Fintechxd Digital Innovation

Why you should use Social Media Analytics to grow your small business.

Social media generates millions of pieces of data about customers of the business every day. Analyzing the data and making sense of it can provide the business with competitive advantage and grow the number of customers. Behind all this data is information about your customers—who they are, what they like, and how they feel about your brand. For this reason social media for any business is no longer optional.
When properly analysed social media will provide business intelligence that may result in the following benefit for the business:
Customer insights – This will provide information about your customers that will allow you to make better business decisions. It will also provide information on your competitors.
Increase Customers – By making it easier for your customers to engage with you on social media it will strengthen relationships, and increase brand loyalty.
Monitor targeted ads and track results – Ad can be targeted at specific groups of customers and the results tracked in real-time. Geo-targeting of customers in specific areas is also possible.
Social media can direct traffic to your website.
It is time to start reaping the benefits of social media for your business.

Does your business have a Business Model?
For any business, especially a small business, it is all about Customers = Revenue = Profits.
A Business Plan is a way of presenting the bigger picture of the organization. It is a formal statement of business goals, and the plans to reach them.
In contrast a Business Model is much more specific and endeavors to answer the question: “How will we make money?” It is identifying a business problem that people will pay for you to solve.
A Business Model answers the following question:
What value do we deliver to our customers?
What key activities does our value proposition require?
Who are our key partners?
What key resources does our value proposition require?
What type of relationship do our customers expect us to have with them?
Though which channels do our Customer Segments want to be reached?
For whom are we creating value?
What are the most important costs inherent in our business model?
For what value are our customers really willing to pay?
These are just some of the questions that a Business Model answers.