Last week, I was the keynote speaker at the African Investment Day in Marrakech—an exciting and informative event.
My speech was about knowing your value and understanding data analytics’ crucial role in improving your current market position. I also discussed how these work together effectively to create new markets and extend your relationships with clients.
As I boarded the plane, I came across a special report in the FT, ‘The Fastest Growing Companies in Africa ‘. This report, which I found highly relevant to my keynote speech, highlighted the rapid growth and potential of the African market.
I share this because, across Africa, there is a serious focus on developing data transformation and analytic strategies. However, it’s important to note that a data analytic strategy is not just for Africa; it’s a universal tool for any business wanting to gain a competitive advantage, regardless of location or industry.
Consider this: how much time do you truly invest in understanding your data about your clients, identifying good and bad clients, repeat clients, and their budgets? Reflecting on this could be the first step towards leveraging data analytics for your business.
This approach is unique because it can be vital in shaping your business strategy. You can interrogate your existing database, create new services and upsell, which can give you an additional competitive advantage.
Regardless of the size of your business, a close relationship with your data can bring significant rewards. Moving beyond just putting your data on Pipedrive or Hubspot CRM, you should also investigate the hidden potential available with that data you may have overlooked.
