How to use data for business growth has become a hot topic of discussion lately. With major companies such as Amazon and Microsoft broadcasting the power of data, everyone is exploring ways to utilize data. I want to dedicate this blog to sharing simple ways a small business owner can enhance their business using data.

Using Feedback Tools

Having a tool that allows you to collect feedback from the customers should be part of your foundation. For example, Lyft asks for your rating on the quality of service after every ride. As a result of collecting feedback, Lyft has the ability to improve the customer experience from collected data. Some of the tools you can use to collect and manage user data include Google Forms, TypeForm or SurveyMonkey. You want to first be clear on your main objective then find a tool that helps you move towards that direction.

 

Rewards Programs

Running rewards programs is a great way to start collecting data to understand your customer. I highly recommend inviting your top customers to events and learning more about what they truly want. As a result of developing a better idea of your customers, you can design better rewards programs. You will be able to reduce acquisition costs simply by becoming more efficient with attracting new customers Once you’ve identified your rewards strategy then focus on the which products and services will be part of the program.

Maximizing Social Media

One of the easiest ways of collecting data is utilizing social media. Most of the platforms already do much of the heavy lifting by providing basic analytics. We work with clients all the time and notice one of the most overlook data collection tools is their social media. If you’re looking to develop advanced predictive analytics, Entreprov focuses on helping small business take the next steps in developing a strategy.

By using feedback tools, you will enhance your ability to understand the customer. As a result of implementing a rewards program, you can develop ways to drive customer loyalty and enhance retention. Utilizing social media can be an effective and easy way to start collecting information. In conclusion, deploying and testing multiple approaches will be the key to maximizing your business.

 

Alex Brooks is the founder and CEO of AE Brooks, LLC (d/b/a, Entreprov), a Seattle-based firm that builds custom predictive analytics and automation tools to enhance a company’s performance and decision making.