Is your business recession-proofed?
Data analytics can help businesses weather economic downturn – but only if business leaders are asking the right questions.
During a recession, companies need to double down their focus on specific key indicators to help them understand how their business is performing and where they may need to make adjustments.
Revenue and profitability are obvious areas to track, but businesses should also focus on the impact of cost-cutting measures, customer retention rates and customer acquisition rates, to identify any potential declines in demand.
Data analytics in an economic downturn
We’ve devised a list of key questions that company executives and department heads should be asking themselves in the current economic climate:
- What customer trends are we seeing that could help us anticipate needs during a recession?
- What areas of our business are most likely to be impacted by a recession?
- How can we use analytics to better understand our customers’ needs and how they may change?
- What can we do to proactively address potential customer pain points?
- How can analytics help us drive revenue and growth during a recession?
- Are there certain product categories or services that tend to do well during a recession?
- What marketing messages or channels are most effective in driving sales during a downturn?
While many of the trends affecting performance will be external, it can be too easy to blame all KPI dips on macroeconomic factors if you don’t have the data you need to pinpoint opportunities to improve.
Free downloadable guide
To give business leaders a better understanding of the data they should be tracking to ensure they are making the most informed decisions possible, we’ve developed a practical guide to utilising analytics and data in a downturn.
Our easily digestible guide includes a checklist for your business, as well as answers to FAQs, handy practical tips, and expert insights, including how to ensure your analytical efforts are aligned with your business goals, strategies to attract new customers and improve customer retention rates, and how to use data analytics to cut costs, focus on profit and become more efficient.
We also explore the challenges and opportunities ahead for digital analysts as well as how to integrate online and offline sales data.
You can download a free copy of ‘Analytics and Data in a Financial Downturn’ here.
Contact us to find out more about using data analytics to drive ROI and profit. #station10 #freedownload #businessanalytics #dataanalytics #recession