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Are You Overlooking Analytics Because You are a Small Business?

SmallBizIt’s a mistake to overlook the power of data analytics just because you are a small business. If you are gathering data at all (and most businesses do) then you probably have everything you need to launch a profitable project, provided you’ve also identified a good, solid business objective.

Not sure what problems to solve, or how your data can help you? Here are a couple of examples.

  • Do you do direct mail or email marketing? Use data analytics to learn how to make incremental improvements in your response rate.
  • Who are your most profitable customers? What makes them profitable? How can you get more of these customers?
  • Which marketing methods produce the best results? How can you capitalize on this to get better leads for less money?

Of course, you may not have all the data that you need to make some of these determinations. That’s okay. Developing a good strategy and setting the right targets are the most important part of the process. Frankly, you can always buy data, if you really need it.

Why go through all this trouble? Addressing small agencies in the insurance industry, Brian S. Cohen of Property Casualty 360 wrote:

Today, customer acquisition and retention takes place in real time, or close to it. The more information you have about current and potential customers, the better you will be able to address their needs when and where they want it. That’s why you need to embrace data analytics–it gives you the information you need, when you need it.

If you are like most agencies, you’ve already done the hard part by getting rid of your paper files and moving to an electronic agency-management system platform.

Now, you need to start using your data.

What applies to a small, independent insurance agency applies to any other small business just as well. Just make sure that you launch your project correctly by fully understanding the pitfalls and problems that can slow you down or even rob your project of its profitability. If you’re ready to do that, register for TMA’s free webinar: Data Mining, Failure to Launch, today!

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