? How long they could be a customer for? Or how often they like to re-purchase from you? These are just some of the invaluable insights you can take advantage of.
5. Product information
Understanding product performance can open up many new avenues for additional revenue streams. Which items sell best on their own versus with other products? What are the best combinations of services for customer satisfaction? Knowing the answers to these questions can inform your sales strategy.
6. Communications
Monitoring the ways you talk to customers (and the way they speak to you) via emails, social media, support requests etc., can indicate customer satisfaction and give you actionable feedback on where to improve. Do you know how often customers are contacting you and what their sentiment was towards the interaction?
7. Online behaviours
Your website is an excellent opportunity for digital marketing and lead generation. You can quickly learn which content resonates best with your customers and which areas of your site are most effective at converting a purchase or lead. Are you utilising this rich source of data, or is it lying dormant?
8. Financial data
No matter which industry you're in, you have a finance department. And it's here where the real value of your business is defined. Are you able to monitor how operational changes affect the bottom line, or do you wait for the quarterly report to tell you that things need to change?
Need help getting started?
Our data discovery workshops help you access, analyse, and leverage your data so you can:
- Make better decisions
- Grow business
- Increase profits
By defining the highest value opportunities from your data, we've been able to generate additional six figures in revenue for our clients, delivered time savings of up to 100 hours per month, and enabled leadership to be more tactical in their decision-making.
If you wait for the perfect time to start, it'll be too late. With a small shift in mindset around these common objections, you'll begin to see that your business is in the perfect place to embark on your data-driven journey.
We're confident that not only will it deliver you a return on your investment from a financial perspective. but once you have access to regular, automated, and meaningful business insight you'll begin to thrive as a modern business.
