We all know how important data is for any business whether it be a multinational business with products selling all over the world or you're just starting a new business.
Data is the fore centre of any business as it helps us to make crucial decisions that could impact your business in many ways.
Here’s How Data can help in your business
Well, you have already heard a lot about how important data is for any business, but you don’t know how data can be beneficial for your business and how it can help you as an Entrepreneur to create an impact.
So here are some different ways you can use Data for your business.
1. Data helps you to make better decisions
You know how tough it is to make decisions in any kind of business, whether it be deciding to increase your Marketing budget or launching a new product etc.
It’s a crucial part of your job and you can’t skip it but most people make many important decisions based on their ‘Gut Feeling’. While it is sometimes Okay to do but it’s not beneficial most of the time.
So data helps you to remove the guesswork out of the game and gives you an accurate picture of your business so that you can take data based on what’s happening and how you can improve it rather than guessing it.
A Forbes article talking about an overview from Deloitte, noticed that "49% of respondents said examination assists them with settling on better choices, 16% say that it better empowers key drives, and 10 per cent say it assists them further develop associations with the two clients and colleagues."
Businesses of any kind can harness data to make decisions about:
- Finding new customers
- Increasing customer retention
- Improving customer service
- Better managing marketing efforts
- Tracking social media interaction
- Predicting sales trends
2. Data Helps you to solve problems in an efficient way
Let’s imagine this, you just revamped the look of your online store to make it look good and increase conversion and sales as the new store design which you have implemented is better in design and looks good.
But after a couple of days, you see that your sales are decreasing and you don’t know WHY it is happening.
Well, data helps you to remove this confusion, you can go into your Google Analytics and find out where exactly are customers dropping off or If you are using Typof.com for running your online eCommerce store, it allows you to integrate Google Analytics in your eCommerce website to track customer’s activities in all pages.
3. Data helps you understand performance
In evaluating the performance of your various business activities whether it be marketing or employee’s productivity.
It gives you a clear picture of your efforts and shows the impact it had.
Now again let’s take the above case as an example, you have identified that after revamping your website design your sales decreased and with the help of data you found that was because of the issue with finding the Add to Cart Button and by identifying that problem you came up with a solution that you need to make the Add to cart button clear on the Product page by which customers can easily get their desired product.
Now you have made changes again in your website, again this is where data will again come into the picture.
It will show you how effective your solution was and what changes happened after you have implemented it.
In this case, let’s say after you made your Add to cart button clear on the Product page you got more sales and better conversions.
So this is how data helps you in evaluating the performance of your website after making changes to your website design.
4. Data Helps you to Improve your Process
When you're starting a new company or startup there is no particular right or wrong way to work. You don’t know what to do and how to do it. You as a founder and your team figure it out along the way.
And maybe after some days of execution, trying, testing and experimenting you got to recognize a pattern ex - There would be a particular day in which you have got better results in your marketing launch campaigns than any other day in that particular month.
You have now realized the pattern and how this can help you in creating different processes that can help you in scaling your next marketing launches and making them better every time.
5. Data helps you to Understand your customers and make important decisions
Understanding your customers and making great products that can solve their problems can impact your business exponentially.
In today’s age where Customers have a lot of choices, it’s very crucial to understand your customers, what they need, what they think about your product, how they use it etc.
These are some basic questions which you need to answer for your customers and data can help you with that.
Typof also allows you to track your sales, product wise report etc which lets you know which product is most popular among your customers and then you can take key decisions on how to scale it
There are enough reasons why you should care about Data and how important it is for your eCommerce business.
But it’s all about getting the data and putting it into action and execution and taking an unfair advantage at the game called business