Running a business involves wearing many hats and having to be across every area all the time. It can often feel like there’s no time to stop and assess where you are now and where you want to be.
But did you realise that whilst you’re working, you’re also generating a ton of untapped data? This data could help you fulfil your business’s full potential.
Business data collection refers to information (or ‘actionable insights’) that relates to a company and its business activities. It includes everything from employee feedback and customer experience to sales figures, statistics and patterns. You can then use it to gauge the success of your products and/or services.
Data-driven decision-making is the best way to put a business plan in place. You can use it to harness your business’s strengths and work on its weaknesses. It can help you increase your profits and optimise your operations. You can also grow your target audience and improve your relationship with your staff and supply chains.
Keep reading to discover the 5 main types of data analytics you should be looking at…
1. Customer Data
Customer or consumer data is the personal, demographic, and behavioural information you collect from your customers.
Personal data can be as basic as a name, birth date, gender and login details. Behavioural-based data gives you access to your customers’ trends and attitudes. This can be their levels of engagement on your website and social media pages, and their purchase history and subscription details.
A database of this kind allows you to see patterns. For example, maybe the majority of your customers are women under the age of 30. Knowing this can help you make informed decisions and tailor your stock or services to suit. You can offer more of what they are mostly interested in or interacting with.
2. Employee Data
Collecting data on your employees may not sound aboveboard. However, it’s only the information relating to their job that you need to know and that is within your rights.
Employment data is usually basic information like their full name, position, status (full-time, part-time etc), attendance, skillset, salary and any benefits they may be receiving. The most important thing to monitor, however, is their productivity, performance and participation.
An employee’s behaviour will say just as much about your business as it will about them. It can shine a light on procedure inefficiencies, issues with management or colleagues, work/life imbalances and opportunities for growth and change. Knowing about problems means you can do something about them. It’s also great for finding out what’s working and what your employees can and want to do more of.
3. Product Data
Naturally, you know everything about the products you sell, but have you been paying attention to the data sources that come with those sales?
Product data sets aren’t just about descriptions and specs that customers need to know. It’s mostly about the number of sales an item gets and its popularity. Knowing how well or how badly certain items sell on your website and/or in-store is essential.
If something is flying off the shelves, then you know to get more in stock. However, if something hasn’t moved in months, not only does that tell you not to order any more, but it will also prompt you to ask why it didn’t work (based on data) and what you can do differently next time. Is it a seasonal item? Is it a fad? Is it too expensive? Did you order too many or did you not advertise it enough?
4. Marketing Data
Marketing data analysis or marketing analytics involves evaluating the performance of your business’s online activities.
This information is obtained from all the digital marketing strategies you’ve implemented, such as branding and web design, search engine optimisation (SEO), paid advertising like on Google and Facebook, organic content, campaign developments, social media, e-newsletters and more.
You can evaluate the success (or not) of your website traffic, clicks and click-through rates, form and questionnaire completions, email open rates and website enquiries. If the data from your e-commerce website isn’t any better than before you started marketing, this means you need to change tactics and try something new.
4. Inventory & Supply Chain Data
The fifth and final form of business data analytics you should refer to comes from your inventory and supply chain information.
Inventory data includes stock levels, lead times and reorder points. Supply chain data can track the efficiency of the movement of goods and services before they come to you.
Analysing data of this nature can be invaluable. Like product data, your inventory information can tell you your customers' preferences and this can help you identify opportunities to expand your services. Supply chain insights can help you streamline the way your products are transported, mitigate logistical risks, make cost savings and introduce more sustainable methods.
So, want to get started but don’t know how? Here at TR Consulting, our team can analyse your business’s data and help you achieve your business goals by putting tailored strategies in place. Contact us to find out more!