episode 16-season 2-data-driven-decisions-utilizing-analytics-for-business-growth

00:00:00 Speaker 1: Hello and welcome to episode 16 of EmpowerBiz:MSME Growth Mindset. I am Abanibhusan Bera , your host. And today we are going to explore the world of data-driven decisions and how utilizing analytics can play a critical role in driving the growth of your business. Whether you are an MSME entrepreneur or a seasoned business owner, 00:00:27 Speaker 1: embracing data is no longer just an option. It's a necessity in today's fast paced digitally driven world, but I get it hearing the words data and analytics can sometimes feel overwhelming. How do you even start using data effectively for decision making when you are busy running your business day to day? 00:00:54 Speaker 1: Don't worry in today's episode, I'm going to break it all down in a way that makes sense. Let's talk about how data when used right can help you grow your business smarter, not harder 00:01:13 Speaker 1: why data matters for your business. 00:01:18 Speaker 1: In the past, business owners relied heavily on gut filling experience or instinct to make decisions. 00:01:27 Speaker 1: And while there's definitely value in intuition and experience, data adds another layer of certainty, it gives you a clearer view of what's working and what's not. So you are not guessing you are making informed decisions. For example, if you are running a marketing campaign and only relying on intuition, you might assume it's performing well based on subjective opinions, 00:01:56 Speaker 1: but data can show you exactly which parts of the campaign are resonating with your audience and which are not. It could be that the campaign is reaching the wrong audience or maybe a particular ad isn't performing as expected. 00:02:14 Speaker 1: Without data, uou wouldn't know. With data, you can adjust, adapt and improve your approach. for MSMEs this kind of clarity can be the difference between stagnation and growth when you are working with limited resources, whether it's time, money or manpower, data helps you prioritize efforts where they matter most, 00:02:40 Speaker 1: it can guide everything from marketing strategies to operational efficiencies and customer satisfactions. 00:02:49 Speaker 1: I know 00:02:51 Speaker 1: it can feel daunting to dive into data analytics, especially if you don't have a background in it. But here's the good news. You don't need to be a data scientist to make data-driven decisions. You can start small using the data that's already available to you. 00:03:11 Speaker 1: Let's take a look at some of the most common data sources that almost any business can access. First is website analytics 00:03:22 Speaker 1: tools like Google Analytics. Give you insights into who is visiting your website, how they found you and what they are doing once they land on your site? Are they spending time reading your blog? Are they dropping off after visiting the home page. This kind of data can inform your marketing strategies and website improvements. 00:03:46 Speaker 1: Second is social media insights platforms like Facebook, Instagram and linkedIn provide detailed insights into your audience engagement rates and content performance. What types of posts are generating the most likes or comments? When are your followers most active knowing this can help you refine your content strategy. 00:04:13 Speaker 1: Third is sales data, your own sales reports can reveal purchasing patterns, best selling products and customer preferences are certain products selling more in specific months. Do repeat customers tend to buy after a particular promotion? Digging into your sales data can guide inventory decisions, promotional timing and even product development. 00:04:43 Speaker 1: Let's talk of uh turning data into action. 00:04:47 Speaker 1: It's not just about collecting data, it's about using it to take action. One of the biggest mistakes businesses make is gathering loads of data but not knowing what to do with it. The key is turning data into insights and insights into action. 00:05:07 Speaker 1: Let's say you run a small retail business and after looking at your sales data, you realize that a particular product category say accessories is consistently outperforming others. What do you do with this information? Well, now that you know accessories are in demand, you could increase your inventory, make sure you are always 00:05:29 Speaker 1: talk with those items. Next, adjust your marketing focus, highlight accessories in your social media and email campaigns to capitalize on their popularity. And third experiment with pricing, try different price points for these best sellers to see if you can increase margins without reducing demand. 00:05:53 Speaker 1: And that's just one example to the point is that data shows you where to focus your efforts instead of spreading your resources thin or trying to improve everything at once, you can zero in on the areas that are most likely to drive growth. 00:06:14 Speaker 1: Now, let's talk of one of the important thing you know, using data to understand your customers. One of the most valuable applications of data is understanding your customers on a deeper level. Gone are the days when you could assume that all your customers have the same needs. Today's consumers expect personalization and a deeper connection with the brands. The support and data helps you deliver that 00:06:42 Speaker 1: by analyzing customer behavior. Whether it's through website activity, purchase history or social media interactions, you can tailor your offerings to better meet their needs. For instance, segmenting your audience, not all your customers are the same 00:07:01 Speaker 1: data allows you to break down your audience into segments based on behavior preferences or demographics. Once you have done that you can craft marketing messages or product offers that speak directly to each segment, maybe one group of customers responds better to discounts while another group values exclusivity and early access to new products. 00:07:28 Speaker 1: Second is personalized recommendations. If you wonder how a Mar seems to know exactly what you are thinking about buying next. They use data to recommend products based on your browsing and purchase history. You can do something similar even on a on a smaller scale by analyzing past purchases and offering personalized product suggestions to your customers. Third is 00:07:56 Speaker 1: customer satisfaction data doesn't just help you attract new customers. It helps you retain the ones you have. 00:08:05 Speaker 1: Analyzing customer feedback. Whether it's through interviews, surveys or social media, mens can reveal areas where your business might be falling short. Maybe customers love your product, but consistently men issues with your shipping process. Once you have identified a problem, you can take steps to fix it, which ultimately improves the customer experience. 00:08:33 Speaker 1: Now, let's dive in on the topic of overcoming common challenges. 00:08:40 Speaker 1: I get it. Working with data can sometimes feel challenging. You might not know where to start or maybe you feel overwhelmed by the amount of data available. Here are a few tips to help you overcome common challenges. I'll talk on the three days first, start with the end in mind before you even start collecting data. Think about the specific questions you want to answer. Are you trying to figure out which marketing channels are most effective? 00:09:10 Speaker 1: Or maybe you want to understand what's driving customers churn focusing on the right questions will help you avoid data overload. Second, keep it simple. You don't need to analyze every data point available to you. Start with the basics and expand as you grow more comfortable with the process. Remember, even small insights can lead to big improvements. 00:09:37 Speaker 1: And third is automate where possible use tools that automate data collection and analysis. Google analytics, for example, generates reports on website traffic. While platforms like Shopify or WooCommerce can generate self reports, these tools can save you a lot of time and help ensure accuracy. 00:10:04 Speaker 1: Thank you for joining me today as we explored how data driven decisions can unlock growth for your business. Remember, you don't need to be a data expert to get started, begin by gathering the data that's already available to you and use it to make informed decisions that can optimize your marketing sales and customer retention 00:10:26 Speaker 1: strategies. Whether it's improving your product offerings, refining your marketing tactics or getting to know your customers better data is your alley in making smarter more strategic business decisions. If you enjoyed today's episode, be sure to subscribe to our podcast and share it with other MS V entrepreneurs who might benefit from this information. 00:10:51 Speaker 1: And as always visit our website, msmegrowthhub.com for more resources, tools and insights to continue your journey to business excellence. Until next time, stay informed, stay data driven and keep growing.