Uncovering SMB Market Worth with Data-Driven Tools

Have you ever thought about how the SMB market’s worth actually affects your business and how you can uncover it to get the most from understanding what a company is really worth? Through various tools, methods, and understanding, you can make your business work for you, and even drive growth, investment, and competition. Sounds too good to be true? From building customer profiles to using analytics in the right way, here are some tips to get you started.

Making Informed Decisions

There are many specialized tools designed for niche sectors and businesses of all shapes and sizes. A niche example would be dumpster services, which everyone needs! However, business value can be misjudged for the better or worse, often leaving owners out of pocket. You can use tools like a dumpster rental business valuation calculator or a calculator designed for any business to get a good understanding of what your company is worth now and in the future.

Build Customer Profiles for the SMB Market Worth

Data from a recent survey found that 99% of marketers consider customer profiles important for business growth. A customer profile allows your business to gain insights into what makes the perfect client, and you can then tailor your efforts towards taking care of them more personally:

• Gather customer data with surveys, website data, purchase history, and research.
• Analyze and segment the data to identify trends and common customer characteristics.
• Create profiles based on demographics, behavior patterns, and primary motivations.

Streamlining Business Operations

Streamlining is a bit of a buzzword these days, but it is one worth taking note of. When operations run as efficiently as possible, time and money are used much more effectively. Nothing is wasted, or at least, waste is minimized, and resources are used in a more effective way. Tools for data analysis can uncover where these inefficiencies might lie, providing valuable insights into where and when resources such as budgets and manpower should be allocated.

The Competitive Advantage

Staying ahead of the competition is a well-established goal in business and always has been! Gaining an advantage will help place your business in a favorable position to take on companies with more resources and power, driving competition and growth. Data, when leveraged correctly, can aid any business when looking to get ahead. Market trend adaptation, performance comparison, and even the formation of new USPs are all possible using data analysis tools.

SMB Market Worth Drives Revenue with Tools

The average revenue of SMBs vary, but one with no employees is around $90,000 per annum, going up to around $500,000 per annum for a business with up to 10 employees. Unlocking the power of data-driven marketing with the right tools will help uncover SMB market worth.

Intel and analytics tools

Tools such as Tableau, Power BI, and Google Data Studio provide actionable insights into business operations and can even identify marketing trends using data visualization methods.

AI and machine learning (ML)

Tools with AI features, with suites like AWS, can automate tasks, spot potential leads, and even create valuable marketing content based on specific data you can feed the system.

Sales and marketing

Well-established platforms like eBay and Hubspot CRM tools will help you track leads, build customer relationships, and manage performance through intuitive dashboard interfaces.

Many of these tools might seem a little daunting when you aren’t exactly the most tech-savvy person. However, they are easier to use today than ever before, are pretty cost-effective based on what they offer, and make cloud-based analytics systems much more accessible to SMBs.

It’s All About Goals

A business can’t function without goals. Having objectives gives the company, including all staff, something to aim for. Without goals, your business might just be wandering in the dark, barely scraping by. Data is a valuable tool when it comes to developing goals, but you must also have a rough idea before you even collect data. For example, consider the goals of understanding why customers prefer a competitor or how the business’s pricing needs to dynamically change.

Collecting and Organizing Data

With so much research gathering, it can be easy to get swamped with so much data! You will find that you have more than you need, and some can even be useless, for now. Fortunately, there are tools that will help you collect and organize data so you can access it with intent later on. Data consolidation tools such as Board, Anaplan, and LucaNet are vital when processing raw data that you use to value a business and make actionable changes based on specifics. 

Analytics Helps Evaluate SMB Market Worth

A UK survey found that only around 60% of small British businesses are actively using data analytics tools. Your business would be missing out on many active opportunities if you don’t use at least one tool, such as Google Console, as there are tons of advantages to analytics:

• ROI can potentially be increased by understanding which marketing campaigns perform.
• Analytics can help a small business forecast finances for channeling the right budget.
• Future support and funding can be secured through accurate reporting for stakeholders.

Data Literacy for Better Decisions

What good is all the data in the world if your employees can’t use it? Today, we live in a data-driven world, whether you like it or not. That means you must adapt, and so will your employees. Promoting a data culture that embraces, uses, and constantly collects data is a step in the right direction. Further, any competitors in the small business space are unlikely to be doing the same, meaning you get an instant boost to understand trends and modern customers.

Summary

Making informed decisions is one way data-driven tools can help you understand and even increase your company’s SMB market value. Of course, market worth also relies on other structures. One of the most critical is revenue, and tools such as AI and ML, analytics, and sales and marketing can help. Then there are business practices and employees, both of which depend heavily on embracing data and actively pursuing a company culture of data literacy.