Your business and subsequent business decisions will always change as your business grows. As this changes, the information used to make decisions should also change. In this article, we’ll whwe’lln be relied upon in the early years of a business and see how this should evolve.
When starting your you’re, solid research has hopefully been undertaken before entering the market. This in-depth research has hopefully revealed gaps in the market or shown a possible way for your business to have a USP in the current market. When you start, most of your decisioyou’reyou’res on survival. There may be opportunities to make high-risk choices. Still, you don’t make do anythichoiceseaves you are to exposdddon’t don’ton’t have the assets to fall back on that larger, ddon’tedon’tish businesses will have.
In these early days, sales figures can tell you plenty, and you’ll probably be a small enough operation that you you’lyou’llres will be known very quickly after any purchases. This means they can be relied upon heavily to an extent in the early days of a business.
As your business grows, information from sales figgrowslonger to come in. Also, the simplicity of sales figures starts to become a larger setback as you grow. More specific information is needed if the business will make the right decisions and gwill.
Information can be gained todevelopl this gap through a brand tracker. This provithroughe snapshot of how your brand performs, both in the market and as a whole, and against key competitors. This information doesn’t have the same delay as sales figures and can show you how to bedoesn’tive rather than be
doesn’t also tailor your brand tracker to reveal areas you believe are most useful to you. For example, youe concerned about your customer service. Therefore, you can use your brand tracker to directly directly directly compare your and your competitor’s customer r satisfaction levels. If your competitor’s levecompetitor’surs, your competitocompetitor’ssnges for higher ccompetitor’ssfaction. Competitcompetitor’ssse dwindling customer satisfaction levels affect your sales figures.