Use accurate data to uncover big opportunities, simply
Staying profitable over the long term is a top concern for most business owners. Yet six out of ten respondents in Flying Solo’s microbusiness survey reported spending only a couple of hours or less a week on finding new business.
If you are not sure what move to make next (and only have an hour or two), then using data to pinpoint your decisions can be a smart strategy.
The ANZ Business Insights tool collates millions of ANZ card and merchant terminal transactions that occur each week. With this tool, business owners can access accurate industry metrics right down to postcode level, including average transaction values, transaction volumes at different times of the day, the age profile of customers and turnover over time.
ANZ merchant business customers can also register to access comparison data for their business (for example, your average sales over time versus the local average).
With data like this, business owners can pinpoint big opportunities and test adjustments to their marketing or business operations. For example, the data can tell you your performance relative to your local area and indicate opportunities to consider such as opening hours and pricing strategies.
With data being created every time you click a news link, ‘Like’ a post, Google your next holiday, or make a purchase online, what’s important (as Stephen Hawking has put it) is, ”discerning the meaning from the mess.” "If you only have an hour or two to spare, ANZ’s Business Insights tool can give you some great insights to test and learn from.
Here are some examples of what you can measure, as well as how you can take advantage.
What you can benchmark
What age groups do your customers fall into? If there is a clear trend, you could channel your marketing strategies to better connect with Baby Boomers, Gen Xs, or Millenials (i.e. mail drops versus social media). You can also consider offering deals, products or services that target particular demographics, like a student discount.
What are customers willing to spend on similar products and services? You can review data on pricing in your area. This information empowers you to make educated decisions on whether to charge more or less for your goods or services or upsell and predict what kind of impact you may experience as a result.
Do you know the busiest time of day for your business? Understanding patterns in business activity enables you to optimise trading hours, roster staff more efficiently and determine the best time to go on holiday (or undertake renovations!). Also, having a clear picture of repeat purchases) unlocks the potential for you to implement successful retention strategies, such as customer loyalty programs.
How you can get access
ANZ is committed to helping small businesses make the most of their opportunities. Part of this is giving ANZ customers free access to this tool, while ANZ merchant customers can register to access comparision data Find out more at the Business Insights website today, or , speak to an ANZ Small Business Specialist.
The information contained in these reports is collated from ANZ’s customers’ credit and debit card transactions and ANZ’s merchant facility transactions. Cash and other payment options are not captured. As a result, these reports should be used for indicative purposes only. ANZ recommends that in addition to working through your financial solutions with your ANZ Business representative, you also seek advice from a qualified business advisor, accountant and/or marketing expert before undertaking any activities that may make fundamental changes to your business or your business model.