There’s a famous quote by Bill Gates, Founder of Microsoft. He says: “If your business is not on the Internet, soon your business will be out of business.” With these words, Bill Gates sums up the importance of every business, regardless of its size and nature, having an online footprint and presence.
However, in today’s world and especially with the boom in e-commerce during the COVID-19 pandemic, merely having a good website, Facebook page, YouTube channel, or other social media presence isn’t enough. You need to know where your potential market lies, who and how to target as clients and likes and dislikes of the areas where you’re focusing all energies of your online strategies.
Therefore, data analytics is a vital component for every online marketing strategy, including for small businesses.
In this article, let’s explore how data analytics can help small businesses grow. And how to sustain that growth for tangible results.
As a small business in India, you’ll surely be aware of the challenges it faces. These include erratic logistics, seasonal demands, and the different ethnic groups in this land and above all, economic swings that affect buying patterns, among others.
Therefore, here’s how data analytics can help.
The key to the success of any online business is to understand the demographics of your present or intended market. While a small business could be targeting a specific region, there could be no demand from clients. Therefore, you won’t be able to make much headway in that market.
There are wonderful small business ideas that you can get online. And when you open a small business using any of these superb ideas, data analysis can win you a niche in the market within a short time.
At the same time, your products or services could be useful and generate great demand in another, hitherto unknown market. Most Indian small businesses remain blissfully unaware of where their real market lies. Therefore, most end up targeting what may seem like an obvious and profitable market but fetch disastrous results.
Here’s where data analytics helps. By analyzing the number of people that visit your website and social media pages from any particular region, you can understand the demographics of your market. With proper planning and a clear strategy, you can focus your efforts on that segment of the population and propel your small business to profits.
Is your small business barking up the wrong tree? Meaning, are you targeting the wrong clientele despite spending a considerable amount of money on digital marketing resources and advertising? If yes, then it’s high time to engage in data analytics and find out exactly how much money you’re wasting on getting potential leads and generating them as customers.
Since digital marketing and online ads are much more economical than conventional print and electronic media advertising, most small businesses happily bear the expense. However, it’s worth remembering that profits from your customers have to also cover the money you’re spending on attracting them to your small business.
