Startups Need Analytics: Here’s Why
We live in the information era. In a time where knowledge is power, understanding that information is the flip side of the coin; that’s where analytics come into play. We have data and statistics pointing every which way, but most people don’t know how to use them properly. The world looks at a lot of startups nowadays for inspiring tech that would otherwise go unnoticed, and those startups heavily rely on analytics—the successful ones, anyway.
Approaching the Unapproachable
It always seems like the sort of thing that fortune 500 companies and bigwigs should be using; not the little guys. In fact, it’s the other way around—you don’t have the capital to waste because your analytics aren’t on point. You don’t have the brand name to sit behind while things get shaky. Every penny, every second, and every connection counts. So don’t think of it as unapproachable—think about how crucial the use of analytics is to your enterprise.
The Best Tools are Already at Your Disposal
You don’t need massive plans from large-scale companies. When you use some of the best players in the game correctly, such as Google Analytics, you’re getting more out of your data than most others. People and companies tend to gain data, and then don’t know what to do with it. It’s like having this vast resource that you don’t know how to refine. You don’t have to spend a million to make a million. Go with the proven data analytics software and services, and you’ll be halfway there.
Getting the Right Analytical Data
How do you know what data to gather, what to analyze, and what to do with that information? In the early stages, you’re doing that yourself, so part of it comes down to a judgment call. You need to use the proper data, and put it to the right tests, to get accurate results. It’s a hassle, for sure, but it’s laying a tentative pathway from your business, outward towards the future.
Salesforce: Descriptive, Predictive, and Prescriptive Analytics
There are those out there that don’t understand half of the data these applications mine for them. It looks like a big ball of confusion from afar, and it doesn’t get any easier when you flick on your reading glasses and get in close and personal. If you’re using Salesforce (which you really should be), you get three aspects of analytics, essentially giving you a 3D graphical cube of information, as opposed to a wall of text that doesn’t do the trick.
Descriptive: This turns your goldmine of data into usable, manageable data that would otherwise get lost in translation. This form of data analysis takes a look at what is so that you can find out what will happen next.
Predictive: As you might imagine, predictive analytics takes a look at the future of what your analytics mean, and how they can be used to predict sales activity and growth adequately.
Prescriptive: This is the more expensive, intricate route, but it comes with more benefits for those with complex industries. When it can’t be black-and-white, it has to be prescriptive.
Any formula of these three types can be as analytical as you want them to be, turning every bit of renewable data you’ve gathered into analytical details. Each analysis helps you scale your startup. These practices help bring yourself to the next level—the level you never thought you’d be at—and lean back knowing that it’s not a fluke, but where your startup belongs.
How Should Startups Approach Analytics?
With gusto. If you’re a startup and you’re not utilizing the abilities of analytics, you’re shooting yourself in the foot and taking a stab in the dark. It’s not a practical way to conduct business. If you’re running on the passion for your business model, there’s nothing wrong with that—you just have to have the other side, the business side, already thought-up and working for you; not against you. Analytics breaks down the past, present, and when done correctly, the future.