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Khaulah Ahmed

Business insights for business growth

7 Ways Business Insights Can Help You Grow Your Business

In the business world, data serves as a roadmap to knowing customers better and the insights derived from that data prove to be crucial for unlocking growth and success.  With the right business insights, you can make informed decisions, stay ahead of the competition, and provide an enhanced experience to your customers. In a world where your competition is already more aware of your business and knows what you know, customer insights serve as an advantage to not only keep your business afloat but to also make it grow.  In this blog, we’ll explore how you can use business insights to drive your business forward. What are Business Insights? Business insights are pieces of information (drawn from different sources) that are backed by motivation and desired outcomes. The data shows how consumers are engaging with a business, why they are engaging the way they are, and why no one has identified this problem before to offer a better solution. The insights are then analyzed by businesses to make better decisions, and this process is called business intelligence. Let’s look at the example of Uber to better understand business intelligence and explore how brands leverage business intelligence to better serve their customers. Uber uses business intelligence tools to analyze data on past ride requests, driver availability, weather, and other factors to forecast demand for rides in different locations and at different times.  By accurately forecasting demand, Uber can ensure that there are enough drivers available to meet the demand and reduce wait times for riders. Now, this brings us to the question: how can brands use customer insights to fuel growth and employ strategies to make better decisions? Let’s have a look at some of those ways.  7 Ways Business Insights Can Drive Business Growth A McKinsey report revealed, businesses that leverage customer analytics are 23 times more likely to top their competitors and 19 times more likely to stay profitable. There’s great potential in harnessing customer insights to incorporate processes in the business that better serve the customers. Here are 7 ways businesses can employ customer insights to drive better results.  #1 Improve the Product This is the part where you as a business owner need to identify your target audience and listen to what they’re saying about your product and what improvements are they suggesting.  Before taking action on their suggestions, make sure to dig deeper to identify why they’re saying what they’re saying and what issue they want you to resolve. While you’re at it, keep track of all the customer suggestions along with the problem they’re having. Once you’ve gathered enough insight, work on improving the product, introduce it in the market, and let the customers know the changes you’ve made based on their suggestions — this helps in converting customers into raving fans.  #2 Provide Tailored Experience to Customers Customers love targeted experiences when interacting with businesses in different sectors. Not only that, they now expect businesses to provide them with a more personalized experience.  By using tools like Metric, you can discover emerging trends in your industry and stay ahead of the curve to provide a tailored experience to your customers.  #3 Enhance Customer Communication By speaking directly with your customers, you can gauge what messages are being heard by them and what are not getting through.  While doing so, you can identify the gaps in your messaging, and then, reiterate your message through different channels to inform your customers about a feature of your product that they aren’t aware of yet.  This can, in return, help provide a solution to a problem that they otherwise wouldn’t have known existed. If you do this, you can provide an enhanced communication experience for your customers. #4 Send Targeted Promotional Messages By leveraging customer data, preferences, and buying history, you can send targeted promotional messages to customers that are most likely to make a purchase.  Retailers can enhance their operating margins by as much as 60% through proficient promotions and other data and analytics-driven initiatives. #5 Efficiently Price the Product Businesses leave money on the table if they don’t correctly price their products. A wrong pricing mistake often leads to losses in the business.  With business analytics, you can base the price of the products that the customers are willing to pay. Read our blog on pricing mistakes to avoid to maintain the financial health of your business. #6 Make Better Marketing Content One of the most important uses of gathering data and analyzing it is to make content that resonates with the target market to make them feel more heard. Observing what language and phrases your customers use when describing your product or service can help you create a marketing copy that directly speaks to your target audience.  This will encourage them to identify with your business, and consequently, attract extra search traffic.  You can even use customer insights to create testimonials, case studies, and inspiring content like blogs and social media posts.  If you make content that resonates with your customers, they will be compelled to share it with their network which will help reach your message to a wider audience.  As a business, you need to ask your customers about their experiences and struggles and use their feedback to improve your marketing and content strategies. Make it an integral part of your customer interaction process to provide a better experience.  #7 Build Long-term Relationships with Customers Businesses can leverage data analytics to gain insights into customer behavior and preferences, which can be used to personalize their experience and deliver targeted marketing campaigns.  By using data to better understand customers, businesses can create a more immersive and relevant marketing experience for their target audience, which will ultimately make them feel valued and lead to increased customer engagement, loyalty, and revenue. Conclusion As a business owner, you need to use customer insights to grow and succeed in today’s competitive market. Plus, there’s data to back this notion.  By gathering and analyzing data on customer behavior,

