A World of Data
My friend, you should have clicked on this link ages ago. Running a company in today’s day without analyzing incoming data goes hand in hand with gambling in the deepest corners of Caesars Palace in Vegas.
While there are experienced owners that intuitively feel where their market is going, it is difficult for them to have a hunch about exactly where their website traffic is coming from, or what age group buyers belong to. A failed startup owner confesses:
“We didn’t spend enough time talking with customers and were rolling out features that I thought were great, but we didn’t gather enough input from clients. We didn’t realize it until it was too late” (“The Top 20 Reasons”).
What Can Data Do For You?
Leveraging data analysis tools can answer questions like: “What do my returning buyers have in common?”, “What keywords lead the most clients to my site?” or “What is my profit in terms of each product?”. The same software can generate graphs that visually explain business metrics like your average order value, gross profit over time and any key performance indicators that you have set for your business. These annual, seasonal or even daily reports can take your hand and slowly lead you out of the casino and into broad daylight.
Analyzing data can lead you toward pushing advertisements in one area more than another, or designing a new product based on your current buyers’ preferences. With informed decisions like these, you can really only increase profit and take your business to the next level. A couple of months into the process, you might even find it easier to fall asleep knowing that you have a more stable way of supporting your family.
If you are wondering whether or not you have been asking yourself the right questions, follow the link to our survey: “How Data Savvy Is Your Business?”. Let’s see how deep into the casino you really are.
“The Top 20 Reasons Startups Fail.” CB Insights Research, 15 Mar. 2019, www.cbinsights.com/research/startup-failure-reasons-top/.