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Why Data is Important for Businesses of Any Size

Why Data is Important for Businesses of Any Size

Data is a currency

Due to perceived complexity, cost, and time constraints, many SMBs (small and medium-sized businesses) tend to outsource data management and cloud storage solutions for “hassle-free” business operations.

This may seem like a simple and cost-efficient solution in the short-term, but this also means losing ownership and access to valuable customer data – which increases uncertainty when making business decisions and limits the impact of marketing and sales initiatives.

For a business to grow and thrive, it’s essential that products and services accurately reflect consumer demand (which changes all the time). But this can’t be done as effectively if we’re lacking the information to base these decisions.

If you want those third-party services to send your customer data, the answer will likely be, “Yes – but for a price.”

A hefty price.

Even our own personal information - which we have every right to - is being placed behind a big paywall by certain companies

It might seem illogical to be denied information about the performance of your business by an entity that you’re paying to help you profit, but this happens all the time. It’s a terrible situation to be in, because if you don’t have the data you won’t be able to scale your business as effectively.

Information is what makes Google and Amazon the behemoths they are. One look at them and we realize just how valuable data is. The value of data from a smaller, localized data is no joke for SMBs.

High Risk, low rewards

Let's say you run a bakery. Would it make sense to send out an email with the subject line, "Discounts on our meat pies!" to every customer on your list?

Even to your vegetarian and vegan customers?  

Are you sure you want to be taking that risk?   

That customer base may eventually stop looking at your emails – or worse – unsubscribe from your bake sale emails forever. Could you blame them for unsubscribing, after feeling their preferences weren’t being respected by your bakery?

We all know there is absolutely nothing predictable when it comes to running a business, but wouldn’t it be great if we were equipped with the information to send more personalized and relevant marketing messages to our customers?

Meat pies for meat-eaters, veggie pies for plant-eaters. Everyone gets what they want. Everyone's happy.

As the world continues to shift from analog to a more digital and connected space, data ownership is becoming indispensable for running and growing a business. Marketing ROI is generally hard to measure, but with full ownership of your data it can make things a lot easier.  

If you aren't managing your own data yet, it might be time to start considering it.

DG1 clients enjoy unlimited, unrestricted access to their business data, among many other features. Book a free consultation with us and see how full data ownership will make your business thrive.

Tags: Data Ownership, Digital Marketing

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