3 Critical SMB Analytics That You Need to Pay Attention To

by Emily on July 21, 2017

in Articles

Allow you to understand small and middle market segments which will allow them to create valid strategies and direct resources the right way. This is how SMBs will be able to go a step further and leave the “experimentation zone” and sail into the massive market armed with facts.

All successful companies rely on important business data analytics to reach great results. Data is important, and it impacts all business aspects, no matter if we are talking about the customer experience, supply chain processes, marketing, or any other aspect of your business. This kind of knowledge allows your business to make smarter decisions and grow profits and revenue.

This is why SMBs also need to take care of important analytics as well as big players do, except that their analytic needs are different. Here are the most important ones you need to pay attention to.

1. Sales data

With sales data, a business in the SMB market will be able to optimize and predict its product schedules more effectively. All smaller manufacturers have this similar problem; they create a couple of different products while using a limited amount of labor and resources and this is why they have to know that they are producing items that will be needed.

They cannot afford to have inventory problems, overstock, understock, and these are problems that affect retailers, and not only manufacturers, as they also need smart inventory organizing solutions.

2. Design data analytics

Retailers and small businesses that sell the stock of special items can gain valuable insights by analyzing and understanding what features of a product directly impact sales. This will help reduce processing costs and allow it will allow your staff to streamline the inventory storage process.

Even though these kinds of analytics might require a business to transform various unstructured data including the texture, shape, color and other product features, once a model has been established, it will allow you to predict various interests.

Some examples include sales per season, or by different regions, and how they correlate to the designs. With this data, businesses can predict a number of sales, adjust designs, and improve profits overall.

3. Survey Analytics

For all businesses, no matter what their industry is or how big they are, one of the most important things is to understand who are their customers and what are their needs. One of the classic methods for acquiring this kind of information is to use customer surveys.

Analytics can be very effective tools, especially when you combine various text responses gathered through surveys with numerical responses. This is how you will be able to acquire systematic customer opinions and notice trends that allow you to perform effective customer segmentations.

On the other hand, by combining text mining with statistical analysis, your company will be able to acquire further insights into the customer’s pain points, their needs, problems, and issues. This is how a business will learn to provide better products and services to customers.

In the end, these are only three of many ways of using analytics in SMBs. These businesses are simply still unaware of the benefits they can get out of analytics and how they can improve them. Finding a good business analytics provider is a good start if you are not sure about where to start.

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