7 Reasons Why A Specialty Business Needs to Use Data

You may not think that your business is the type that needs to use data. Think again. Every business should be using data to help tailor their products and services to their customers. It doesn’t matter if you are a marketing agency or a cupcake shop—using data can help you rise to the top. Here’s why:

1. Intuition will leave you behind.

Don’t just rely on your intuition. While data is precise, gut decisions are not. Data will complement your intuition and experience and will catch you up—if not get you ahead—of your competition. Chances are, they are already using data and will continue to forge ahead the longer you wait. Don’t just react to what is currently happening in both your business and in your competitors’ businesses—make innovative decisions based off of your own data that will bring your company to the front of the race.

2. Data can transform your business.

If you invest in data and learn how to use it properly, it can transform your business. Using data will give you new ideas about how to grow, as well as help you envision long-range innovations. Data truly is a more formal and accurate approach to helping your company develop and grow. Not only will it allow you to become more effective, but it will also make your business and work much more efficient.

3. Data will help you target your consumer.

Data will help you figure out who you need to target your marketing, products, and services to. Who visits your site the most? Who purchases which products or services most often? Age, gender, ethnicity, education, and geographic location are all examples of data that should be gathered to target your audience as accurately as possible.

4. Data will help you set goals.

Gathering data can help you figure out where your business is at and where it needs to be. As you continue to collect and analyze data, you will be able to see how it changes over time. This will help you set specific goals within your company, such as how much you want your revenue to grow, how many more sales you want to make, or how many more visitors you want visiting your website each month. Make sure that these goals are realistic, but will also push you and your employees to work harder and more efficiently.

5. Data will get your employees involved.

Using data can help get your employees involved in innovation ideas. Share your insights with them and ask them for ideas in return based off of the data you have collected. The best ideas in a company often come from the employees, especially those who are closest to the actual work. Involve them in the data gathering and analyzing process–after all, they are the ones who are dealing with the product and customers every day, and they may have extra data or other information that could be valuable to your business.

6. Your data already exists.

Did you know that a lot of your data already exists? All businesses collect data in some way, whether it be from a cash register, conversations, customer behavior, etc. Take advantage of this easily gathered data. It can be expensive to gather data in other ways and figure out how to use it, especially for small businesses. Keep your eyes open, make notes, and take advantage of the data that is already sitting right in front of you.

7. The earlier you start, the better.

You may be thinking that you don’t need to use data until your company has grown to a certain size. However, this just isn’t true. Data is important for businesses of all sizes. The earlier you start, the better your decisions will become over time. Don’t wait until it is too late—anyone can afford to use data, even if it is just a small amount that you can gather from your own observations. Then, as your business grows, you can begin to collect and analyze more and more data over time.

Start now.

Now that you understand the importance of using data, it’s time to begin. It might seem overwhelming at first, but fortunately we’re here to help. Our BI software will provide you with all the data you need and will keep it organized and easily accessible. Try it today to take your small or medium business to the next level.