Data Analytics are the tools in your toolbox that will guide nearly everything you do. They inform most of the decisions you make. That is because those tools are the lens through which you can view all the nuts and bolts that go into making your business run.
Identifying Your Target Market
You can only grow your customer base if you identify who and where they are. Age, income, lifestyle, and location are critical bits of information that can help you determine marketing and even production as you tweak your product or service to meet demand. One study has revealed that 83% of customers are willing to share their data to create a more personalized experience, with 91% saying they are more likely to shop with companies who offer more relevant offers and recommendations. You can see then how customer analytic software can be worth its weight in gold. It’s an investment that could very well be the backbone of your company’s success.
No matter where or who your target market is, one thing is certain—they will also respond more positively to an ad campaign with visuals, primarily photos. A lot of your audience will be on Instagram, but you’ll need to resize any photos you have to fit their format. You can try free templates for instagram posts to help accomplish this. Online photo resizing tools are fairly easy to use and take only a few minutes.
Your initial product may have been what launched your business, but that doesn’t mean you might not need to make some changes. Analyzing who is using your product and how they’re using it can inform how you make changes to an existing product, and how to develop new ones. Manufacturing analytics also provide you with information on safety, quality control, supply chains and help in lowering overall cost. What used to be a trial-and-error process has now been, thanks to data analytics, a far more effective way of determining product development.
This all-important aspect of growing your business and retaining your customer base comes with a software tool, too. In order to provide the best relationship with your customer, all your staff should be on the same page, from marketing to sales and all points in-between. Utilizing CRM (Customer Relationship Management) software keeps track of all your customer interactions, giving you a complete view, including keeping track of your sales.
Having visibility on how and where your company is spending its assets is critical for its short-and long-term viability. Software is available that can track detailed transaction history over a twenty-four-month period, including geographic, merchant, and category information. There are intelligent bpm solutions (Business Process Management) available that can take in the various sources of data produced by your CRM software and other platforms to effectively optimize critical functions of your business. Accelerating these complex functions enables you to do business faster and more efficiently.
Perhaps the most ubiquitous source of data in any business is accounting records. Regardless of your industry, investing in easy-to-use accounting solutions are always worthwhile. In the construction industry, for example, having cloud construction accounting software helps ensure that jobs finish on time and on budget. But having the data and software isn’t all that’s required for good accounting. You also need professionals. If your business requires the services of accounting professionals, trust the services of Perpetual Resources to provide the accounting help your business needs.
Risk comes in many forms; financial uncertainties, legal liabilities, technology issues, strategic management errors, accidents, and natural disasters. You’ll want risk management software that’s easy to use and also provides a comprehensive overview of risk and solutions. The investment is well worth it when you consider the cost of leaving your risk up to fate.
With so much data available, it makes good business sense to take advantage of everything it has to offer you. Investment in a few collecting and analyzing tools can make the difference in how big your business grows. And you sure don’t need software to tell you how valuable that can be.
Perpetual Resources, Inc. has been providing business consulting, income tax and accounting services since 1994. Dan Selner and his staff of professionals can help manage your accounting tasks so that you can concentrate on running and growing your business. Our approach is to partner with you to help your business to become more effective by making the accounting process more efficient so that you have the information that you need to make business decisions and help you to trim expenses wherever possible.
For more information, please visit our website or contact us today!