Prajna Capital - An Investment Guide

If you suspect you’re not using your small business data to the utmost, here are seven steps to get you on track. UNDERSTAND WHY DATA MATTERS On the surface, information about your customers and market is certainly useful. But it goes much deeper: careful analysis of data can be invaluable in identifying broad based, reliable trends central to your business’ success particularly for small businesses. You need to understand and analyze data to keep your customers. YOU HAVE UNEXAMINED, USEFUL DATA There are scads of proactive ways to gather data, such as customer surveys and other forms of feedback. That’s helpful, but don’t overlook information that you may already have at the ready. Customer purchase records, demographic data left by website traffic — these and other sources provide insightful material. WHAT TO LOOK FOR Start with your existing customer base. Chances are good that you have extensive customer information. Find out what they’re buying, how often and even where they’re co...