Crunching Numbers: Why Data Analytics Matter for Your Small Biz

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Data delivers key insights you can use to grow your business.

In a world where dreams come true and possibilities are never ending, it only makes sense that data is now helping to shape the reality of our future. After all, data delivers insight, answers questions, provokes thought and yes…even helps to make dreams come true. Keeping this in mind, how have you applied data to your business? And more importantly, how have you applied the analytics from this data to your business?

When you leverage data analytics, you leverage the opportunity to strengthen your business in a variety of ways. From identifying best practices in your unique business to clarifying future investment decisions to retaining customers thanks to understanding their habits more clearly due to data, the opportunities are truly endless. To help kick start your own efforts, consider the below reasons why data analytics should begin impacting your business today.

Reason #1: Data analytics delivers insight that human instinct can’t do alone.

As entrepreneurs, Gigprenuers, professionals, and even consumers, the human instinct undoubtedly impacts decisions made day in and day out. This being said, instincts are not to be overlooked. Instincts combined with data analytics present a powerful combination for businesses looking to enhance their marketing and selling strategies. Using data analytics you can help forecast future consumer behaviors while also helping to enlighten decisions on future business plans. For example, incorporating predictive analysis into your data review can shed light on new ways to strengthen your business – and ultimately give decision-makers more clear insight on how to better support their brands.    

Reason #2: Data analytics can help support your marketing efforts.  

The coolest thing about data is that it truly offers endless opportunity. Among the countless reasons to appreciate it includes being able to apply data to your marketing strategy. Among the ways you can do this is by creating an infographic based on your website data, then sharing this via social media and other consumer avenues to engage your audience. Additionally, you can apply details gained from your data analytics to best determine what you focus your marketing efforts on…whether it’s increasing social media, enhancing email communication, ordering specific inventory due to data review, and more. Again, the opportunities are endless when it comes to using data to help your business. The catch is to take the time to begin the analytics process.

Reason #3: Data analytics can move you forward versus keep you behind.

When incorporating data into your business strategy, you welcome opportunities to positively move forward in your business efforts. The key is to react to the data you gather so that you can make influential changes for your business versus simply collect data and not do anything with it at all. By analyzing data, you are proactively working towards a stronger future for your business – something businesses of all sizes can appreciate.

Finally, remember where your strengths are and remember that if data analysis doesn’t fall into this category it’s still necessary to incorporate data analysis into your regular work routine. Leaning on others who excel in this area is a great way to gain much-needed insight into your business while also opening up time for you to do what you do best. Combined, these efforts are bound to help you increase your work performance and your overall efforts at making your unique dreams come true.
How do you leverage data analytics for your small business? Tell us in the comments below! 

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Nicole Leinbach Reyhle
Nicole Leinbach Reyhle is the Founder and Publisher of Retail Minded, the Co-Founder of the Independent Retailer Conference and a regular contributor to various publications. Additionally, Reyhle is the Author of the book “Retail 101: The Guide to Managing and Marketing Your Retail Business” from McGraw-Hill and has been the Spokesperson for Small Business Saturday from American Express since 2014. Follow Reyhle on Twitter at @RetailMinded.