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Secure Your Clarkston, MI Business’ Future with Data Analytics

Data should be your priority as a business owner smack dab in the middle of the Information Era. With the right data, you have the clarity you need to make informed business decisions in real-time, without having to rely on estimates or historical trends. As you can tell, this is a priceless ability for business owners who frequently make make-or-break decisions. Also, it’s what your competitors are doing – or will soon be doing. 

In this mini-guide, the Clarkston Area Chamber of Commerce covers how data and the science of data analytics can help you secure long-term business success:

Data Analytics: A Brief Overview

Data analytics, according to CIO, is the discipline of extracting insights from data. It includes the analysis, storage, and organization of data. There are tools and techniques involved. You don’t need to get into the technicalities as a business owner. What you need to know is the primary purpose of the discipline – acquiring the clarity you need to make on-point decisions. With sound decisions, you minimize losses and maximize profits. 

How You can Gather Data 

The best way for you to gather data will depend on your business type and goals. You need a solid data analysis strategy to begin. Through the right strategy, you’ll be able to come up with the best ways to gather data and then refine those ways over time. Some suggestions for gathering data include picking a data analysis solution, monitoring web traffic, checking social media activity, querying your customers, and keeping an eye on market trends. Once you have the gathered data, you will need to “clean” it – eliminate errors – and then process it to derive results. Many modern-day business productivity apps – like CMS software or HCM software – come with in-built data gathering and processing tools.  

Using Gathered Data to Upgrade Your Business

Once you have gathered data and derived a suitable analysis, it’s time to use it to make changes to your business. Here are some of the most powerful ways in which you can transform your business with data: 

1. Customer Acquisition and Retention 

Customers have several preferences and expectations when it comes to buying a product or doing business with a company in other ways. By understanding what makes them tick, you can better meet their needs. This will not only make you more attractive to new customers but also help you retain existing ones. You can use customer relationship management (CRM) software to manage your relationships with customers and generate leads for your business. There are different types of apps out there – choose the one best suited to your business size and type. 

2. Optimizing Processes through Process Mining 

Your business is made up of multiple processes – like product development, operations, and sales. You can use data analysis to optimize them through the use of process mining, which is all about improving processes as is. This involves using data to discover, validate, and improve workflows that benefit your entire business. Not only can you improve workflow efficiency, but also increase sales, manage risk, and find hidden opportunities. To begin, identify potential data sources, create a timeline, and determine key stakeholders. Learn more about getting started and how to prioritize process mining here. 

3. Improving Your Product and Service Marketing to Customers

You can use data analytics to also better tailor your marketing to appeal to customers. This involves both using data to come up with more impactful campaigns as well as branding elements you can use to update your website. Adding images can be a great way to make your website look more polished and increase your SEO. If you are unfamiliar with web design, it may be prudent to work with a graphic designer. Whether you do it yourself or work with a professional, look for a reliable tool to convert PDF to JPG to ensure the content you curate works best with these optimization tools. JPGs are the most SEO friendly and should be used whenever possible over other file types.

You can also use your data to create an eye-catching banner tailored to your demographic. A good banner is a powerful way to attract attention and increase brand awareness for your business. You can create a custom banner through an online tool and then put it on your website, Facebook, Twitter, or YouTube. Once you find a banner that suits your brand, you can personalize it through the tagline, color, and fonts and add animation or video to it. 

4. Talent Management 

Your employees are your greatest asset. You can use data analysis for talent management, which is nothing but keeping your employees engaged, happy, productive, and growing. You can also make better recruitment, retention, and promotion-related decisions. You can use human capital management (HCM) software to gather data on your employees – or just keep an eye on employee activity through your in-house apps. 

Apply What You Learn and Grow

By gathering and analyzing relevant data, you have the information you need to troubleshoot problems and find lasting business solutions. You can use data analysis techniques like process mining for refining existing processes. You can also use it to create better marketing campaigns through SEO strategies or branding, like banners. Your reward will be a more efficient business, better able to stand the test of time. 

Connect with and learn from other local business leaders by joining the Clarkston Area Chamber of Commerce.