A study done in late 2021, estimated that every day the world creates 2.5 Quintillion bytes of data. A quintillion is 1 with 18 zeros behind. That’s one big disk drive. Well, no, it’s arrays and arrays of data stored on redundant devices. While these numbers can be difficult to fathom, what we can and need to understand is that all these bytes are not “just” data. Once this is understood it can be used to develop, maintain and grow a business whether large or small.
Trends – Data shows trends. You see it on your streaming channels; “currently trending”. A business with access and tools to analyze their data can see what people are currently buying and where their interests lie. For example, trends showing that searches for business ideas are trending then providing books for entrepreneurs may be something to add to the product line.
Patterns – Tracking how customers move about a store, mall, or even an amusement park will help with planning and layout. When entering the store which direction does the average consumer go first and what do they look for? When clicking on a website, what is the first destination, and do they get to the product they purchase in a reasonable amount of time?
Habits – What do people do repeatedly because they have made it a habit? How can a business owner capitalize on these habits providing additional products and services choices for their regular customer along with newcomers? What seems to catch their attention to break their normal routine?
Demographic Data – This will show you who is buying from a business. Requesting that a survey be filled out after a transaction is common these days. But as equally important as the level of quality experienced by the patron is who they are. This can help with expansion plans along with product development.
Predictions for the future – By taking all the above information and running it through predictive analysis software, a fairly accurate picture of the future can be developed. This is subject to unexpected economic and world developments but with the use of those potential factors, scenarios can be developed and help a business prepare.
When gathered and used correctly, data can tell a story about your customers and how well your business meets their needs. If not doing this already take time to look into it.
Ted Saul is a business coach and writer that assists with Business Plans, Project Management and Career Management. He earned his MBA from Regis University along with a Masters in project management. Ted can be reached on LinkedIn or by emailing TedSaulbiz@gmail.com.
