Data Analytics is a blueprint – a set of schematics that gives you all the information you need to start or grow your business. They are a glimpse into the building blocks of business, a picture of all the pieces that hold it together. You can see, therefore, how important it is to understand just how to make use of all the data you can access.
And there is no shortage of data available. In fact, it’s predicted that the amount of data collected by the year 2025 will be 163 zettabytes (one zettabyte equals about a trillion gigabytes). So, the question then becomes, how do you make all the available data work for you? Today, Hakbuzz has the answers.
Delegate Whenever You Can
One statistic you’re probably already well aware of is the number of hours in a day that you have to perform all the essential tasks on your calendar. Fortunately, there are hacks for virtually every industry. For example, if you own real estate, you may have realized that trying to manage your own property is not only time-consuming, but it’s also inefficient. By using an experienced and professional property management team, you’re letting them use their own collected data to allow you to manage your time more effectively.
They can also help reduce the wear and tear on your property, collect rent/lease payments on time, screen tenants, increase and maintain the value of your property, and have shorter durations of vacancy. But most importantly, they free you up to do the things you need to do to keep your business thriving and succeeding.
Informing Your Start-Up
Acquiring the statistics you’ll rely on is called data mining, and it is vital to starting your business successfully. If you wish to start an eCommerce handmade jewelry store, for instance, you’ll want to research others who sell items close to yours to understand the market better.
The information you collect regarding what items sell the most, the type of customer who is likely to come back for more, the demographics of those customers, the prices that generated the most frequent sales, etc. are all bits of data that inform how you’ll produce, market, and tweak your own business for maximum sales. This will inform your business start-up plan that will include the goals you have for your business and how you plan on achieving them.
Getting Customers
Thanks to the availability of customer data, there is no need to use scattershot marketing anymore, which equates to throwing your marketing dollars out to millions in the hopes of acquiring perhaps only a hundred or so new customers. CG Infinity explains that we now have data that follows a customer through the entire purchasing process. It’s no longer a game of guessing what people want, it’s more a process of finding them where they are, like social media. Those marketing sites allow customers to comment, share their experiences, and recommend to others.
It also makes sense to market on social media because that is where your customers are. On Facebook alone, there are nearly 3 billion users and the company’s analytics of your ad campaign are available to you immediately and are up to the minute. YouTube is another media site that is data-driven and a relatively inexpensive site to market on. The average cost per view is only $0.026 and the average view rate is 31.9%.
Collecting Payments
Did you know that data can also help you to get paid? Customers expect the businesses they deal with to understand their needs. They expect an easy billing and payment option for all their transactions. As a business owner, your expectation is to be paid on time. But, in fact, there is research that says that nearly half of all business transactions are paid late. Whether it’s a customer or vendor, having an efficient invoicing system is a must.
It’s possible to make your own invoices for free using online templates. An invoice generator allows you to choose from pre-made templates to create customized invoices that include text, photos, your logo, and more. Look for an invoice generator that also allows you to download your invoice in your preferred format.
Use Data to Your Advantage
The future of business, both large and small, is data. Understanding how data works and using that to make informed decisions on all aspects of your business can mean the difference between success and failure. Making it the basis of your business strategy is data-proven to be the smart thing to do.
Are you looking for great business opportunities that don’t require an upfront investment? Check out the resources on HakBuzz! We have great resources to get your started.
Hope these were helpful?
If you need more clarification, comment below or contact us at support@hakbuzz.com.
May your content provide the best solution to your readers.
Cheers!!!
