One can state that there are certain challenges that are peculiar to small business owners in Nigeria. But, can you imagine the possibility of increasing your decision-making abilities, your customers’ satisfaction, and efficiency? 

This is where data analytics comes in; small businesses can change their activities and achieve big results if they translate them according to data. Using data analytics for small businesses in Nigeria is what this article will discuss. 

So let’s get down to it!

Benefits of Data Analytics for Small Businesses

Below are some benefits:

Better Decision Making

Suppose you have a small-scale business that sells clothes. Once you go through the sales figures, you may observe that the blue shirts sell more during a rainy period. That way, you can make more blue shirt stocks before the onset of the rainy season and increase your sales. 

Improved Customer Experience

Consider a local restaurant. Thus, by getting an understanding of what sort of food customers like, one learns that a significant number of them relish spicy dishes. Ordering more spicy food items on your menu can attract more customers and ensure the customers come again and again. 

Operational Efficiency

Think of a small bakery. Data analytics shows you which baking steps take longer and cost more. When you improve these steps, you save time and money making your bakery run smoother.

Targeted Marketing

 For instance, if you run an online gadget selling business, data analysis can show you the gadgets that different age group buys. You can then come up with certain ads for these groups and this is likely to increase your sales.

Competitive Advantage

 Nigeria’s small tech firm can leverage data analysis to come up with strategies that offer competitive advantage, especially in a rapidly changing market environment for identifying growth opportunities. 

Step-by-Step Guide on How to use Data Analytics For Small Business

Running a small business in Nigeria presents unique challenges, but data analytics can offer powerful solutions. Here’s how you can leverage data analytics for small businesses:

Define Your Business Goals

 Communicate priority goals, for instance, increasing earnings, improving consumers’ satisfaction, or minimizing expenses. 

Gather Relevant Data

Esther Olawunmi Taiwo in her interview with Techpoint proposed the assessment of existing data systems to prevent inaccuracies in this field and to consider the usefulness of the further analysis. Gather information from the sales reports, customers’ feedback, social media, website traffic, and financial statements. The primary data you gather should be in line with the goals that you have set out on. 

Select the Right Tools

Choose the most efficient and cheap data analytics tools like Google Analytics, Microsoft Power BI, or Tableau to process your results. 

Clean and Organize Data

Check that the data is accurate and free of mistakes, including matches between the data and variable usage. 

Analyze the Data

 Incorporate software as tools for identification of patterns, trends, and prospects in the business. For example, it is possible to identify the nature of sales throughout the year or what type of products are popular among customers. 

Interpret and Act on Insights

Check the data as a way of observing if your strategies are effective. Be willing to alter a course according to the findings that are anticipated from the process.

Monitor and Adjust

 Do not forget to analyze your data on a regular basis to evaluate the efficiency of the undertaken approaches. Be prepared to change the plan based on the obtained findings. 

Foster a Data-Driven Culture

It is important, to begin with, the use of data analytics in the working practices of your team. Educate them so that each of them will be able to comprehend and apply data analysis properly. 

Measure Success

Another effective way in which you can enhance the integration of data analysis techniques for decision making is by using KPIs that will help you know the difference that your decisions make in the organization and help you review your strategies in a positive manner. 

Wrapping Up

Data helps small businesses in Nigeria make better choices, make customers happier, work smarter, and stay ahead of others. Whether you run a corner store, a new tech company, or a farm, data can change your business for the better. Ready to leverage data? FiguresHub offers top-notch online tech courses designed to equip you with essential knowledge in data analytics, cybersecurity and more. Sign up with Figureshub today!