“It is a capital mistake to theorize before one has data.”
~ Sherlock Holmes in “A Study in Scarlet” by Arthur Conan Doyle
Are you theorizing?
The tragedy is that you could be sitting on a massive amount of data and not leveraging it to fuel business growth.
Even if you’re a small to medium-sized business, your data can provide insights unavailable elsewhere.
Here’s how to fuel business growth with data:
#1 Identify opportunities
“Would you like X to go with that?…”, “You might also be interested in…”, and “What to watch next” are upselling and cross-selling phrases we are all familiar with. But you don’t have to be an Amazon or Netflix to identify upselling and cross-selling opportunities for your business.
Upselling and cross-selling the clients you already have is more lucrative than trying to find new clients.
Actionable suggestion: consider offering a product or service that you aren’t currently providing to that specific client. For example, if you already do a client’s accounting, why not offer to do their payroll as well?
#2 Empower employees
Data helps determine if your employees have the tools to maximize productivity and performance to enable growth.
For example, most businesses need one central data “hub” containing client information that all relevant staff in various departments can access, so choosing a CRM is critical.
Another suggestion is Google Drive or Dropbox, which is useful for file collaboration and sharing, and project management software is also helpful. Remember that you are not limited to these tools, so do your homework and accept free trial periods to test them out and see which ones will work for you.
Take the DataGrows CRM for a free test drive; no credit card details are required>https://mydatagrows.com.
Actionable suggestion: ask employees for feedback on the tools they use to complete their daily tasks. The resulting data will determine if they have the tools to do their work to the best of their ability.
#3 Make better decisions
Your business data can give you answers to the most complex problems and can help companies make better decisions, all based on analytics.
For example, analyze data for:
Workforce diversity and equality
Which services are more profitable than others
Clients who spend the most
Who manages what
Actionable suggestion: A data management system allows you to store all your data in one place to access information instantly.
#4 Improve workflows
Before business growth occurs, ensuring your workflows are as streamlined as possible to increase productivity and free up resources is vital. Otherwise, the business will likely hit problems that impact every area, most of all your customers, and this can, in turn, lead to loss at the bottom line.
Actionable suggestion: Collect data from teams by getting them to map out their current process flows. Sit down with them to determine what would speed up and simplify the workflow and what tools may be required to help.
Capturing, Analyzing & Utilizing Data
Every business generates data daily. Purchases, customer complaints, refunds, and many other activities constitute data.
One problem, though, is the inability of businesses - particularly small to medium-sized businesses - to capture, analyze, and use the data effectively.