Your business and subsequent business decisions are always going to change as your business grows. As this changes, the information used to make decisions should also change. In this article, we’ll look at what can be relied upon in the early years of a business and see how this should evolve.
When you’re first starting your business, solid research has hopefully been undertaken before you actually enter 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’re first starting, most of your decisions will be focusing on survival. There may be opportunities to take high-risk decisions, but you don’t want to do anything that leaves you too exposed. As you don’t have the assets to fall back on, that larger, more established business will have.
In these early days, sales figures can tell you plenty, and you’ll probably be a small enough operation that accurate sales figures 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 begins to grow, information from sales figures can take longer 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 is going to make the right decisions and grow further.
Information can be gained to fill this gap in the form of a brand tracker. This provides a real-time 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 do and can show you how to be proactive rather than reactive.
You can also tailor your own brand tracker to reveal areas you believe to be most useful to you. For example, you may be concerned about your customer service. Therefore, you can use your brand tracker to compare your and your competitor’s customer satisfaction levels directly. If your competitor’s levels are higher than yours, you can make necessary changes to have higher customer satisfaction levels. Rather than seeing these dwindling customer satisfaction levels affect your sales figures.