Three analytics tips to help customers grow their business

Every business’ ultimate goal is to grow and increase profits. Business owners often underestimate the importance of analytics and struggle to get timely and measurable insights that drive the bottom line. As an important partner to small businesses, credit unions should take on the task of ensuring members are effectively using the tools available to them to track analytics. There are many factors that can influence the success of business on any given day, and data analytics should be top of mind for business owners so they can make informed decisions that will help them reach their goals.

Education is key in launching an analytics program; these three tips will help you to better educate your members on how analytics can help their business succeed in the long-term:

1.     Use Analytics to Grow Business

No one will know a particular company better than the business professionals running it. Even still, there are certain factors when it comes to consumer spending and member behavior that a business decision maker may not be able to identify. You can help by providing insights on how analytics can help them better understand the needs of members and anticipate member behavior. By defining which analytics make the most sense to track for their specific business, you can guide your members to use customized analytics to help their business grow.

2.     Highlight Ease of Use

Not everyone is a math wizard, and understanding detailed analytics can be a daunting task. Many small business owners become intimidated by the thought of analytics because they think the concept is too complicated to understand or their business isn’t complex enough to need analytics. However, modern business analytics can be understood easily and can provide businesses with meaningful insights. You can position yourself and your credit union as a go-to resource not only for financial issues, but business analytics as well. For members, the added support helps to drive home the important partnership they have developed with their credit union professional.

3.     Showcase Availability and Accessibility

Cloud-based, mobile and big data technologies have made it easier to access analytics. Prior to the more advanced technology that we use today, analytics solutions were set up for a specific company; however, the cloud has made it possible for analytics solutions to be more diverse and cater to many businesses. Today, business professionals can access essential information at any time from a computer or mobile device. This is an opportunity for you, as a credit union professional, to showcase your knowledge of the rapidly changing world of big data and make recommendations on analytics solutions that are both convenient and critically important to your customer’s business success.

Business analytics are no longer restricted to the national chains, and credit unions can help educate their members by spreading the word. Small- and medium-size business owners can use analytics solutions that provide the same level of insights and valuable information as their larger competitors, and in turn, help grow their business in the long-term.

Neal Korzekwinski

Neal Korzekwinski

Neal Korzekwinski is Senior Vice President of Strategic Partner Sales and Management at First Data, a global technology and payments processing company that serves more than six million merchant locations ... Web: www.firstdata.com Details