 Image via Pexels Any business that's serious about growing and innovating should be using a data-driven strategy. If you're not using data analytics, your business will be overtaken by competitors that are. Consider joining your local chamber of commerce to network with other businesses and learn about analytics, marketing and business planning. These tips from OmniMarketing2020 will help you get started. Collect as Much Data as Possible Today's businesses have access to an unprecedented amount of data and cheaper, more accessible tools for processing it. This has democratized data analytics, allowing businesses of any size to quickly and accurately make decisions about everything from how much inventory to carry to what sort of products to focus on and how much to spend on marketing campaigns. Analytics is often viewed as "just a part of IT," getting just 10 to 15% of the resources of the IT department, but your growing business should dedicate separate time and resources to analytics. Once your business starts using analytics as a way of driving decisions and starts asking the right questions, the power of all that historic data quickly becomes apparent. Base Your Marketing Plans on Firm Data Data analytics can help your business understand who your target audience is and when they best respond to your plans. Once you realize the lifetime value of a customer and the cost of acquisition, it's easier to work out how effective your marketing campaigns are. With that knowledge, you can focus on scaling your marketing efforts. Social media marketing is a popular tool for many growing businesses. If you're considering running an ad campaign on Instagram, first it helps to know how much you're willing to spend per click. Your budget will be based on your expected conversion rate. Remember, Instagram marketing works best if your images are designed for the platform. You may need to resize images if you were previously using them on Twitter or Facebook. Online image resizer tools are ideal for this. Just upload the image, select your preferred platform’s 'image type,' resize the photo, and download the new version to use. Manage Your Cash Flow More Effectively Nobody can truly see the future, but predictive analytics can often come close to offering a crystal ball. Imagine you run a shop, and you know the demand for different products waxes and wanes depending on the season. Predictive analytics helps with inventory management and cash flow forecasting, so you have a good idea of how much stock to buy. It can also be useful for risk management and deciding how much (and when) to focus on customer acquisition. Some analytics software allows you to view the details of up to 24 months of transaction data, which you can categorize and drill down through to get deep insights. You can even view real-time information, so you can see the impact of changes you've made as it happens. Knowledge Is Power Analytics can help drive decision-making about marketing, R&D, risk management, and cash flow. A business that uses tools such as predictive or prescriptive analytics effectively can forecast future trends and truly understand its current status, giving it an edge over the competition. OmniMarketing2020 is an established boutique consultancy that will help you formulate a focused digital strategy, from building your e-commerce presence to deploying the latest in visualization tools. If you have any questions, please email us at richard@omnimarketing2020.com.
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