As a small business owner, you know how important it is to stay on top of the most recent developments in tech. Let’s face it: the startup with the worst tech system is usually the one that falls behind their quarterly goals, dissuading investors from backing the company further, which results in a vicious cycle that can seriously decrease growth potential. Don’t let that be you. Today, we’ll talk about an important concept in business analytics that you can use to grow your company: Telemetry. Broadly, telemetry is the use of instruments to collect and measure data. In the case of business, this has a number of different features that we’ll discuss below.
Importance of data acquisition
As you start to look at your various business expenses, you might not immediately think of data. After all, there’s plenty that you’re probably spending on overhead, including rent for your office space, employee salaries and benefits, and online web marketing campaigns to increase brand awareness. However, don’t let data analytics fall off your radar; the companies with the most incisive insights into market trends are often the ones that are able to pivot and react to changes in time so as not to hamper growth.
Data collection can mean a few different things. Web traffic monitors are an easy way to see how many consumers are visiting your web pages, how long they stay, and other critical demographic data like possible age ranges and related interests. Telemetry is also commonly associated with the internet of things, as the sensors on household gadgets that upload data to the cloud will be a primary source of data acquisition for many companies. As more and more devices are hooked up to the internet, you’ll have tons of access to vital data that can help you discover a trend before the competition.
You can also collect data by means of surveys. Consumer surveys may sound like a clunky marketing solution, but, in fact, they can be fun. Asking consumers questions that help them better identify with your brand has two benefits: one, you are able to collect valuable information from their answers, and two, you build a stronger awareness of your brand because consumers are more easily able to identify with it.
Importance of data analysis
Once you’ve collected your data, it’s equally important to have the right tools to analyze all that information. This can be done in a few different ways. While some automated marketing solutions may offer you a cursory overview of the trends you need to keep up with your goals, more in-depth insights are often necessary to really stay ahead of the pack – of course, most other companies out there are using automated marketing solutions, too.
Having an in-house, full-time data analyst might be a smart move for your company. Again, automated solutions can only go so far. A human with a depth of education and experience may have an intuitive understanding of data trends and the creative insight to develop the right algorithm to help you see where those trends are headed before many others in your field.
Information you might be able to glean from a talented data analyst includes:
- Market trends like areas that are growing and products that consumers no longer favor.
- Demographic information on potential buyers, like who might be most likely to click through from your social media ad and who is more likely to happily scroll past.
- Economic insights like what investments to make in what areas to keep your business cash accounts fully-stocked in case of an unforeseen pivot.
- Knowledge of closely associated products will be offered by sensors on web-ready home gadgets. For instance, sensors on smart mirrors might help you better know how to market your timed electric toothbrush.
Making changes to your small business is never easy. And, for some, implementing a large data-driven change can be particularly disruptive. Don’t let that stop you. While sticking in your rut might seem comfortable as it’s worked reasonably well in the past, the most aggressive businesses are usually the ones that do the best in the long run.
It’s never too late to edit your business plan. If you find that hiring a data analyst or starting a new data-driven marketing campaign is useful to your company and is within the budget, take the time to sit down and plan out how this will affect other areas of your business and plan accordingly.
A business is only as good as its insights. The right approach to telemetry and analysis can make or break a small business’s success.