business intelligence

Data Yields Results for Small/Medium Sized Business

Small/Medium Sized Business Data provides actionable intel. The use of data to create more targeted advertising continues to grow and become more sophisticated. Big-name companies have been utilizing it for years, but there is an uptick in small to medium sized businesses that are embracing the concept and see the undeniable benefits. Many small to medium sized businesses think that they simply can’t afford to invest in data about their customers. Actually, it’s quite the opposite. As a small to medium sized business, you can’t afford not to invest in data. Without solid information about customers, their purchasing patterns and potential to purchase, any investment in marketing is like shooting an arrow in the dark and hoping it gets somewhere near the target. Utilizing data is essential to growing your business. Here are several reasons why: Data is a good predictor of future buying habits: Utilizing data can provide a specific customer profile that not only defines demographics but also psychographics. It can paint a picture that enables you as a business owner to develop promotions based upon past successes and not mere assumptions. Data increases profitability: The use of data can provide an overview of a companies busiest times or highest volume of sales. This information can be used when scheduling employees so that payroll is not being wasted. Data provides the competitive edge needed: As a small to medium sized business, understanding competition is crucial to success. Data can provide the competitive edge needed to survive as a small to medium sized business. It enables businesses to be able to view the effectiveness of particular marketing efforts and provides information for future promotions. Data enables businesses to offer personalized solutions for consumers. Data enables you to really understand your customer: It’s not enough today to know basic demographics of your customer in order to stay ahead. Understanding why customers make their buying choices is essential. Data pulls together information from multiple sources and tells the story of the customer, their buying habits, likelihood to buy in the future and where to reach similar customers. Data not only maintains current customers, but helps target potential customers: Customer retention is key to success. Remember the old adage: 20% of your customers produce 80% of your business so understanding them and being able to retain them is absolutely essential. Data helps solve problems: Data provides insights as to what a business is doing right as well as what they may be doing wrong and enables them to tailor specific solutions to address these issues head on. Approximately 23 percent of small to medium sized businesses are utilizing data in some manner. Of that 23 percent, 73 percent report positive outcomes. Following are benefits that these businesses are reporting: 67% report that it helps them retain existing customers 65% say data helps improve the overall customer experience 44% report the benefit of being able to segment their small marketing lists This infographic provides great insight into how data provides key information about the customer […]

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