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Current Trends Your Small Business Should
Know About
Businesses of all sizes are becoming increasingly focused on data when making decisions to drive sales, profits, and market share. So-called business intelligence can really give your organisation a competitive advantage. Here are five recent trends that may apply to your small business:
Increased Accessibility
of Business Intelligence
You don’t need a degree in data analysis to use it, as technology is moving toward the gathering of information from multiple sources to provide you with the data you need.
Identifying Customer Needs
You run a high risk of failure if you don’t invest considerable time and energy in determining your customers’ needs. It is impossible to tailor your offering for your market if you don’t know what your market wants.
1. Research
Methods of carrying out customer research can range from conducting surveys to studying published research to visiting your customers’ websites. Your aim is to identify opportunities for refining or adapting your product or service so that it offers benefits for your target audience.
Business Users are Getting
More Value from Data
The increased accessibility of business intelligence makes it easier for small business owners to extract insightful results from it. The software does not require coding to use it, so nontechnical experts can generate reports of value for making future business decisions.
A Shift to Mobile Devices
Both business owners and consumers are accessing online services in new ways. Many people now rely on their smartphones and tablets to maintain their company’s online presence. This mobile shift is also true for business intelligence software.
2. Customer Feedback
By encouraging customer feedback, you can identify how well you are meeting their needs. Create a forum on your website or on a social media channel where they can post reviews or leave comments. Make sure you respond to all feedback promptly, and resist the urge to become defensive if you receive negative feedback: Welcome it as an opportunity to improve.
3. Social Media
Make social media an integral element of your communications strategy. It allows you to monitor discussions of your products and those of your competitors. Engage with your social media followers and create a sense of community among them.
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Cloud Technology
Cloud technology is becoming the data storage option of choice for many businesses. It frees up space, centralises communication, and permits access to information from any location. Although business intelligence has not yet exploited cloud technology fully, this is likely to change in the near future.
Increased Collaboration
Software developers are starting to add more social and collaborative features to business intelligence software, which may lead to a better range of options for sharing and analysing results, and for working with multiple employees or business partners.
4. Collaboration
Bring your customers in at key stages of product development so that the end result reflects their needs. Establish focus groups and customer panels to test or evaluate new product prototypes.
5. Customer Relationship Management
CRM systems gather information on all interactions between the customer and you, including buying history, product enquiries, complaints, and feedback on marketing campaigns. You can use an efficient CRM system to create an accurate picture of each customer’s needs and wants.
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