3 insights every small business owner needs

We interact with data and analytics daily without really thinking about it, mostly because we don’t refer to them as “data” or “analytics.”

For example, if you’ve ever used a smartwatch or FitBit-like tool, you’ve interacted with data and analytics. These devices collect data such as the number of steps you’ve taken and your heart rate. Then, that data is turned into actionable reports that help you know how to be healthier. That’s the analytics part.

Make better business decisions faster with Womply Business Intelligence. We give you insights you’ve never had before about your business, customers, competitors, local market and more. Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free!

You can see the same pattern in your personal finances. When you check your bank statements, you’re interacting with reports, or analytics, that reflect data about your spending habits. With additional charts or reports (i.e. more analytics) you can identify what percentage of your spending is on food, travel, gas, retail, rent, and more. This makes the data actionable. Cut back on eating out, and now you’re saving. 

Data is all around us. It informs us and allows us to make better decisions. When we can analyze, or compare that data to other trends, we start to make intelligent choices that make our lives happier, healthier, and better. Your business is no different. Every transaction in your store is packed with data. Every online review you receive or new customer you acquire comes with a wealth of information that could help you run a more efficient business. When you can compare those trends to one another, you’ll have more control of your business.

Stay informed, not inundated

The problem is, with all the information out there, what information should you focus on? You need enough to stay informed, but not so much that you’re inundated. Take your car, for example. You need to know how much fuel you have, but do you need to know exactly how much wiper fluid is in the car? No. You don’t. Not until it’s low, at least. And that’s the power of good data. It’s there when you need it; it notifies you when you need to check on things. Otherwise, it’s out of sight and not distracting you from the other tasks that demand your attention.

So, where should you focus? Each business will have areas where it needs to get more specific, but we won’t be able to cover everything here. However, we can highlight the three main areas every business owner should have at least some insight into beyond a gut check.


Your online reputation

Your online reputation is a lot like your check engine light: if your spark plugs are working, you don’t need to know, but the second something is off, you do. You don’t need to spend all day on your Yelp, Facebook, Tripadvisor, or Google review pages, but you need to know when a negative review or misinformation has been posted. It could cost you customers.

It will also let you know where you stand in comparison to your local competitor’s reputation. You’ll also gather data about the strong points of your business or where it need improvement from the eyes of your shoppers–an invaluable insight.

Your customer database

Even if you’re on a first-name basis with several of your customers, the vast majority of people who spend money in your store are likely complete strangers. Your customer database is more than just a list of names; it’s another weathervane to measure the success of your business. You need to know who’s new, who’s loyal, and who’s lapsing and needs a nudge to come back and spend with your business. A thorough customer database helps you understand the health of your business beyond just sales numbers and transactions.

Your business performance

You deserve to know everything about your business. With so much of that information locked up in the transaction data and previous year’s sales, it is hard to put that data into actionable plans to make more money from your business. Having the data behind the transaction will give you insight into the seasonality of sales and notify you of threats to your business’s success, like an unexpected dive in sales. This type of information will help you run your business more efficiently and prepare you for whatever is to come.

Take action

Small business owners haven’t had the opportunity to see their business in this kind of light before. Large corporations have been leveraging this kind of data for years, giving them a major advantage. Small business owners deserve the same insight so they can run better businesses with less time and effort. Womply helps small business owners unlock data about their companies, customers, competitors, and local markets so they can get smarter, faster. Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free!

Recent Articles

9 Atlanta area events that can be great for your small business in 2022

In this 5-minute read: 9 events in Atlanta, GA in 2022 that your business should know about Start your year …

Read More

25 free business listing websites every small or local business should be on (Updated for 2022!)

Be sure to claim your company’s free listings on these sites so more customers can find your business. 

Read More

9 events that every Houston, TX area small business should know about in 2022

In this 5-minute read: 9 local events that Houston small businesses should take advantage of this year Attending events, business …

Read More

Small business events in Chicago: 8 ways to grow and market your business in 2022

In this 5-minute read: 8 Chicago events to add to your 2022 business calendar Wherever your business is located, you …

Read More

10 2022 Washington DC area events that can be great for your small business

In this 5-minute read: 10 events that Washington DC area businesses need to know about this year Which DC events …

Read More

5 Orlando area events in 2022 your small business should take advantage of

In this 5-minute read: 5 2022 events in Orlando, FL that your business needs to know about Which events may …

Read More

See why Womply is the #1 marketing and CRM solution used by 500,000+ businesses.