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5 Best Accounting Software for Small Businesses

5 Best Accounting Software for Small Businesses

84% of small businesses agree that using accounting software has saved them time, helped them keep track of their finances, and better prepared them for tax season. Running a small business is already a daunting task and with so many options available, it can be difficult to choose the best accounting software for your business.  To make things easy, the team at Metric has done the research for you and compiled a list of the 5 best accounting software for small businesses in 2023.  Best Accounting Software for Small Businesses in 2023 QuickBooks Online QuickBooks Online is a popular accounting software among small and medium-sized businesses and freelancers. It offers a range of features to manage finances, such as invoicing, tracking income and expenses, third-party integration applications, tracking GST and VAT, and payroll management.  It comes at a starting price of $7.50 (for the first three months), then goes up to $15 per month. The software offers a 30-day free trial to new users. QuickBooks is available in both desktop and app versions, making it ideal for multiple needs. Pros Cons Wave Small businesses are at the heart of Wave and this is why it is one of the most loved accounting software among them. Another reason for its popularity is that it is absolutely free unless you want payroll and payment features.  It offers a range of features to small businesses and freelancers, which include invoicing, expense tracking, financial reporting, and the ability to integrate with your bank to import transactions that help save time.  Wave is also a preferred choice among small businesses because of its user-friendly interface and ease of navigation — even if you’re new to using accounting software. You don’t need to be tech-savvy or a financial expert to use it. Pros Cons FreshBooks Freshbooks is a cloud-based accounting software designed for small businesses. It offers a range of features to help manage finances, such as invoicing, expense tracking, time tracking, and project management. It offers different pricing packages depending on the business needs but the prices start at $15 per month for up to five clients. FreshBooks even offers a 30-day free trial to new signups.  One of the reasons why Freshbooks is popular among small businesses is its user-friendly interface. It’s easy to navigate, even for those who are not familiar with accounting software. Plus, it offers mobile apps for iOS and Android, which makes it easy to manage finances on the go. Pros Cons Metric Metric is a real-time financial intelligence app designed for business founders. It aggregates data from all transactions added to the app and provides key metrics and financial insights important for businesses to grow.  It is designed with simplicity in mind and is the most founder-friendly app, keeping in mind the founders of small and medium-sized businesses with little or no accounting background.  The app is built for businesses at any stage, from day one to year one or more, and businesses from different sectors can track metrics, monitor financial health, and gain insights.  It offers a range of pricing plans starting from a completely FREE one to a Startup Plan that is priced at $29 per month, a Growing Plan that costs $79 per month, and an Enterprise Plan that comes at customized pricing. Pros Cons Dubsado  Dubsado is an all-in-one cloud-based accounting software designed for small businesses that helps manage multiple aspects of their workflow, including client management, project management, and invoicing. It aims to give “more business, less busywork” to small businesses. It offers a range of pricing options, depending on the user’s needs, but is entirely free until you decide to go for a planned package. The prices for basic packages start at $20 per month and $200 per year.  One of the reasons why Dubsado is popular among small businesses is its comprehensive nature. It offers a range of features to help manage various aspects of the business, from lead capture to client management to invoicing.  The software also offers high levels of customization, which can be appealing to businesses with specific needs. You can customize your workflow, email templates, and even the branding of the software to match your business. Pros Cons Benefits of Using an Accounting Software There are plenty of benefits of using accounting software, but here are some of the many: Final Thoughts Accounting software is the need of the hour for small businesses, as it enables them to efficiently manage their finances and make informed business decisions. The top five accounting software that we’ve highlighted, each offer a range of features and pricing options to fit different needs and budgets.  From the user-friendly interface to the comprehensive nature of these platforms, there is an accounting software option for every small business. By investing in the right accounting software, small businesses can streamline financial processes, save time, and ultimately, grow their business.

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