IBA, as the premier business brokerage firm in the Pacific Northwest, is firmly established as a respected professional service firm in the legal, accounting, banking, mergers & acquisitions, real estate, and financial planning communities. Periodically, we will post guest blogs from professionals with knowledge to share for the good of owners of privately held companies & family owned businesses. The following blog article has been provided by Ali Abbas:
How Data Analytics Can Enhance Business Growth Opportunities for Entrepreneurs?
The modern world is a data-driven era. Thanks to the advanced tools that have made every decision well-versed and comprehensive.
Well, this has never been an understatement.
Business decisions backed by research and data analytics have led to the best results in every possible field. Data is indeed the king everywhere and has reigned supreme with its presence and practicality. Data analytical technology has borne dramatic changes in the past decade and keeps evolving.
This blog is all about getting the most from the data on all fronts in business. Let’s find out how data analytics can provide the maximum business growth for entrepreneurs.
Better Targeting of Customers with Business Analytics
Having a sneak peek into the minds of customers using data analytics tools will never be old-fashioned. Researches have shown that marketing decisions made with the help of data can increase business productivity by up to 15-20%. Data insights can result in delivering prominent actionable insights by segmentation and categorized targeting.
Thus, the data analytical tool can help entrepreneurs:
- To track the needs, behavior, demographics, and patterns of their customers.
- Tailor the ads according to the preferences and demands of the customers
- Track real-time analysis regarding how customers feel and respond
- Craft and make marketing campaigns for the best conversion and business engagements.
A Quick Check on the Expenses with Operational Efficiency
Business is all about saving and investing in every worthwhile opportunity. But when the investment hits the wrong target, the probability of potential risks increases. Hence, to reduce the areas of inefficiency and gain the maximum returns, the usage of data powered by data analytical tools becomes crucial.
Entrepreneurs can anticipate changes and make quick alterations with optimizations in the working of their operations, thus reducing any future uncertainty. Furthermore, monitoring energy consumption and employee productivity can directly impact the overall growth of the business.
For instance, Food service market intelligence tools used in the food industry can give some real-time value and knowledge on food services and other areas with many emerging trends. The restaurant businesses can thus channel their resources and energies into potential fields to satisfy the maximum needs of their customers.
Data can:
- Help manage inventory resources more efficiently
- Track the performance of the staff and customers
- Maintain an efficient record of the logistics with asset maintenance, shipments, and deliveries using records.
Gives You Endless Possibilities in Lead Generation
What the customers desire, what they are searching for, and what channels they use, everything is considered while generating leads. In addition, historical data facts can help monitor lead engagements and conversions. Entrepreneurs will know which social media platform their customers are most interested in and interact full-heartedly.
Hence, when the audience is served well, it treats the businesses well. This forms a chain of leads by word-of-mouth. Besides lead generation, data analytics tools also help in lead nurturing by optimizing the follow-up process. When preferences of the customers are known, businesses can focus on outreach with more personalized messages.
Adds Value to the Business
The business gains more momentum and value for every right decision made using the power harnessed from data. Thus, big data analytics and the profitability of the business venture go hand in hand.
Similarly, when business entrepreneurs start understanding the customers and tailoring their products and services according to customer needs, decision-making succeeds. It succeeds in such a manner that businesses beat the risk to a certain extent and start predicting what works best for the businesses.
Data-driven decisions will always give a competitive edge to its customers by framing the best customer retention strategies. Overall, real-time data is the key to capturing growth opportunities via agility. The result will be accelerated growth with a life-long and sustainable path to success.
Enhanced Decision Making
Data analytics has shown itself to be the linchpin in the transformative journey of businesses. When the management has deep insights into what’s going on and what should be avoided, they can make clear decisions ensuring the success of the business.
Predictive models can beat what-if scenarios and prepare the businesses to compete and be ready for the best. All in all, data and customers are the kings. Visualizing the customer journey through data mapping can foster a culture where growth and success thrive.
Final Thoughts
In the world of big data, when every advanced decision is based on it, the reliability and quality of data itself is the question to answer.
Yes, data comes with its own set of vulnerabilities.
Hence, entrepreneurs must use the most reliable and authentic data analytical tools to get their best shot from the data.
Strategic tracking and organization of data will help in protecting it from attacks and breaches. That is why businesses must ensure that they make the best use of data analytics to get the maximum ROI (Return On Investment) and stay ahead of their competitors.
If you have questions relating to the content of this article, Ali Abbas would welcome inquiries. Mr. Abbas can be reached at ali.brizometrics@gmail.com.
IBA, the Pacific Northwest’s premier business brokerage firm since 1975, is available as an information resource to the media, business brokerage, mergers & acquisitions, real estate, accounting, legal, and financial planning communities on subjects relevant to the purchase & sale of privately held companies and family-owned businesses. IBA is recognized as one of the best business brokerage firms in the nation based on its long track record of successfully negotiating “win-win” business sale transactions in environments of full disclosure employing “best practices”.