We know it’s impossible to keep up with all of the news in the local business space. That’s why we’ve cherry-picked the articles from this week that matter most for business owners like you.
[Big Data] Using Big Data to Drive Decisions
Source: Small Biz Survival
Big data has been a buzzword in business publications for several years now. The term sounds scary, but all it really means is data that’s too big or complex to analyze by hand.
Does big data have a place in local business? Yes! Data is essential to making informed decisions.
Two objections local business owners often make to big data are:
1. I don’t have enough data to do anything with.
2. I don’t have the tools to analyze my existing data.
However, most businesses do have a wealth of data, whether their owners realize it or not. And there are a variety of low-cost analysis tools today that can make it easy to make sense of that information.
Why It Matters: While big data can’t answer every question, it can provide a solid foundation upon which to base decisions. It can also help you gain insight into your customer base and operations in a way that will inform more intuitive decisions down the line. Don’t let your data go to waste! Put it to work for you.
[Inbound Marketing] 9 Innovative Marketing Tactics
Source: Tweak Your Biz
It doesn’t take a huge marketing budget to make a huge impact on your local consumer base. These 9 tactics can help you gain visibility and traction with potential clients without breaking the bank:
1. Tap into word of mouth
2. Produce great content
3. Become a member of local business organization
4. Get listed on local business directories
5. Tap into your charitable side
6. Ask for recommendations
7. Be present everywhere.
8. Update your Google Maps listing
9. Improve your customer experience in small ways
Why It Matters: It’s rare that a single marketing effort is a “silver bullet” that draws in new customers for your business. In order to succeed at attracting new patrons, you need to employ a variety of techniques with a cohesive strategy driving them. Only then will you see a real impact.
[Customer Retention] 5 Customer-Centric Lessons from Apple to Zappos
Big companies like Apple and Zappos have set the bar high when it comes to customer-centric communications, marketing, and support. One thing they do especially well is catering to current customers’ needs rather than always chasing after new customers. These 5 lessons are ones the most successful companies employ in pursuit of customer retention:
1. Sell more to current customers
2. Exceed expectations
3. Create convenience
4. Think value, not price
5. Invest in your experience
Why It Matters: Most local businesses in a particular industry offer the same products and services at pretty similar prices. The way to differentiate yourself from the pack—and ensure that first-time customers keep choosing you over your competitors—is to provide a more convenient, valuable experience that your patrons will really appreciate.
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