So, you’ve verified your business idea based on what you think the demand may be, you have your business bank account and you may even have an insightful website. Now, have you thought about how your business will remain competitive in your chosen market? No, really thought about it. We hereby welcome, The Data Driven Startup.
According to GOV.UK, a company was formed every minute in 2019. However, less than 50% will make it beyond 5 years of trading. Unfortunately, in these now challenging times, that statistic will no doubt reduce. Infact for some the term, ‘remaining competitive’ seems to now openly refer to the term of ‘keeping afloat’ in all it’s transparency. In support of this, processes such as the re-alignment of strategy, completely re-inventing the business model and the pivoting of the current business model have now become the norm in the current climate.
The Digital Environment
Having the ability to correctly assess and understand your environments are key to any business owner. Establishing a mission along with your goals and objectives goes without saying and it is well known that a businesses internal and external environments are what should drive and define key business decisions; but this is by no means enough in the world of business.
The leverage of internal business data has now become a significant asset to possess. Analysing a company’s data can instantly tell you where things are going wrong and where a company now needs to divert it’s focus to. In light of this, the data driven startup has emerged.
In support of the new digital age, a number of BI tools have popped up in order to assist a business in extracting insights. This can be seen in tools such as automated dashboards and machine learning techniques – allowing the monitoring of progress.
Whilst these digital tools may bring a better understanding of how the business is performing, it is with the upmost importance that the data analytics are interpreted correctly by an individual who not only understands the data, but who also understands the sector in which the business is operating in. Recommendations based on insights and business acumen are key here, as strategies can then be formed and KPI’s set for key areas of the business.
Digital tools related to data storage have also increased along with cyber security requirements to protect a company’s data.
The implementation of a data strategy can really help a business to capture the right type of data it needs. This will help it to meet the corporate strategy and therefore to compete in it’s chosen market. All areas of the business are considered and the process involves thoroughly going through the current data points of a business and analysing whether the business is currently benefiting from it’s current data.
The potential to successfully capture data and stand out from the competitor is huge, as it enables a business to really monitor, control and leverage it’s data to the fullest potential in order to maximise profits.
Digital Marketing Strategy
The use of digital tools has also expanded within the digital environment in the form of accessible website builders such as Shopify, WordPress and Square. SEO tools and other digital marketing apps all make it extremely easy for a business to successfully adopt an online presence as well as to create and distribute online content.
Having an online presence is vital for a business in order to engage with potential customers via the selling of products or services and the posting of blogs. A marketing strategy can also enable a business to run campaigns whilst widening their brand reach to the correct customer base.
A businesses digital environment must be fully leveraged to successfully compete in it’s market. With the rise of supporting digital tools, automation and seamless integration have now become the norm with businesses adopting these digital devices as part of their internal environment. With the availability of digital assistance widely increasing to the business owner, it looks like the digital world is here to stay.