4 Reasons Why Analytics & Data are Essential to Business Success
Whether or not you’re a fan of numbers, data and statistics, keeping an eye on business analytics is undeniably important. For some businesses, data could come from a brief spreadsheet, while in others it’s found on an advanced CRM tool – either way, keeping up to date with that information is going to help your business achieve success in ways you may not have considered.
1. Improved Business Strategy
Sometimes in the scheme of running a business, you’re faced with the need for a strategy refresh; sales may not be going to plan, productivity is off and you know something needs to change, but you’re not sure where to begin. To get a better idea of where your business is right this second – and where to go from there – you need to utilise the data and analytics available to you. By evaluating what’s working and what’s not, as well as defining the business’ current position, you’ll find you’re able to plot a course for the future. Measuring the success of this strategy using the data available will allow for continued adaptation and improvement – it’s a no brainer!
2. Market Your Business Better
So you’ve used data and analytics to better your business’ success internally with an upgraded strategy, but what about the business’ external image? Customer data – especially if stored on a regularly updated CRM with high-powered analytics functions – can provide a business with the insight into customer habits and attitudes they need to pinpoint a target audience for marketing activity. Not only that, but the data also has the potential to show you products that need a push or, if you want to play it safe, products and services which are doing well, and thus are a comfortable option for marketing.
3. Stronger Customer Ties
The same customer data that is helping your business run a fantastic marketing campaign can also be used to strengthen the business’ ties with its customers. Knowing key information, accessible instantly on a bespoke CRM, about particular customers can make for a more personal service, and ensures that their needs are being taken care of and considered. What’s the benefit to this, apart from good feedback? Well, the good feedback is the benefit – we live in a highly connected world where consumers make their thoughts known clearly on social media, and it’s not all negative as some would have you believe. Happy customers make for happy social media users, and you’ll find word of mouth from your stellar customer service will really help in pushing the business’ success – all made possible by using data properly!
4. Solving Productivity Issues
Do your employees seem to get less done that you initially projected? Is morale a little low? This could all be down to key productivity issues that have simple solutions. If complicated procedures are swallowing up time, using a powerful analytics tool to isolate where time can be saved will help to streamline processes and expectations. Similarly, using a bespoke CRM to connect all employees to the data wherever they are will bring a sense of ease, reducing stress and enabling them to do the best job possible.
Ah, data – it really is far more useful than some would give it credit for. Thankfully, bespoke CRM solutions will provide your team with the analytical tools they require to put your business on the fast track to success!
Every Lunar CRM solution comes with powerful in-built data analytics. Can you afford to not be using your data properly? Get in touch to request a free demo and find out!