Using data to do better business

These days, we have so many tools at our fingertips that give us more insights into how we’re doing in business than ever before, but are you using this knowledge from data to provide a better service to your customers?

When you’re in business, you can sometimes get so consumed by the daily grind, that you forget to look up to see the big picture, to review what you’re doing and to ensure you’re meeting expectations—both yours and your customers’.

And you don’t necessarily need a big business intelligence budget and fancy programs to gain an insight into some useful data. You just need to be conscientious and use what you already have to start with.

Think about what you’ve already got in place and what it can tell you

  • Facebook—have you looked at your Insights data lately?
  • Instagram—can you get something out of Iconosquare?
  • Do you have a social media management tool like Sprout Social or Hootsuite—have you checked out your analytics?
  • What about Google—do you have Google Analytics turned on? Are your customers interested in specific content?
  • Does your CRM give you insights about enquiries, conversions and problems?
  • Are you tracking your marketing efforts in relation to sales results?
  • Are you regularly asking for feedback from your customers?
    • TIP! Using a Net Promoter Score system is a simple and low-cost way to better understand your customers to drive growth and customer retention.

Taking it to the next level

There is a wealth of software programs on the market that can aggregate a range of data sources to help you make sense of what’s going on in your business—they do cost money but they are worth it if you have the budget.

However, if you’re just starting out, it can be worth factoring some time into your weekly program to make use of the resources you already have access to. There is an abundance of data at your fingertips—you just have to be diligent about looking at it and responding to it accordingly.

These days, customer expectations are high and they’re looking for us to anticipate their needs and to more than meet their expectations—data is your friend when you’re trying to stay ahead of the game!

Talk to one of the PaySmart Business Development Managers for advice about using data to fuel your growth strategy – or ask them to explain how you can use the Net Promoter Score to inform your business decisions. Contact PaySmart today!