How to make the best use of your SME's data?
Every day, companies obtain all kinds of data that are useful for business development. For this reason, we are increasingly looking for ways to improve methods, techniques and tools to help us get the most out of them. Read on to find out more!
Data is one of the best assets that digitalisation has left us.
They are the driving force behind the value and development of companies that want to succeed in this digital age. However, many companies can struggle with knowing where to look for data and what to do with it. This situation, if not addressed in time, can lead to a loss of the competitive advantage that data can bring to businesses.
In fact, according to the McKinsey Global Institute, companies that know how to leverage data are 23% more likely to acquire new customers, 6% more likely to retain them and 19% more likely to be profitable. However, this is only possible if we have the right knowledge and tools to extract, process, analyse and use it for decision making.
What are the most common data sources?
Website, suppliers, sales, newsletter subscriptions, invoicing... These are some of the data sources that small and medium-sized companies have if they really have an online presence. But what types of data can we obtain and from where exactly?
Companies generate much more data than we can imagine. For example, if an SME or a freelancer has a website and also has social networks, the data we can obtain from these online channels can be innumerable. Who visits our website, when they do so, how many times, from where they do so, which pages they visit. If our website is an e-commerce site, we can even find out how many of the people who visit us are the ones who buy, how much they spend, how they prefer to pay and what type of products they prefer.
In the same way with social networks, we can find out the age range of our users, their gender, the geographical area where they are located, their interests, among others. Moreover, if we add to this data the information obtained from an activity that logically all SMEs and freelancers in the world carry out, or should carry out, such as accounting, we obtain an essential combination of information.
No matter how small, all data is valuable and therefore worth analysing properly.
How to make the most of your SME's data?
Here are some ways you can leverage data to improve decision making, increase sales and give your business a boost.
- Get to know your customers and offer them better services.
Analysing the data we collect from our customers allows us to identify what their preferences are, how they think and what their behaviour is. It also helps us to detect emerging opportunities or trends. In addition, analysing our customers' and prospects' information allows us to engage with them at a deeper level to provide a personalised service that drives sales.
- Reduce costos y agiliza procesos
Data analytics can identify the costliest processes, redundant workflows and reduce processing errors in some processes. Also, data can help us optimise marketing resources, because by studying user behaviour, we can deliver the right message to the right audience and have a greater impact.
- Boost your business sales
Data analysis provides us with valuable insights into the customer lifecycle, allowing us to identify new ways to drive sales. Using the information we gain from our customers; we can develop products that better suit their needs or create offerings for new niches and explore opportunities for market expansion.
- Improve your team management
Collecting and analysing internal process data also has its benefits. We can identify which employees bring the most value to the company, or who require additional resources or training. The value of the information we can obtain from our employees lies in knowing how to identify and analyse the data that will help us increase productivity.
4 tips to make better use of your SME's data
- Technology can be our best ally. Choose a tool or data platform that is flexible and adapts to your business needs.
- Collect data from a variety of sources and focus only on the data you need, such as key business performance indicators.
- Implement new data warehousing technologies and analytical tools.
- As mentioned above, share information with different teams within the organisation and implement a data culture.