by Darren Jones | Oct 17, 2023 | Uncategorized
Your alarm is buzzing, hours before the sun rises. You’re tempted to stay in bed by hitting snooze to catch up on much needed sleep. You think “what if I get 1 more hour, what’s the worst that can happen?” You hit the snooze button and fall back asleep. You wake up with a pounding chest and sweat dripping down your face. You had a dream that your business is going under…
While this dream has happened to me, I felt relieved knowing I had the data to prove we were not failing, and to help me generate new ideas and ways to keep a business growing.
Data is a powerful tool that can help you understand your customers, your business, and your competition better. By collecting and analyzing data, you can make better decisions about everything from pricing to marketing to product development.
Here’s an example of how one small business owner used data analytics to save her business. My friend, who owns a boutique coffee shop, was worried that her business was going under. She asked me for help, and I suggested that we take a look at her data.
We used Excel, Tableau, and other tools to analyze her customer data, sales data, and competitor data. We found that she was losing customers to a new coffee shop that had opened down the street. This new coffee shop was offering free Wi-Fi and a wider variety of food options.
We used this information to develop a strategy to help my friend win back her customers. We suggested that she offer free Wi-Fi and add more food options to her menu. We also suggested that she run a targeted marketing campaign to reach customers who were likely to be interested in her coffee shop.
My friend implemented our suggestions, and her revenue increased by 6% over the next two months. Data saved her business.
If you’re a small business owner, here are a few tips on how to use data to save your business:
Collect data about your customers.
Track your sales and expenses.
Analyze your competitor data.
Once you have collected and analyzed your data, you can use it to improve your business. In fact, we can help! If you need help collecting, analyzing, and using data to improve your business, contact Jones Strategy and Consulting Group. We have a team of experienced professionals who can help you every step of the way.
Data, only way to success!
✓ Easy to read reports ✓ Beautifully designed data visualization
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