Is your small business data strategy leaving money and opportunity on the table?

Is your data strategy leaving money and opportunity on the table?

 

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Did you know that 74% of businesses state they have received measurable value from implementing data strategies?

 

Did you know that businesses that use big data and data strategies see an average of eight percent in profit? BARC research surveyed a range of businesses and found that those using big data saw an 8 percent increase in profit and a 10 percent reduction in cost.

 

Every business, no matter the size, has data. However, this data alone will not improve your business without a data strategy backing it. A data strategy enables a company to manage and interpret its data in a way that supports business goals.

 

With Sunsett.io, your data works for you with powerful marketing analytics, data visualization, personalized insights, and team collaboration tools to save you time, and resources and grow your business.

 

 

To see how a data strategy can grow your business, we must answer a few key questions:

• What is a data strategy?
• How can you create a data strategy?
• How can Sunsett.io help your business implement your data strategy?

 

What is a data strategy?

A data strategy aids an organization in making informed, data-backed decisions. A company must have the right information and insights in order to ensure its strategies are reacting to trends and conditions by making strategic and tactical decisions backed by data-driven insights.

 

“Data strategy refers to a long term plan of the tools, processes, and rules that define how to manage analyze and use business data and support business goals.”

 

A strong data strategy is an organization’s backbone of all data practices. A business without a clear data strategy is not in a position to operate efficiently and profitably.

 

How can you create a data strategy?

Now that we know the importance of a data strategy, we must dive deeper into how to create an effective strategy.

1. Business Objectives: The first step in creating a data strategy is to list out the business problems you are looking to solve and the goals you want to achieve. This step should highlight what you need to achieve through data.
2. Identify Data: Next, we must identify all data held by a company. A data strategy must ensure all data can be identified. This data should then be organized in a data glossary to ensure no data is left in the dark.
3. Key Data: After listing out your objectives and identifying your available data, we must then narrow our focus and determine what specific pieces of data will help achieve these goals.
4. Analyze Data: Now that we have a clear idea of the data needed to execute our strategy, our next step is to determine how we will analyze this data and turn it into insights that will help achieve our listed business goals.
5. Plan: Now that we have identified our data and goals, it is time to create a plan of action. This plan should like milestones, tracking, participants, budget, and any platforms or tools needed.
6. Execute and Adapt: Finally, we must put this plan into action and monitor its progress, making any needed adjustments and changes along the way to maximize the full potential and success.

 

“Data is inherently valuable to businesses of all sizes and building a successful data strategy is key in maximizing a company’s resources, data value, and growth opportunities. ”

How can Sunsett.io help your business implement your data strategy?

Most companies recognize their data as an asset, but many do not take full advantage of that data to get ahead. Allowing an organization to identify and tap into all facets of data opens the door for more comprehensive and insightful data-driven decisions. Data is often scattered across platforms and systems so having a powerful tool, like Sunsett.io, that allows a user to connect multiple platforms is key.

 

Inside Sunsett.io, powerful marketing analytics, data visualizations, personalized insights and team collaboration tools help to save you time, and resources and grow your business. Sunsett’s personalized insights give businesses quick tips and metric suggestions based on your connected platforms and project goals.

 

Visit Sunsett.io and start a free 7-day trial and see how Sunsett can help you implement and execute a successful data strategy to grow your business.

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