Using Data to Scale During a Recession
We are at a time where every strategy taken or decision made can break or make your business, the line between business survivor and death continues to become thinner. With data utilization, however, startups still have a chance to surviving the inevitable recession.
Startups that make the right early decisions around data can increase their likelihood of scaling later on. With proper use of data, you can accelerate your growth for lasting success. Here are four ways how;
Make your data work for you
When you use your data to track the right metrics and focus on the most important outcomes for your business, you will be far better equipped to get the insights that will fuel positive change and smart scaling.By making the most of your data (with the help of a reliable data analytics tool, of course), you won’t just be able to grow your business faster, you will grow smarter, ensuring reliable outcomes that extend well beyond this recession.
Get personal with your customer
Data is key to unlocking insights about your customers. What they think, what they like and what they want out of your products or services.Using data to deliver touches of personalization allows you to go beyond the one-on-one experience your customer has with your business. When you use machine learning and artificial intelligence to adapt everything from emails to website displays, you can personalize at scale to make a broader impact on your customer base.
Streamline you ‘busimess’/Cut off the fluff
Scaling your business can be expensive, particularly if you need to hire additional employees or start using new tools or processes to manage the increased output. The problem for many entrepreneurs is that they assume they need to increase spending to increase revenue. Unfortunately, this often results in a situation where profits remain stagnant — or even decline.
When you grow a business, you commit more resources to gain more revenue. Meanwhile, scaling is about increasing revenue without committing an equal amount in resources, allowing you to boost profits instead of just the size of your company.(Media Moguls PR founder CEO Blair Nicole)
Taking a deep dive into your data can help you uncover wasted expenses, or identify ways to achieve profit growth without requiring as large of a financial investment. This will keep your company financially stable during this important transition.
Improve productivity
You internal process, in a huge way determines whether or not your business will successfully scale. Data can help you identify the processes that keep you from excelling. These are what we refer to as bottlenecks. They do not only affect your internal processes efficiency, but also directly affect your customer satisfaction. With data, you can identify these bottlenecks early, the “why” behind them. And when you are proactive in mitigating them, challenges that would have arose are resolved before they affect your business.
There you have it folks. It will be nearly impossible for anyone to walk away unscathed, but companies can chew on the above nuggets about data utilization to mitigate some predicaments.
